The Company has posted the highest quarterly profit after
tax of PKR53.3 billion (EPS: PKR12.4) for 1QFY23, higher by 145%QoQ and 58.5%YoY
basis.
Major projects during the year were: Discovery in Wali block
with cumulative potential of 219bcf gas and 13 million bbl oil and exploration
and appraisal activities at Abu-Dhabi offshore block 5.
Other developments during the year included: company
entering into a framework agreement with the Government of Pakistan, provincial
government of Baluchistan, GHPL, PPL and Barrick Gold Corporation for
extraction of gold and copper reserves from Reko Diq.
As per company presentation, OGDCL holds 87,300 square km of
exploration coverage with total of 57/111 exploration/development licenses,
respectively.
Province wise concession shares are: KPK 19%, Sindh 21%, Punjab
21% and 39% Baluchistan.
Seismic survey acquisition during the last six fiscal years
was 15,380 Line km of 2D and 3,766 sq. km of 3D portraying.
OGDCL’s share in total industry stood at 80% 2D and 31%3D surveys.
Finally, OGDCL’s share in gross production works out at 23%, with industry’s
total production at 73,400 bpd as on June 2022.
According to management, average natural decline rate of
major oil fields stands at 16% (5-year average). Although, the said decline
rate has been arrested to 6-8% more recently with the help of workovers and
development wells etc.
Industry’s net gas production stood at 3,390mmcfd (OGDCL share
29%) during FY22. Natural depletion rate stands at 8% for major fields (Mela,
Nashpa, Kunnar Pasakhi Deep etc.), but has been arrested at 5% by the company
through workovers and development wells etc.
Management stated that Reko Diq project is a stepping stone
for the diversification strategy company is trying to achieve. Company is also
trying to move into power and other energy projects as well.
