Oil and Gas Development Company registers increase in net profit after tax

ISLAMABAD: The Oil and Gas Development Company Limited’s (OGDCL) net profit after taxation (NPAT) increased to Rs 63.527 billion compared to Rs 59.177 billion in the corresponding period of preceding year translating into an earnings per share of Rs 14.77.

According to the company’s report, its net sales increased to Rs 155.631 billion during the year ended June 30, 2011. Its net sales in the corresponding period last year was registered at Rs 142.572 billion.

Similarly, the company’s net profit before taxation increased to Rs 90.982 billion compared to Rs 88.553 billion in the corresponding period last year.

While the company’s exploratory efforts of yielded two new gas and condensate discoveries namely Gopang-1 (Nim EL) and Sheikhan-1 (Kohat EL).

The report also says the company spudded 21 new wells including 10 exploratory or appraisal and 11 development wells during the same period.

During the period under review, the company registered net crude production of 37,370 bpd, gas production of 1,013 mmcfd, LPG production of 195 MTD and sulphur production of 73 MTD.

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