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OGDCL profits up on less oil


Published Oct 27, 2008
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Political strife has hit Pakistan’s Oil & Gas Development Co. Ltd. less than production trouble has, as the country’s “StatoilHydro” showed its key numbers were up by more than half.

Company profit after tax was up 67.4 percent after tax to 17.2 billion rupees on net sales that were up 49 percent to 41.28 billion rupees. The result came on slightly more gas production but on smaller oil volumes.

OGDCL controls two-thirds of Pakistan’s total oil and a quarter of the country’s gas production. Oil production fell during the quarter ending with September due to high water cuts at the Dhodak field plus Dakhni, Kunnar and Bobi.

Natural decline was cited at Thora and Lashari, while “mechanical problems” were reported at Mela 1.

The company also “did not achieve” non-operated shares of a joint-venture field, leaving oil production at 41,581 barrels per day and gas at 966 million cubic metres per day.

Tags: Oil & Gas Development Co. Ltd.




   

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