OGDC revenue drops Rs7bn in 1QFY21

ISLAMABAD: The Oil and Gas Development Company Limited (OGDC) registered a sales’ revenue of Rs59.528 billion for the first quarter (July-Sept) of FY21 as compared to Rs66.204 billion in the corresponding year of last year.

“Despite coronavirus pandemic and a natural decline in existing hydrocarbon deposits, OGDC managed to produce around 36,221 barrels per day (BPD) of crude oil, 904 million cubic feet per day (MMCFD) gas and 714 tonnes per day (TPD) of liquefied petroleum gas (LPG) in the first quarter of FY21. The company, during the corresponding period of the last year, had extracted 37,560 BPD crude oil, 960 MMCFD gas and 702 TPD of LPG,” the company’s quarterly report available with APP stated.

During the period under review, the company contributed around 47pc, 29pc and 36pc towards the country’s total oil, natural gas and LPG production, respectively.

OGDC also injected two new wells, producing 65,233 barrels crude oil and 368 MMCF gas in its production gathering system besides carrying out 27 work-over jobs at mature fields to arrest the natural decline and sustain oil and gas production.

However, the report said, oil and gas output was impacted by natural decline at Dakhni, Kal, Pasakhi and Tando Alam fields coupled with the non-revival and partial revival of wells.

During the three-month period, the company had spud four exploratory and development wells including Juna-1, Sheen Dund-1, Nangpir-1 and Qadirpur-62, and completed drilling and testing of seven wells pertaining to the previous fiscal year, whereas total drilling stood at 17,620 metres.

The company, being the market leader in Pakistan’s exploration and production sector, holds the largest exploration acreage which as of September 30 stood at 77,591 sq. km, representing 37pc of the country’s total area under exploration.

Further, the OGDCL acquired a 975 line kilometre (LKM) of 2D seismic data in comparison to 556 line km in the corresponding period last year. The acquired seismic data represented 80pc of total 2D seismic data acquisition in the country.

Moreover, around 1,271 LKM of 2D seismic data and 1,800 sq. km 3D seismic data were also processed using in-house resources.

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