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* The company made six oil, gas/condensate discoveries namely Reti-1A, Baloch-1, Dakhni-11, Maru-1, Nashpa-1 and Shah-1
* The company made six oil, gas/condensate discoveries namely Reti-1A, Baloch-1, Dakhni-11, Maru-1, Nashpa-1 and Shah-1
* The company commenced production from Baloch-1 Nashpa-1, and Pakhro-1
* The company commenced production from Baloch-1 Nashpa-1, and Pakhro-1
* Crude oil production of the company on working interest basis averaged 30,075 barrels per day (bopd)
* Crude oil production of the company on working interest basis averaged {{convert|30075|oilbbl|m3}} per day
* Gas production of the company on working interest basis averaged 976 MMcf per day (MMcfd)
* Gas production of the company on working interest basis averaged 976 MMcf per day (MMcfd)
* LPG product on working interest basis averaged 202 metric tons per day
* LPG product on working interest basis averaged 202 metric tons per day
* During the year, the company acquired 2493 L. Kms of 2-D seismic data in Bagh South, Bitrism, Dhakni, Guddu, Mari East, Mianwali, Nashpa, Nim, Thando Allah Yar, Thano Beg and Thal concessions, 290 Sq. Kms of 3-D seismic data in Soghri concession and Toot Mining Lease by running five seismic crews having latest technologies and equipped with quality control software for on-site data processing during the surveys
* During the year, the company acquired 2493 L. Kms of 2-D seismic data in Bagh South, Bitrism, Dhakni, Guddu, Mari East, Mianwali, Nashpa, Nim, Thando Allah Yar, Thano Beg and Thal concessions, 290 km² of 3-D seismic data in Soghri concession and Toot Mining Lease by running five seismic crews having latest technologies and equipped with quality control software for on-site data processing during the surveys
* Forty well locations were marked on ground and twenty six wells including thirteen exploratory, two appraisal and eleven development were spudded by the company.
* Forty well locations were marked on ground and twenty six wells including thirteen exploratory, two appraisal and eleven development were spudded by the company.


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==Reserves==
==Reserves==
The remaining recoverable reserves of OGDCL stood more than 142 million barrels of oil and 9,997 billion cubic of gas as of June 30, 2010.
The remaining recoverable reserves of OGDCL stood more than {{convert|142|Moilbbl|m3}} of oil and 9,997 billion cubic <!-- cubic what?-- > of gas as of June 30, 2010.


==Turnover==
==Turnover==

Revision as of 11:09, 24 September 2011

Oil and Gas Development Company
Company typePublic (KSE: OGDC) (LSE: OGDC)
IndustryOil and gas
FoundedMarch 4, 1961
HeadquartersIslamabad, Pakistan
Key people
Mr. Kamran Lashari, Chairman
ProductsOil, Natural gas
RevenueIncreaseUS 1.54 Billion (2009)[1]
IncreaseUS 653.411 Million(2009)[1]
Total assetsUS 2.498 Billion (2009)[2]
Number of employees
11,000 [3]
Websitewww.ogdcl.com/

Oil and Gas Development Company Limited (OGDCL) is a state corporation of Pakistan. It was established in 1961 to prospect, refine and sell oil and gas in Pakistan.[1] By 1966, OGDCL had emerged as the dominant prospector in Pakistan with several significant discoveries in the Indus Basin. OGDCL was converted into a public limited company in 1997. The company managed to drill more than one third of the total wells drilled in the country during 2010. In addition to that, OGDCL was also joint venture partner in sixteen wells drilled by other operators. As on June 2010, the Government of Pakistan holds 74.82% stake in the company.

Listing

On May 4th, 2006 the government of Pakistan appointed a Citigroup-led consortium to advise the state-run Privatisation Commission on the sale of 10 to 15 per cent (or 430 to 645 million shares) of the company. OGDCL is the second Pakistani company to have been listed at the London Stock Exchange. The company is also listed in Pakistan at all the three exchanges of the country namely Karachi Stock Exchange (KSE), Lahore Stock Exchange (LSE) and Islamabad Stock Exchange (ISE).

File:Ogdclofficeislamabad.jpg
OGDCL Headquarter Islamabad

Awards

OGDCL has been ranked amongst the "Top Twenty Five Companies" on the Karachi Stock Exchange (KSE) for the fifth consecutive year (2004-2008) on the basis of dividend payout, return on equity and compliance with listing regulations.

OGDCL won the Seventh National Forum for Environment and Health ((NFEH) Environment Excellence Award 2010. NFEH is affiliated with the United Nations Environment Programme (UNEP) and is supported by Ministries of Environment, Government of Pakistan & Sind and Federation of Pakistan Chambers of Commerce and Industry.

Business challenges and risks

OGDCL is exposed to the following operational and non-operational risks that can unfavourably affect its operations and financial performance.

  • Crude oil price
  • Environmental risks
  • Exploration and drilling risks
  • Exchange rate
  • Law and order
  • Legislation
  • Reserve Depletion
  • Under performace of oil and gas field

Board of Directors (2010)

All the directors are nomitated by the Government of Pakistan and all the directors except the Managing Director/CEO are non-executive directors.

Development projects

  • Dakhni expansion project
  • KPD/TAY integrated development project
  • Jhal Magsi project
  • Qadirpur compression project
  • Sinjhoro development project
  • UCH-II development project

Discoveries and exploration

During the fiscal year ended June 30, 2006 the Company made five oil and gas discoveries at Nim-1, Dars Deep-1, Tando Allah Yar North-1, Kunnar Deep-1 and Bahu-1. OGDCL's daily production, including share from joint ventures averaged 39,659 barrels (6,305.3 m3) of oil; 937 million cubic feet (26,500,000 m3) of gas, and 358 metric tons of liquefied petroleum gas. The Company holds exploration acreage comprising 40 exploration licenses covering an area of 75,905 square kilometers, including 16 exploration licenses covering an area of 28,066 square kilometers granted to OGDCL during fiscal 2006. [2]

Employees

The company has 11,000 employees on its payroll.

Highlights 2010

Financial

  • The company's sales revenue increased by 9.0% to PKR 142.6 billion (2008-09: PKR 130.8 billion)
  • Net realized prices of crude oil and gas averaged US$ 61.37/bbl and PKR 186.47/Mcf respectively (2008-09: 55.53/bbl and PKR 174.78/Mcf)
  • Profit of the company before taxation rose by 9.40% to PKR 88.6 billion (2008-09: PKR 80.9 billion)
  • After tax profit of the company rose by 6.5% to PKR 59.2 billion (2008-09: PKR 55.5 billion)
  • Earnings per share increased to PKR 13.76 (2008-09: PKR 12.91)
  • The company declared dividend of PKR 5.50 per share (2008-09: PKR 8.25 per share)
  • Total assets of the company increased to PKR 228.9 billion from PKR 178.0 billion
  • The company contributed PKR 80.2 billion to national exchequer (2008-09: PKR 86.5 billion).

Operational

  • The company made six oil, gas/condensate discoveries namely Reti-1A, Baloch-1, Dakhni-11, Maru-1, Nashpa-1 and Shah-1
  • The company commenced production from Baloch-1 Nashpa-1, and Pakhro-1
  • Crude oil production of the company on working interest basis averaged 30,075 barrels (4,781.5 m3) per day
  • Gas production of the company on working interest basis averaged 976 MMcf per day (MMcfd)
  • LPG product on working interest basis averaged 202 metric tons per day
  • During the year, the company acquired 2493 L. Kms of 2-D seismic data in Bagh South, Bitrism, Dhakni, Guddu, Mari East, Mianwali, Nashpa, Nim, Thando Allah Yar, Thano Beg and Thal concessions, 290 km² of 3-D seismic data in Soghri concession and Toot Mining Lease by running five seismic crews having latest technologies and equipped with quality control software for on-site data processing during the surveys
  • Forty well locations were marked on ground and twenty six wells including thirteen exploratory, two appraisal and eleven development were spudded by the company.

Market capitalization

In early 2007, the company had a market capitalization of PKR 510.9 million in Karachi Stock Exchange.

Non-operated joint ventures

  • Adhi field; OGDCL has 50% stake and Pakistan Petroleum Limited (PPL) is the operator of the field
  • Badar field; OGDCL has 50% working interest and PEL is the operator
  • Badin-II, Badin-II revised and Badin-III fields; OGDCL has 49%, 24% and 15% stake respectively. BP Pakistan is the operator
  • Badhra, Bhit and Kadanwari fields; OGDCL has 20%, 20% and 50% working interest respectively and ENI is the operator
  • Bangali, Dhurnal and Ratana fields; OGDCL working interest is 50%, 20% and 25% respectively and M/s OPII is the operator
  • Miano field; OGDCL has 52% stake and OMV is the operator of the field. During 2009-10, three wells were put on production
  • Pindori field; OGDCL holds 50% working interest and POL is the operator
  • Sara and Suri fields; OGDCL has 40% stake in the fields and Tullow Pakistan is operating these fields
  • TAL Block; OGDCL working interest is 27.76% and MOL Pakistan is the operator.

Reserves

The remaining recoverable reserves of OGDCL stood more than 142 million barrels (22,600,000 m3) of oil and 9,997 billion cubic

  1. ^ a b [3]
  2. ^ http://www.ogdcl.com/UploadFolder/financial/Half%20Yearly%20Report%20(Jul-Dec)%202009.pdf
  3. ^ OGDCL 04-09-07 - 1.pdf
  4. ^ http://www.ogdcl.com/UploadFolder/financial/board%20of%20directors%202010.pdf Board of Directors
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