Cabinet revives search for OGDCL managing director

ISLAMABAD:

In a recent decision, the cabinet has nullified the earlier process of selecting a managing director (MD) for the Oil and Gas Development Company Limited (OGDCL), opting to restart the procedure. The move was confirmed after the Prime Minister Shehbaz-led government’s cabinet meeting on August 9, 2023, said sources.

The State Minister for Petroleum, Musadik Malik, in a recent press conference, announced the initiation of a new process for appointing the managing director of OGDCL. Sources say that although another method had been slated for discussion during a recent cabinet meeting regarding the appointment of the OGDCL managing director, the cabinet ultimately decided to discard the prior procedure. Ahmed Hayat Lak, who boasts several years of service within the company, currently holds the position of managing director for OGDCL. During his tenure, Lak undertook various measures to elevate local oil and gas production in order to address Pakistan’s energy requirements.

Under Lak’s leadership, the company executed state-ofthe-art technologies and industry best practices, leading to a substantial production surge in July 2023. OGDCL achieved noteworthy advancements in oil and gas production across diverse exploration and development wells, underscoring its commitment to excellence and the fortification of Pakistan’s energy landscape. The country’s largest hydrocarbon explorer, OGDCL, has recently reported a significant upsurge in energy production, credited to the implementation of cuttingedge technologies. “OGDCL is leveraging cutting-edge technologies for production optimisation. We achieved significant enhancements in production in July 2023,” the company stated in a filing with the Pakistan Stock Exchange.

According to sources, OGDCL had previously established a production optimisation group to bolster oil and gas output through the utilisation of contemporary technology and international best practices. Industry experts have lauded this strategic approach, hailing it as a roadmap for other companies to emulate. According to the company’s announcement, this new strategy resulted in substantial incremental growth in oil, gas, and liquefied petroleum gas (LPG) production. Remarkably, within a short span, the company added 1865 barrels of crude oil, 15.9 million cubic feet per day (mmcfd) of gas, and 51 metric tonnes of LPG – an annual import substitution valued at $91 million.

During the previous selection process, the cabinet had designated Zahid Mir as the managing director of OGDCL. Currently, Mir holds the position of managing director at Pakistan Refinery Limited (PRL). His previous tenure as OGDCL’s managing director involved the implementation of measures that led to multibillion rupee savings for the company.