LAKI MARWAT: Oil and Gas Development Company Limited (OGDCL), Pakistan’s premier exploration and production entity, has announced a significant hydrocarbon discovery at the Bettani-02 (Slant) well in Laki Marwat, Khyber Pakhtunkhwa. In a notice to the Pakistan Stock Exchange (PSX), OGDCL confirmed the find within the Samanasuk formation, an exploratory zone in the Wali Exploration License, where it holds a…
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ISLAMABAD: Schlumberger (M/s SLB) has been awarded a key contract by the Oil and Gas Development Company Limited (OGDCL) following a competitive international tender for an “integrated study of tight gas prospectivity evaluation.” The rigorous selection process involved 11 global bidders, with Schlumberger chosen for its strong technical expertise and cost-effective proposal. The study will focus on identifying Pakistan’s most…
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ISLAMABAD: Oil and Gas Development Company Limited (OGDCL), Pakistan’s largest exploration and production (E&P) company, has launched natural gas production from the Uch-35 development well in Dera Bugti, Balochistan. The announcement, made to the Pakistan Stock Exchange (PSX) on Wednesday, marks a key step in the company’s strategic growth. OGDCL reported that the Uch-35 well was drilled to a depth…
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ISLAMABAD, September 23, 2024: The Board of Directors of Oil & Gas Development Company Limited (OGDCL), in its meeting held on Monday, September 23, 2024, in Islamabad, announced the financial results for the fiscal year ended June 30, 2024.OGDCL achieved net sales revenue of Rs. 463.698 billion, with a profit after tax of Rs. 208.976 billion, translating to earnings per…
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In a significant move aimed at addressing Pakistan’s energy needs, the Oil and Gas Development Company Limited (OGDCL) has signed a Memorandum of Understanding (MOU) with China’s CCDC, a leading player in drilling and upstream oil field services. The agreement focuses on exploring Pakistan’s shale and tight gas potential, utilizing indigenous resources to meet the country’s growing energy demands. The…
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ISLAMABAD: The federal government has formed a committee to address the dispute regarding the transfer of 322,460,900 shares of Oil and Gas Development Company Limited (OGDCL). The Ministry of Planning, Development, and Special Initiatives opposes the proposal to transfer these shares to the Ministry of Energy (Petroleum Division), recommending instead that they be transferred to the Pakistan Sovereign Wealth Fund…
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ISLAMABAD: The Oil and Gas Development Company Limited (OGDCL), a state-owned enterprise, has successfully initiated the early commercial production of tight gas from Pakistan’s first Tight Gas project at Nur West Well-1, located in Sujawal district, Sindh. The Nur West Well-1, part of the Nur Development & Production Lease, is currently producing 1.5 million standard cubic feet per day (mmscfd)…
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ISLAMABAD: Oil and Gas Development Company Limited (OGDCL), the largest hydrocarbon explorer in Pakistan, has targeted 20 major fields, mainly in the north and south, to enhance production and contribute to overcoming the energy crisis in the country. Owing to the rising demand for gas, Pakistan is relying more on the imported liquefied natural gas (LNG) as its share has…
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Oil and Gas Development Company Ltd (OGDCL) has announced a notable 7.18% increase in its profit after tax (PAT), reaching Rs171.104 billion with earnings per share at Rs39.78 for the first nine months ending March 31, 2023-24. According to a statement released on Wednesday, OGDCL’s net sales revenue stood at Rs348.164 billion. The board declared an interim cash dividend of…
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ISLAMABAD: A Pakistani oil firm has won a legal battle against a Bermuda-based company at the International Court of Arbitration, which ruled that Pakistani laws govern the Petroleum Concession Agreements (PCAs) signed in the country. The Bermuda-based company Frontier Holdings Ltd (FHL) faced defeat in a prolonged legal dispute at the International Court of Arbitration against Petroleum Exploration (Pvt) Ltd…
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