ISLAMABAD: The Board of Directors of the Oil and Gas Development Company Limited (OGDCL) announced the financial results for the year ended 30th June, 2020. The company’s net sales revenue clocked at Rs244.856 billion, with profit after tax at Rs100.081 billion. This translated into earnings per share of Rs23.27.
The Board of Directors announced final cash dividend of Rs2.50 per share i.e. 25 percent. This is in addition to interim dividends already paid at Rs4.25 per share i.e. 42.5 percent.
The cash dividend will be paid to the shareholders, whose names will appear in the Register of Members on Wednesday, October 21, 2020. The Share Transfer Books (STB) of the Company will be closed from Thursday, October 22, 2020 to Wednesday, October 28, 2020 (both days inclusive).
During the period under review, the Company also paid Rs42.983 billion and Rs27.626 billion on account of taxes and royalty respectively. On the exploration and development side, the Company made significant progress in seismic and drilling activities.
Twenty five (25) wells were spud in comparison to 16 last year. Exploratory efforts resulted in five discoveries of oil and gas reserves. The board of directors appreciated the efforts of the management for ensuring production enhancement and significant exploratory work during the period.
Production was optimised through injection of 14 wells in the production gathering system. Deployment of Electrical Submersible Pumps (ESP) also contributed to production enhancement, and the company will continue to use latest technology for better efficiency.
The newly-injected development wells would add to the hydrocarbon reserves base of the OGDCL and the country besides bringing significant savings to the exchequer through import substitution.