OGDC remains key player in energy sector despite production dip

February 23, 2023 (MLN): Oil and Gas Development Company Limited (PSX: OGDC) has produced 33,061 barrels of oil per day, 772 million cubic feet per day of gas, and 730 tons per day of liquefied petroleum gas, according to the company's first-half financial report for the year 2022-23.

This is a decrease from the same period in the previous year, where OGDC produced 36,788 barrels per day of oil, 827 million cubic feet per day of gas, and 814 tons per day of LPG.

Despite the decline, OGDC remains a key player in Pakistan's Exploration and Production (E&P) sector, contributing around 46% of the country's total oil production, 29% of natural gas, and 37% of LPG from July to December 2022.

The company has made all-out efforts to enhance the energy security of Pakistan.

During the period under review, OGDC drilled four wells, comprising three exploratory/appraisals and one development that yielded three discoveries in Punjab and Sindh provinces.

As of December 31, the company operated 49 exploration blocks, with 23 of them at 100% share and 26 under joint ventures.

OGDC's performance is critical for Pakistan's energy security, and the company is expected to continue to play a pivotal role in the country's E&P sector.

Copyright Mettis Link News