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Oil & Gas Development Company

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Oil and Gas Development Corporation
Native name
آئل اینڈ گیس ڈویلپمنٹ کمپنی
Company typePublic company
PSX: OGDC
LSE: OGDC
KSE 100 component
KSE 30 component
IndustryOil and gas
Founded4 April 1961 (1961-04-04)
HeadquartersIslamabad, Pakistan
Area served
Pakistan
Key people
Ahmed Hayat Lak (CEO)
ProductsFuels, Natural gas
RevenueIncrease Rs. 413.594 billion (US$1.4 billion) (2023)
Increase Rs. 224.617 billion (US$780 million) (2023)
Total assetsIncrease Rs. 1424.065 billion (US$4.9 billion) (2023)
Total equityIncrease Rs. 1082.897 billion (US$3.8 billion) (2023)
OwnerGovernment of Pakistan (85.02%)
Number of employees
11,207 (2023)
SubsidiariesPakistan Minerals Limited (33.33%)
Pakistan International Oil Limited (25%)
Mari Petroleum (20%)
Websiteogdcl.com
Footnotes / references
Financials as of 30 June 2023 [1]

Oil & Gas Development Company Limited, commonly known as OGDC is a Pakistani state-owned oil and gas company headquartered in Islamabad. It has a primary listing on the Pakistan Stock Exchange, and secondary listing on the London Stock Exchange. The rest are held by private investors. For the financial year 2022, it reported net sales of Rs 335.46 billion and profit of Rs 133.78 billion.[2]

It is the largest company in Pakistan in terms of market capitalisation,[3] and has repeatedly ranked among the Forbes Global 2000.[4]

History

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Oil & Gas Development Company (OGDC) was established in September 1961 by the Government of Pakistan with the help of Soviet Union under a $30 million oil exploration loan signed in February 1961.[5][6] OGDC received equipment and technical services under a $30 million loan.[7]

In 2004, OGDC was listed on the Karachi Stock Exchange, following an initial public offering at a strike price of PKR 32 per share.[8]

On 4 May 2009, the government of Pakistan appointed a Citigroup-led consortium to advise the state-run Privatisation Commission on the sale of 10 to 15 percent (or 430 to 645 million shares) of the company. OGDCL is the second Pakistani company to have been listed at the London Stock Exchange.

Discoveries and exploration

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During the fiscal year ended 30 June 2006 the company made several oil and gas discoveries, including at Nim-1, Dars Deep-1, Tando Allah Yar North-1, Kunnar Deep-1 and Bahu-1. OGDCL's daily production, including share from joint ventures, averaged 39,659 barrels (6,305.3 m3) of oil; 937 million cubic feet (26,500,000 m3) of gas, and 358 metric tons of liquefied petroleum gas. The Company holds exploration acreage comprising 40 exploration licenses covering an area of 75,905 square kilometres, including 16 exploration licenses covering an area of 28,066 square kilometres granted to OGDCL during fiscal 2006.[9] During 2009–2010, the company acquired four new exploration blocks (Channi Pull, Jandran west, Lakhi Rud and Mari east), covering area of around 4,795 Square kilometres. Three exploration licenses namely Khiranwala, Thatta and Thatta east were surrendered and operatorship of offshore Indus-S was transferred to BP Alpha.

Educational institutes

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The OGDCL Institute of Science & Technology was established in 1979 in Islamabad. In 1986, the OIST (formerly OGTI) relocated to the I-9 sector of Islamabad. The OIST has played an important role in field training.

In March 2013, the OGTI under the name OGDCL Institute of Science and Technology was allowed to award degrees.

Non-operated joint ventures

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  • Adhi field; OGDCL has 50% stake and Pakistan Petroleum Limited (PPL) is the operator of the field
  • Badar field; OGDCL has 50% working interest and PEL (Pakistan Exploration private Limited) is the operator
  • Badin-II, Badin-II revised and Badin-III fields; OGDCL has 49%, 24% and 15% stake respectively. BP Pakistan (British Petroleum Pakistan) is the operator
  • Badhra, Bhit and Kadanwari fields; OGDCL has 20%, 20% and 50% working interest respectively and ENI (Eni Pakistan Limited) is the operator
  • Bangali, Dhurnal and Ratana fields; OGDCL working interest is 50%, 20% and 25% respectively and M/s OPII is the operator
  • Miano field; OGDCL has 52% stake and OMV (OMV Pakistan Exploration GmbH) is the operator of the field. During 2009–10, three wells were put on production
  • Pindori field; OGDCL holds 50% working interest and POL (Pakistan Oilfields Limited) is the operator
  • Sara and Suri fields; OGDCL has 40% stake in the fields and Tullow Pakistan is operating these fields
  • TAL Block; OGDCL working interest is 27.76% and MOL Pakistan (MOL Pakistan Oil and Gas BV) is the operator.

See also

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References

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  1. ^ "Oil and Gas Development Company Limited Annual Report 2023". Retrieved 22 May 2024.
  2. ^ "OGDCL Six Year Performance" (PDF).
  3. ^ Tirmizi, Farooq (23 December 2012). "The growth of the "billion dollar club" in Pakistan". The Express Tribune newspaper. Retrieved 11 December 2023.
  4. ^ "Oil & Gas Development on the Forbes Global 2000 List". Forbes magazine. Retrieved 11 December 2023.
  5. ^ "Pakistan: Ayub 's Acid Test". TIME. 14 April 1961.
  6. ^ "Pakistan State Oil Company Ltd".
  7. ^ Asia, Commonwealth Consultative Committee on South and South-East (13 October 1958). "Report" – via Google Books.
  8. ^ Hussain, Dilawar (26 November 2003). "OGDCL IPO attractsRs28bn". DAWN.COM.
  9. ^ "Google Finance - Stock Market Prices, Real-time Quotes & Business News". Google Finance. Retrieved 20 February 2024.
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