OGDC receives Rs7.7bn circular debt payment

MG News | May 25, 2026 at 02:56 PM GMT+05:00

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May 25, 2026 (MLN): Oil & Gas Development Company Limited received Rs7.725bn from Power Holding (Private) Limited (PHL) as the eleventh installment of interest payment under the government-approved circular debt settlement mechanism.

The payment is part of the total Rs92bn interest amount scheduled to be repaid in twelve equal monthly installments starting from July 2025, according to the company’s filing on PSX revealed today.

The latest payment marks continued progress in the government’s plan to address circular debt in the energy sector.

Earlier, Oil and Gas Development Company Limited significantly expanded its exploration portfolio after securing eight offshore blocks under the Offshore Bid Round 2025, including two blocks where it will act as operator while the remaining six will be developed through joint ventures with other E&P companies.

The offshore expansion is part of Pakistan’s renewed push to revive offshore exploration activity after nearly two decades, aimed at attracting investment, unlocking untapped hydrocarbon reserves, and strengthening long-term energy security.

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