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

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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…

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OGDCL Reports Rs171 Billion Profit in First Nine Months

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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…

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PEL wins legal battle against Canadian firm

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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…

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

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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…

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

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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…

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Govt to offer OGDCL shares to Gulf investors

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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…

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OGDCL Rolls Out its ESG Policy to Promote Sustainable Practices

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ISLAMABAD, March 1, 2024: The Oil and Gas Development Company Limited (OGDCL) has taken a significant stride towards sustainability by announcing its Environmental, Social, and Governance (ESG) policy. In response to the growing demand from investors and stakeholders for transparency and accountability in ESG factors, OGDCL’s Board of Directors released its comprehensive ESG policy statement on February 27, 2024.The OGDCL…

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OGDCL Inaugurates Pakistan’s First Digital Drilling Hub to Digitalize Oil and Gas Sector

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ISLAMABAD, February 28, 2024: The Oil and Gas Development Company Limited (OGDCL), Pakistan’s leading oil and gas company, on Wednesday inaugurated the country’s premier Digital Drilling Hub. This transformative facility, the first of its kind in Pakistan, marks a significant milestone in OGDCL’s commitment to leading-edge technological advancements within the industry.The Digital Drilling Hub, a flagship initiative of OGDCL’s Petroserv…

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The SIFC has a new plan to tackle circular debt. Will it work? 

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The Council is looking to woo the IMF with a unique new solution they are proposing Since its inception, the Special Investment Facilitation Council (SIFC) has looked to expand itself and take over the reins of the economic underpinnings of the country with limited success. The military and bureaucracy based chimera has looked to stimulate the economy while looking to…

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Cabinet Committee Seeks Legal Opinion on Transfer of OGDCL Shares Held by Privatisation Commission

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The Cabinet Committee on Privatisation (CCoP) has initiated steps to seek legal counsel regarding the proposed transfer of Oil & Gas Development Co. Ltd. (OGDCL) shares currently held by the Privatisation Commission (PC). This move comes as part of a broader strategy to determine the appropriate recipient for these shares, whether the Petroleum Division or the Sovereign Wealth Fund (SWF).…

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