OGDCL earns record profit of Rs24b during six months
Staff Report

ISLAMABAD—The Oil and Gas Development Company Limited (OGDCL) has earned a profit after taxation of Rs.24 billion during the six months of current financial year ended on December 31, as against Rs.23.113 billion in the respective period of last year. This was announced in a meeting of the Board of Directors of the Company held under Chairmanship of Chairman and Chief Executive Officer, Arshad Nasar here on Wednesday.
The meeting was held to consider the final financial results for the six month (half yearly) ended December 31, 2007.
The Board has also declared interim cash dividend for the six month ended December 31, 2007 @ Rs.2.00 per share i.e. 20 percent.
Sale Revenue of the Company increased by 14 percent and after tax by 4 percent as compared with the corresponding period of last year. Higher profitability of the period resulted in earnings per share of Rs.5.58 Compared with Rs. 5.37 in the corresponding period of last year.
OGDCL’s strong commitment to exploration appraisal and production has continued during first six months of the year. The Company carried out 915 liner Kms of 2D and 362 sq. Kms of 3D seismic survey.
The meeting was informed that seven Wells were spuded during the fist six months of the financial year, including three exploratory/appraisal wells and four development wells.
It average daily production including the share from the joint venture averaged 44085 barrels per day of crude oil, 963 million cubic feet per day of gas and 382 metric tons per day of LPG during the period under review.
The Board in its meeting appreciated the performance and activities performed during the six months period.
The Company’s oil and gas production will be enhanced upon completion of development work on new fields.