OGDC makes two new gas discoveries

Company’s net profit margin remains 41 per cent.

ISLAMABAD:

The Oil and Gas Development Company (OGDC) made two new gas and condensate discoveries, namely Gopang-1 and Sheikhan-1, during the fiscal year that ended on June 30, a report released by OGDC said on Saturday.

It said that the company spudded 21 new wells during the same period. Out of the total, 10 were exploratory or appraisal wells and the rest were development wells, it said.

According to the report, the company registered the net crude production of 37,370 barrels per day (bpd), gas production of 1,013 million cubic feet per day (mmcfd), liquefied petroleum gas (LPG) production of 195 metric tons per day (MTD) and sulphur production of 73 MTD.

The report said that its net sales increased to Rs155.63 billion compared to Rs142.57 billion in the corresponding period last year. It said that its net profit before taxation increased to Rs90.98 billion compared to Rs88.55 billion in the same period last year.

OGDC’s net profit increased to Rs63.527 billion from Rs59.177 billion registered in the corresponding period in the preceding year.



Published in The Express Tribune, August 28^th, 2011.