Islamabad: Oil & Gas Development Company Limited (OGDCL) has reported a strong financial and operational performance in its 2024 Annual Report, highlighting significant advancements in exploration and development activities, as well as a strategic focus on sustainability and innovation.
OGDCL, the leading national oil and gas company of Pakistan, registered a net profit of Rs 209.00 billion for the fiscal year ending June 30, 2024, a slight decrease from the previous year's Rs 225.00 billion. The total revenue for the year stood at Rs 464.00 billion, up from Rs 414.00 billion in the previous fiscal year. This revenue increase reflects the company's successful implementation of enhanced production techniques and optimization strategies across its major fields.
The company's crude oil production rose marginally to 33,117 barrels per day, while gas production experienced a slight decrease, finishing at 717 million cubic feet per day. LPG production also saw a small decline to 717 tons per day. Despite these variations, OGDCL continues to lead in market share, holding 50% in crude oil, 41% in gas, and 9% in LPG and other products.
According to information available from the Pakistan Stock Exchange (PSX), in line with its commitment to shareholder returns, OGDCL announced a final cash dividend of Rs 4.00 per share, bringing the total dividend for the year to Rs 10.10 per share, compared to Rs 8.55 per share in the previous year. This reflects the company's stable financial position and ongoing efforts to deliver value to its shareholders.
In addition to financial growth, OGDCL has actively pursued opportunities for expansion both domestically and internationally. The company holds interests in 54 exploration licenses and 78 development and production leases in Pakistan, with additional ventures in Abu Dhabi and involvement in the Reko Diq mining project in Balochistan. These efforts are part of OGDCL's strategy to diversify its portfolio and ensure long-term sustainability.
The annual report also outlines OGDCL's rigorous adherence to environmental, social, and governance (ESG) principles, underscoring the company's role as a responsible corporate citizen in the face of environmental challenges and community expectations.
OGDCL's proactive approach in navigating the complexities of the energy sector demonstrates its leadership in sustainable energy development and positions it well for future challenges and opportunities in the industry.