Islamabad: The Oil and Gas Development Company Limited (OGDCL) announced its financial and operational performance for the fiscal year 2023-24, highlighting significant achievements including net sales revenues of Rs 463.698 billion and a series of successful exploratory efforts leading to new oil and gas discoveries.

According to Oil and Gas Development Company Limited, OGDCL realized a robust net profit with average net prices of US$ 68.67 per barrel for oil, down from US$ 71.78 the previous year. The company also noted increased prices for natural gas and LPG, with gas selling for Rs 712.88 per Mcf, up from Rs 610.92, and LPG for Rs 161,224 per ton, compared to Rs 148,723 last year. The company declared a final cash dividend of Rs 4.00 per share and reported earnings per share of Rs 48.59.

The company also highlighted its operational progress, noting it operated 54 exploration blocks covering 99,268 square kilometers. OGDCL conducted significant seismic surveys, acquiring 1,236 line kilometers of 2D and 1,201 square kilometers of 3D data. The exploratory activities resulted in five new discoveries, including significant finds in Punjab, Sindh, and Khyber Pakhtunkhwa provinces.