Oil and Gas Development Company Limited

OGDCL, the local market leader in terms of reserves, production and acreage, and the first Pakistani Company to list its shares on the London Stock Exchange, is all set to ride the wave of E&P activity. Equipped with its first ever professionally developed Business and Strategic Plan, a debt-free and robust balance sheet, and healthy cash reserves, OGDCL is ready to take on the challenges of an internationally listed company.

OGDCL was created under an ordinance in 1961, with the responsibility to undertake exploration, development & promotion of oil & gas prospects in Pakistan. Over the years the company has grown into a fully integrated E&P business, whose strength lies mainly in its highly qualified professional human resource base – a pool of professionals who can undertake & supervise almost all phases of E&P business from carrying out preliminary geological surveys to operation of integrated oil & gas processing plants.

The company has a sound equipment & operational base which includes drilling rigs, workover rigs, a geological field party, seismic crews, engineering field crews, gas gathering & pipeline construction unit, seismic data processing centre, geological analysis laboratory, wireline logging unit, cementing units and data logging unit. The company also operates nine oil & gas processing plants, a mini refinery and LPG & sulphur recovery units.

On exploration front the Company holds 32% of the total country’s exploration acreage, which is the largest acreage held by any single company in Pakistan. The company has interests in total of 46 concessions, 27 of them are 100% owned whereas remaining 19 are jointly owned by OGDCL & its joint venture partners.

The company holds the largest oil (31%) & gas (31%) reserves in the country. Company’s share in country’s total oil & gas production stands at 64% & 29% respectively with current production level of 44,000 BBL oil & over 1 BCF gas per day. (Including OGDCL’s share from non-operated JVs)

OGDCL’s financial position has been consistently improving over the last many years. The last financial year i-e 2005-06 sales revenues crossed Rs. 96.8 billion mark (2005: Rs. 73.7 billion) a 31% increase. Profit After Tax stood at Rs. 46 billion (2005: Rs. 33 billion) a 39% increase. Earning per Share increased to Rs.10.69 (2005: Rs 7.67) 39% increase. Balance Sheet footing crossed Rs 114.6 billion mark & surged to Rs 121.3 billion.

The company is following an aggressive growth strategy to expand its indigenous production base. The Company provides an enabling environment for foreign participation (either as a JV partner or on a stand-alone basis). The Company is also aiming at fast-track development of its current and future projects at an aggressive pace without compromising quality and transparency.

Beside its operations, the company endeavors to be a responsible corporate citizen of the E&P community. Being fully aware of its social obligations, it continues to proactively promote, develop and maintain medical, social and welfare facilities and schemes for the benefit of the local communities affected by its work and presence. These include employment opportunities for locals, construction of roads, setting up dispensaries and providing free first-aid and health care, establishing schools, granting fellowships and scholarships, supply of drinking water, donation for charitable causes and financial assistance for numerous projects to improve the quality of life of peoples and communities with which it interacts.