Oil and Gas Development Company (OGDC) announced on Friday that it had completed the drilling of two appraisal wells in the Abu Dhabi offshore block 5 while drilling of an exploration well is in progress.
At a corporate briefing, OGDC pointed out that the United Arab Emirates (UAE) government had granted exploration rights for the offshore block to Pakistani firms and "work has now begun on the project". Company management also highlighted the financial results and the future outlook.
OGDC's cash collection ratio improved to 121% in the first quarter (Jul-Sept) of financial year 2024-25. The management expects the pace of cash collection to continue in the range of 90% to 100% of total billing.
It highlighted various steps that were under consideration to resolve the buildup of circular debt.
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