ISLAMABAD: The Oil and Gas Development Company Limited (OGDCL) for the first time in the history showed an impressive growth of 36 percent during the financial year 2013-14 and surpassed record profit after taxation of Rs 124 billion.
The 17th Annual General Meeting (AGM) of OGDCL was presided over by Chairman of the Board of Director Zahid Muzaffar. Iskander Mohammad Khan, Prince Ahmed Omar Ahmedzai, Rehmat Salam Khattak, Hamid Farooq along with MD/CEO OGDCL Muhammad Rafi attended the meeting to review the performance of financial year 2013-2014 and election of new board members the other day.
The participants of the meeting were informed that the sales revenue of the company stood at Rs 257 billion with annual growth of 15 percent. The earnings per share climbed Rs 28.81. The meeting was told that the OGDCL contributed Rs 132.26 billion in the national exchequer on account of corporate tax, dividend, royalty, general sales tax, excise duty etc.
Chairman Board Zahid Muzafar said that the company being the largest Exploration and Production Company of Pakistan in terms of exploration acreage, recoverable hydrocarbon reserves and oil and gas production acquired 29 new exploratory blocks and the current concession portfolio consists of 62 owned and operated joint venture exploration licenses along with holding working interest in 6 blocks operated by other E&P companies. Zahid Muzafar informed the shareholders that the Company succeeded to acquire 1807 line kilometer of 2 dimensional (2D) and 867 sq km of 3 dimensional (3D) seismic data during the last financial year on fast track seismic data acquisition process.
