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Pakistan's OGDCL reports increase in revenues, profit for fiscal year 2017-2018

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Pakistan's OGDCL reports increase in revenues, profit for fiscal year 2017-2018

Pakistan-based exploration and production company Oil and Gas Development Co. Ltd. reported an after tax profit for the year ended June 30 of 78.74 billion Pakistani rupees, or 18.13 rupees per share, up from the 63.80 billion rupees, or 14.83 rupees per share, reported for the same period a year ago.

In Sept. 7 presentation, net sales for the year amounted to 205.34 billion rupees compared to the 171.83 billion rupees reported for the year prior.

Crude oil production for the year was reported at 41,278 barrels per day, down from the 44,041 bbl/d noted for the same period a year ago. Gas production for the year also slipped and amounted to 1.022 Bcf/d compared to the 1.051 Bcf/d for the year prior.

Average realized prices increased. The company reported an average realized price of oil at $54.56 per barrel for the year compared to the $44.04/bbl noted during the same period last year. The average realized price of natural gas was 258.93 rupees per thousand cubic feet compared to the 239.08 rupees per Mcf reported last year.

In addition, the company said in a Sept. 7 filing that Mian Asad Hayauddin has replaced Mohammad Jalal Sikandar Sultan as director, effective Sept. 7.

As of Sept. 6, US$1 was equivalent to 123.54 Pakistani rupees.