Oil& Gas Dev Corp (PSX:OGDC) Summary of Director's Report Q1-Sep2025
OGDCL had a challenging quarter marked by lower crude oil prices and gas curtailments from SNGPL and Uch Power Plant due to system load issues. Despite this, operations remained steady, with a contribution of Rs64bn to the national exchequer and import substitution savings of US$703mn.
Average daily production stood at 31,315 barrels of oil, 641 MMcf of gas, and 630 tons of LPG, slightly below last year due to reduced gas offtake from fields like Qadirpur, Nashpa, and Uch. Two new gas condensate discoveries — Chakar-1 (Tando Allah Yar) and Bitrism East-1 (Khairpur) — added an estimated 9.24 MMBOE in reserves.
Exploration activities covered 233 line km of 2D and 110 sq km of 3D seismic data, accounting for a major share of national seismic work, though some operations were delayed by security constraints. Progress also continued on shale and tight gas prospects, including successful frac jobs at Dhamach-1 and upcoming operations at Gajawah-1.
OGDC advanced diversification initiatives, including the Reko Diq copper-gold project (OGDCL share: USD 715mn, with first output targeted FY29), Abu Dhabi Offshore Block-5 development (production expected FY28), and participation in Libya Bid Round 25.
Sales revenue declined to Rs96.2bn (vs Rs106bn last year) due to lower oil prices (US$57.6/bbl vs US$64.3/bbl) and curtailed output, while profit after tax stood at Rs38.3bn (EPS Rs8.91 vs Rs9.54). Receivables recovery improved significantly to 109% of billing, aided by higher gas tariffs.
