Fuelled by currency appreciation and robust international oil prices, the state-run Oil and Gas Development Company Limited (OGDCL) yesterday posted a record Rs124 billion profit in 2013-14, up 36 per cent over the previous year.
The announcement came after a meeting of the OGDCL board of directors convened to approve the company’s financial results for the year ending June 30, 2014.
“During 2013-14, OGDCL continued to deliver robust financial results coupled with steady operational performance while successfully maintaining its position as the leading player in exploration and production sector in terms of oil and gas reserves, production and exploration acreage in the country,” said Zahid Muzaffar who is Petroleum Ministry’s Adviser and Chairman of the OGDCL board.
He said the company recorded improvement in its production volumes, reaching an average daily net crude oil and gas production of 41,330 barrels and 1,173 million cubic feet (mmcf) as against 40,101 barrels and 1,108 mmcf respectively in the previous year. Moreover, average daily production of LPG also increased by 25 tonnes.
