The OGDCL is an oil and gas company based in Pakistan. It has a primary listing on the Pakistan Stock Exchange and a secondary listing on the London Stock Exchange. The company is actively involved in exploration and production and is a major player in the local oil and gas market. It has several oil and gas discoveries under its belt.
OGDCL is a local market leader in terms of reserves, production and acreage
OGDCL is the national oil & gas company of Pakistan, with primary and secondary listings on the Pakistan Stock Exchange and the London Stock Exchange. It is a debt-free company with an ample cash reserve. It was established by the government in 1961 and has diversified into a fully integrated E&P company.
The company’s aggressive growth strategy includes increasing its indigenous production base while creating an enabling environment for foreign participation. The company is focused on accelerating the development of current and future projects without sacrificing quality and transparency. The company has recently restructured its corporate governance structure and has adopted an inclusive risk-management approach.
It has a sound equipment and operational base
The company has acquired modern seismic technologies and is capable of conducting survey in various areas of the country. Since its inception, OGDCL has developed five successful projects. This has resulted in increased oil and gas production by 310 MMCFT per year. Its current production is around 41302 BBLs per day, including oil and gas from non-operated joint ventures. As of June 2010, the company has recoverable reserves of 142 million barrels of oil, 22,600 million m3 of gas, and 283.1 km3 of natural gas.
The company has established a sound equipment and operational base, which includes nine oil and gas processing plants, a mini refinery, and LPG and sulphur recovery units. It also owns 32% of the total exploration acreage of the country. It has interests in 46 concessions, of which 27 are fully owned by the company and the rest are held in joint venture with other companies.
The company has also rejuvenated its exploration department by undertaking intensive processing of survey data. During the first half of 2000, the company processed about 818 km of land area. However, it did not undertake three-dimensional (3D) processing. During July-December 2000, however, this number more than doubled to 1774 km, including 174 km of three-dimensional (3D) processing.
It has made several oil and gas discoveries
The Oil and Gas Development Company Ltd (OGDCL) recently made a gas condensate discovery in the Sindh province of Pakistan. The well, named Sial-1, was drilled to a depth of 2442 meters and intersected gas and condensate. The well produced 1.15 million cubic feet of gas per day and flowed 680 barrels of condensate per day. OGDCL holds a 95% interest in the discovery.
OGDCL has made several oil and gas explorations in Pakistan. During the past few years, the company has discovered large oil and gas reserves in the KP province and Sindh. The company plans to drill for oil and gas wells in these areas. The company also plans to build an extraction plant to produce LPG.
In the past fiscal year, OGDCL has made several oil and gas explorations in the country. It spud six wells during this period, including four exploratory and two development wells. During the same period, it completed drilling and testing for nine wells. It has injected approximately three hundred thousand barrels of crude oil and 3.5 billion cubic feet of natural gas in seven operating wells.
The company recently announced the discovery of gas reserves at the Tolanj West-2 development in Kohat, Khyber Pakhtunkhwa province. The discovery will de-risk exploration in deeper reservoirs and add to the country’s hydrocarbon reserves base. In addition, the discovery will help the country’s energy security.
OGDCL is committed to exploration and development and has successfully partnered with international organizations for the major development projects. Several of its projects have received funding from the World Bank, Canadian International Development Agency, and the Asian Development Bank. Through these projects, the company is increasing its oil and gas assets and boosting production through modern technologies. It also engages in corporate social responsibility, which is important to strengthen connections with local communities.
OGDCL is the largest exploration company in Pakistan, with forty-three exploration licenses. Additionally, it has a working interest in six blocks controlled by other E&P companies. Cooperation between oil and gas exploration companies is a vital activity for the development of the sector.
