Business

OGDC activities to contribute $2.5b to exchequer

Company’s exploration efforts increase available fuel supply/

APP September 02, 2013

During last two financial years, 41 wells were excavated, of those 13 were experimental wells, whereas oil and gas was discovered from six wells. PHOTO: FILE

ISLAMABAD: The Oil and Gas Development Company Limited (OGDCL) has completed six development projects, enabling the company to produce 13,000 barrels of crude oil, 360 million cubic feet gas and 750 metric tonnes of Liquid Petroleum Gas per day.

This initiative will contribute $2.5 billion to the national exchequer annually through export of petroleum products, and the government will receive Rs37 billion in terms of taxes and royalty, said a press release.

Managing Director OGDCL Muhammad Riaz Khan said that OGDCL has shown great performance during the last five years, resulting in growth of revenue and market share of the company.

He added that shareholders have gained huge profits and he also expressed the hope of better relations between OGDCL and the media in the future.

Being the largest exploration and petroleum production company at the national level, OGDCL will help the country come out of the energy crisis in the years to come, said Khan. He added that OGDCL possesses the best technical facilities, and experienced and qualified human resource to expedite the exploration and production of oil and gas.

At the moment OGDCL has dedicated all its energies on the six development projects, three of which are in Sindh, two in Balochistan and one in Khyber Pakhtunkhwa. These development projects would come to an end during this financial year or early in the next financial year.

He said OGDCL has acquired the latest seismic technology, adding that during last 52 years OGDCL has drilled 600 wells, 287 of which were experimental, and 97 of those had recoverable oil and gas deposits.

He said success ratio of the drilled wells of OGDCL is highest in the world that stands at 1:2.8.

OGDCL had excavated 118 wells during last five years. Among those 45 were experimental wells, whereas oil and gas were discovered from 16 wells. Collectively, the crude oil reserves increased to 222 million during the period, said Khan.

During last two financial years, 41 wells were excavated, of those 13 were experimental wells, whereas oil and gas was discovered from six wells.

Published in The Express Tribune, September 3^rd, 2013.

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