Oil & Gas Development Company

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Oil and Gas Development Company Limited
Native name
آئل اینڈ گیس ڈویلپمنٹ کمپنی
Company type Public
PSX:  OGDC
LSE:  OGDC
KSE 100 component
KSE 30 component
Industry Oil and gas
Founded4 April 1961 (1961-04-04)
Headquarters Islamabad, Pakistan
Area served
Pakistan
Key people
Ahmed Hayat Lak (CEO)
Products Fuels, Natural gas
RevenueIncrease2.svgRs. 413.594 billion (US$1.4 billion) (2023)
Increase2.svgRs. 224.617 billion (US$780 million) (2023)
Total assets Increase2.svgRs. 1424.065 billion (US$4.9 billion) (2023)
Total equity Increase2.svgRs. 1082.897 billion (US$3.8 billion) (2023)
Owner Government of Pakistan (85.02%)
Number of employees
11,207 (2023)
Subsidiaries Pakistan Minerals Limited (33.33%)
Pakistan International Oil Limited (25%)
Mari Petroleum (20%)
Website ogdcl.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. [2] It is listed on the Pakistan Stock Exchange and the London Stock Exchange. [3]

Contents

It is the largest company in Pakistan in terms of market capitalisation, [4] and has repeatedly ranked among the Forbes Global 2000. [5] OGDCL operates 50 oil and gas fields across Pakistan. [6]

History

Oil & Gas Development Corporation (OGDC) was established through an ordinance dated 20 September 1961 by the Government of Pakistan with the help of Soviet Union under a $30 million oil exploration loan signed in February 1961. [7] [8] OGDC received equipment and technical services under a $30 million loan. [9]

On 23 October 1997 it was restructured into a public limited company thus becoming Oil and Gas Development Company Limited OGDCL. [10] In 2004, OGDCL was listed on the Karachi Stock Exchange, following an initial public offering at a strike price of PKR 32 per share. [11]

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

OGDCL utilizes seismic as the primary imaging technology for exploration of hydrocarbons. It currently operates five seismic acquisition crews, capable of acquiring 2D/3D data in diversified terrains. [12]

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. [13] 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

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.

Additionally, OGDCL contributes into the education sector by providing scholarships, skill development, and support for educational institutes. It signed MoU with Punjab Skills Development Fund (PSDF) to provide multiple trainings to underprivileged youth to enable them to earn sustainable livelihoods. The National Talent Hunt Program launched by OGDCL has resulted in a total of 895 students graduating from IBA Sukkur. [14]

Non-operated joint ventures

See also

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References

  1. "Oil and Gas Development Company Limited Annual Report 2023" . Retrieved 22 May 2024.
  2. "Exploration Overview | OGDCL" . Retrieved 27 December 2024.
  3. "OGDCL Six Year Performance" (PDF).
  4. Tirmizi, Farooq (23 December 2012). "The growth of the "billion dollar club" in Pakistan". The Express Tribune newspaper. Retrieved 11 December 2023.
  5. "Oil & Gas Development on the Forbes Global 2000 List". Forbes magazine. Retrieved 11 December 2023.
  6. "Production | OGDCL". www.ogdcl.com. Retrieved 27 December 2024.
  7. "Pakistan: Ayub 's Acid Test". TIME. 14 April 1961.
  8. "Pakistan State Oil Company Ltd".
  9. Asia, Commonwealth Consultative Committee on South and South-East (13 October 1958). "Report" via Google Books.
  10. "Corporate Information | (OGDCL)". www.ogdcl.com. Retrieved 27 December 2024.
  11. Hussain, Dilawar (26 November 2003). "OGDCL IPO attractsRs28bn". DAWN.COM.
  12. "Exploration Overview | OGDCL". www.ogdcl.com. Retrieved 28 December 2024.
  13. "Google Finance - Stock Market Prices, Real-time Quotes & Business News". Google Finance. Retrieved 20 February 2024.
  14. "Education & Skill Development | OGDCL". ogdcl.com. Retrieved 27 December 2024.