Masood Siddiqui Managing Director/ Chief Executive Officer, Oil & Gas Development Company Limited (OGDCL) stated that the company has achieved 4.6% growth rate in production of oil and gas, a significant increase in exploration. He said that it will drill 37 new wells during the current fiscal year against the 17 wells drilled last year.
He said this while addressing the seminar organised by Petroleum Institute of Pakistan (PIP) presided by Dr Asim Hussain Advisor to Prime Minister on Petroleum and Natural Resources, a press release issued here on Tuesday stated.
Masood Siddiqui stated that OGDCL has achieved 92% of the set target by producing 43,298 barrels of oil per day. The operations were affected by heavy rains and floods in Balochistan and Sind Province, whereas 100% of the set target was achieved by producing 981 MMCF gas per day in the first quarter of financial year 2012-13. He added that OGDCL was concentrating on developing upcoming projects that is the (KPD-TAY) Integrated Development Projects, Sanjharo Development Project, Uch Development Project, Jhal Magsi Development Project, Mela Development Project and Nashpha Development Project.
KPD-TAY Development Project located in District Hyderabad Sindh Province after completion of its first phase is producing 110 MMCF gas per day and after completion of its second phase, 125 MMCF gas per day will be produced in the second quarter of 2013. Sinjhoro Development Project is ready to produce 20 MMCF gas per day subject to acceptance by SSGCL and it will add 11 MMCF gas per day by first quarter of 2013.
Uch Development Project District Dera Bughti Balochistan Province will start producing 240 MMCF gas per day for power generation of 404 Mega Watt electricity in the first quarter of 2014. Jhal Magsi Development Project, District Jhal Magsi Balochistan Province will start producing 16.5 MMCF gas per day to Sui Southern Gas Company Limited (SSGCL) by last quarter of 2013. Mela Development Project LPG Plant, District Kohat KPK Province will start producing 25 MMCF gas per day in the last quarter of 2013. Nashpha Development Project LPG Plant District Karak KPK will add 79 MMCF gas per day in first quarter of 2014.
He further briefed that being a responsible corporate Company, OGDCL is spending Rs 635.273 million, which is 1% of OGDCL's net profit after tax. 52% of the allocated budget will be invested in Sindh Province amounting to Rs 329.488 million, 28% in KPK amounting to Rs 177.650 million, 12% in Punjab amounting to Rs 75.921 million and 8% in Balochistan amounting to Rs 52.214 million. The investment will be made for the welfare of the local communities in health, education and sanitation schemes for improving their quality of life and livelihood, the projects are in visible progress on the ground.-PR