OGDC clarifies Jhal Magsi project status

July 06, 2023 (MLN): Oil & Gas Development Company Limited (PSX: OGDC) has clarified to PSX that the current status of the Jhal Magsi project was disclosed in the company’s nine-monthly reports for the period ended March 31, 2023, as part of the directors’ interim review reports, OGDC's filing on PSX revealed today.

The notice was issued in response to the PSX letter No-Gen 1091 dated July 4, regarding details of Jhal Magsi development project published in print/electronic media.

“The discovery was announced on stock exchanges in the year 2004-05, and the subsequent completion of an appraisal well was also reported,” the notice reads.

It further states that the referenced news item primarily focuses on the company’s Corporate Social Responsibility (CSR) initiatives in Baluchistan, emphasizing their commitment and other stakeholders.

It is worth mentioning that the company is currently in the process of engaging a contractor for plant installation and the Sui Southen Gas Limited (SSGCL) is working on laying the pipeline from the Jhal Magsi plant to their network.

The purpose of OGDCL’s communication was to enhance public understanding regarding their community welfare-oriented initiatives as a part of the company’s business strategy.

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