Tag: OGDCL

OGDCL receives Rs 7.725 billion eighth installment under circular debt plan

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Oil & Gas Development Company Limited has received Rs 7.725 billion as the eighth monthly interest installment from Power Holding (Private) Limited under the government-approved circular debt settlement mechanism. The payment forms part of a total Rs 92 billion interest amount to be repaid in 12 equal monthly installments, which began in July 2025. Each installment amounts to Rs 7.725 billion. The company said the receipt marks continued implementation of the government’s plan to address circular debt in the energy sector. 

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OGDCL, Power Division Clash Over Uch Gas Field Utilisation in Draft IGCEP 2025–35

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ISLAMABAD: A dispute has emerged between the Oil and Gas Development Company Limited (OGDCL) and the Power Division over what OGDCL terms the “minimal consideration” given to the capacity utilisation factors of the Uch-I and Uch-II gas fields in the draft Indicative Generation Capacity Expansion Plan (IGCEP) 2025–35, sources close to the NEPRA Chairman revealed. In a letter to the NEPRA Chairman, OGDCL Managing Director and CEO Ahmed Hayat Lak criticised the Independent System and Market Operator of Pakistan (ISMO) for proposing sharply declining utilisation factors for the Uch plants…

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Circular debt plan: OGDCL receives Rs7.73bn second interest payment

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Oil and Gas Development Company Limited (OGDCL), Pakistan’s largest E&P firm, has received the second interest payment of Rs7.73 billion from Power Holding (Private) Limited (PHL) under the government’s circular debt settlement plan. The E&P disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Tuesday. “We are pleased to inform that, as part of the circular debt settlement plan, OGDCL has received the second installment, being one of twelve equal monthly installments of Rs7.725 billion, as interest payment from PHL, pursuant to the Government of Pakistan…

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OGDCL Receives First Rs7.7bn Interest Payment Under Circular Debt Settlement Plan

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ISLAMABAD: The Oil and Gas Development Company Limited (OGDCL), Pakistan’s largest exploration and production firm, has received the first interest installment of Rs7.73 billion from Power Holding (Private) Limited (PHL) under the government’s circular debt settlement framework. The development was announced in a notice to the Pakistan Stock Exchange (PSX) on Monday, confirming that the payment is part of a broader plan approved by the Government of Pakistan to resolve the mounting circular debt in the energy sector. “As part of the circular debt settlement plan, OGDCL has received the…

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OGDCL Announces Significant Oil and Gas Discovery at Faakir-1 Well in Khairpur, Sindh

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ISLAMABAD, June 12, 2025: Oil & Gas Development Company Limited (OGDCL) on Thursday announced a significant oil and gas discovery from its exploratory efforts at the Faakir-1 well, located within the Bitrisim Exploration License area in Khairpur district of Sindh. The well is operated by OGDCL with a 95% working interest, in a joint venture with Government Holdings (Private) Limited (GHPL), which holds the remaining 5% stake.Spudded on December 31, 2024, as an exploratory well, the Faakir-1 well was drilled to a total depth of 4,185 meters in the Sembar…

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