Daily Times

The Oil and Gas Development Company (OGDCL) on Tuesday announced financial results for the year 2020-21, posting a net profit of Rs91.534 billion.

“Net profit after taxation stood at Rs91.534 billion as against Rs100.938 billion in the previous year translating into earning of Rs21.28 per share,” the company said in the report. During the period, the OGDCL registered net sales of Rs239.104 billion as compared to Rs232.925 billion in the previous year, while its net profit before taxation remained Rs128.986 billion against Rs144.362 billion of the corresponding year.

The company declared a final cash dividend of Rs1.50 per and announced operating profit margin and net profit of 45 percent and 38 percent respectively.

During the last fiscal year, the company acquired 2,539 line kilometres of 2D and 600 square kilometres of 3D seismic data, spud twenty wells including ten exploratory/appraisal wells, eight development wells, one re-entry wells and one sidetrack well. Its exploratory efforts yielded six oil and gas discoveries including Togh Bala-1, Siab-1(Samana Suk) and Siab-1 (Lumshiwal/Hangu) in district Kohat, KP province, Lakhi Rud X- 1 in district Musa Khel and Jandran X-4 in district Barkhan, Balochistan province and Sial- 1 in district Hyderabad, Sindh province. The company’s average net saleable crude oil, gas and LPG production stood at 36,892 barrels per day, 870 million cubic feet per day gas and 803 tons per day respectively, during the year under review.