OGDCL Archives -

OGDCL Announces Financial Results for Year Ended June 30, 2024, Achieving Highest Ever Quarterly Dividend in Company’s History

September 24, 2024September 24, 2024 Admin

ISLAMABAD, September 23, 2024: The Board of Directors of Oil & Gas Development Company Limited (OGDCL), in its meeting held on Monday, September 23, 2024, in Islamabad, announced the financial results for the fiscal year ended June 30, 2024.OGDCL achieved net sales revenue of Rs. 463.698 billion, with a profit after tax of Rs. 208.976 billion, translating to earnings per…

OGDCL Signs MOU with China’s CCDC for Shale and Tight Gas Development

September 23, 2024September 23, 2024 Admin

In a significant move aimed at addressing Pakistan’s energy needs, the Oil and Gas Development Company Limited (OGDCL) has signed a Memorandum of Understanding (MOU) with China’s CCDC, a leading player in drilling and upstream oil field services. The agreement focuses on exploring Pakistan’s shale and tight gas potential, utilizing indigenous resources to meet the country’s growing energy demands. The…

Govt Forms Committee to Resolve Dispute Over OGDCL Share Transfer

August 16, 2024August 16, 2024 Admin

ISLAMABAD: The federal government has formed a committee to address the dispute regarding the transfer of 322,460,900 shares of Oil and Gas Development Company Limited (OGDCL). The Ministry of Planning, Development, and Special Initiatives opposes the proposal to transfer these shares to the Ministry of Energy (Petroleum Division), recommending instead that they be transferred to the Pakistan Sovereign Wealth Fund…

OGDCL Launches Pakistan’s First-Ever Tight Gas Production

August 13, 2024August 13, 2024 Admin

ISLAMABAD: The Oil and Gas Development Company Limited (OGDCL), a state-owned enterprise, has successfully initiated the early commercial production of tight gas from Pakistan’s first Tight Gas project at Nur West Well-1, located in Sujawal district, Sindh. The Nur West Well-1, part of the Nur Development & Production Lease, is currently producing 1.5 million standard cubic feet per day (mmscfd)…

Exploration firm targets major fields OGDCL aims to enhance hydrocarbon output, tackle crisis with new technology

May 3, 2024May 3, 2024 Admin

ISLAMABAD: Oil and Gas Development Company Limited (OGDCL), the largest hydrocarbon explorer in Pakistan, has targeted 20 major fields, mainly in the north and south, to enhance production and contribute to overcoming the energy crisis in the country. Owing to the rising demand for gas, Pakistan is relying more on the imported liquefied natural gas (LNG) as its share has…

OGDCL Reports Rs171 Billion Profit in First Nine Months

May 2, 2024May 2, 2024 Admin

Oil and Gas Development Company Ltd (OGDCL) has announced a notable 7.18% increase in its profit after tax (PAT), reaching Rs171.104 billion with earnings per share at Rs39.78 for the first nine months ending March 31, 2023-24. According to a statement released on Wednesday, OGDCL’s net sales revenue stood at Rs348.164 billion. The board declared an interim cash dividend of…

PEL wins legal battle against Canadian firm

April 13, 2024April 13, 2024 Admin

ISLAMABAD: A Pakistani oil firm has won a legal battle against a Bermuda-based company at the International Court of Arbitration, which ruled that Pakistani laws govern the Petroleum Concession Agreements (PCAs) signed in the country. The Bermuda-based company Frontier Holdings Ltd (FHL) faced defeat in a prolonged legal dispute at the International Court of Arbitration against Petroleum Exploration (Pvt) Ltd…

“OGDCL Makes Oil and Gas Discovery in Kohat District, KP”

March 27, 2024March 27, 2024 Admin

Oil and Gas Development Company Ltd (OGDCL) has announced a significant hydrocarbon discovery in Kohat district of Khyber Pakhtunkhwa (KP), as per a recent stock filing. The discovery was made in the exploratory segment of the Togh-02 (Slant) well in the Lumshiwal-II Formation, located within the Kohat Exploration Licence area. OGDCL, operating with a 75% stake, and Saif Energy Ltd…

Pakistan Plans to Offer OGDCL Shares to Gulf Investors for Better Price

March 25, 2024March 25, 2024 Admin

Pakistan is considering offering shares of the Oil and Gas Development Company Limited (OGDCL) to friendly nations in the Gulf region, including Saudi Arabia, the United Arab Emirates (UAE), Qatar, and Kuwait. The goal is to secure a better price for the shares, given the challenges faced during previous attempts to divest OGDCL’s shares on the stock market. Past efforts…

Govt to offer OGDCL shares to Gulf investors

March 25, 2024March 25, 2024 Admin

Pakistan hopes to get better price from Saudi Arabia, UAE, Qatar and Kuwait ISLAMABAD: Pakistan’s government is expected to ask friendly nations to invest in the country’s largest hydrocarbon explorer – Oil and Gas Development Company Limited (OGDCL) – in order to fetch a better price for the company. Background discussions with officials privy to the development revealed that Pakistan…