ISLAMABAD : The public sector entity-Oil and Gas Development Company Limited (OGDCL) is successfully achieving its exploration targets, spudding seven new wells during the first half of financial year 2013-2014. According to an official source, these wells included two exploratory or appraisal wells and five development wells during the said period. The source added that the exploratory wells are Jakhro West-1 & Zin SML-3 while Qadirpur-50, 52, Kunnar Deep-9, Rajian-8 & Chak 5 Dim-2 were development wells. Regarding the production, the source said the average net crude oil production was registered 40,215 barrels per day with net gas production of 1,136 MMcf per day.
During the same period the net LPG production was recorded at 148 M. Tons per day and net Sulphur production at 90 M. Tons per day. Similarly net sales increased to Rs 126.17 billion compared with Rs 110.63 billion in the corresponding quarter of last year.
Net profit before taxation increased to Rs 90.50 billion compared with Rs 74.33 billion in the corresponding period last year. Net profit after taxation increased to Rs 67.23 billion as against Rs 49.31 billion in the corresponding period of preceding year translating into earnings per share of Rs 15.63.
The second interim cash dividend of Rs 2.00 per share was paid by the company. Operating profit margin and net profit margin were 62% and 53% respectively. Average net realized price of crude oil sold was US$ 87.45/bbl as against US$ 82.78/bbl during corresponding period last year.
Average net realized price of natural gas sold was Rs 278.62/Mcf as against Rs 263.83/Mcf during corresponding period last year.
962 L. Kms of 2D and 433 Sq. Kms of 3D seismic data acquisition completed.