Islamabad: The Oil and Gas Development Company Limited (OGDCL) has reported a substantial profit after tax of PKR 208.976 billion for the fiscal year 2023-24, marking a milestone in the company’s financial achievements with an earnings per share (EPS) of PKR 48.59.

According to Zameen.Com, the impressive financial outcomes were revealed during a recent Board of Directors meeting where OGDCL also announced a final cash dividend of PKR 4.00 per share (40%) for the year ending June 30, 2024. This declaration comes on top of interim dividends totaling PKR 6.10 per share (61%), culminating in a historical high annual dividend payout of 101%. OGDCL’s net sales revenue reached PKR 463.698 billion, reflecting robust operational performance despite the economic challenges facing the energy sector globally.

Throughout the fiscal year, OGDCL has been a significant contributor to the national exchequer, adding PKR 218 billion through taxes, dividends, and royalties, and has discovered five important hydrocarbon reserves in Punjab, Sindh, and Khyber Pakhtunkhwa. These initiatives are part of OGDCL’s strategy to expand its resource base to meet Pakistan’s growing energy demands.

The company also recorded a daily average production of 33,117 barrels of crude oil, 717 million standard cubic feet of gas, and 717 metric tons of liquefied petroleum gas (LPG). Without production curtailments, these figures could have shown even higher outputs. These production volumes represent significant recoveries and reverse a previous five-year trend of declining outputs. Further, OGDCL has achieved substantial annual savings of around Rs 34 billion through import substitution and optimized production techniques.

Projects like compression installations at KPD-TAY, Dakhni, and Uch are advancing well, which underscores OGDCL’s commitment to maintaining uninterrupted supply and bolstering Pakistan’s energy security.