FINANCIAL ACCOUNTING

PROJECT
TO
MISS AIMEN BATOOL
GROUP LEADER:
1. USAID ABUZAR (61749)
GROUP MEMBERS:
2. SANOBER ARIF (61576)
3. MUHAMMAD
(61754)

SHAHBAZ

4. HAMZA AHMED (

NABI

OIL AND GAS DEVELOPMENT

COMPANY LIMITED:
INTRODUCTION:
Oil & Gas Development Company Limited (OGDCL) is the largest exploration and
production Company of Pakistan, which was established in 1961 as a Public Sector
Corporation and later converted to a Public Limited Company in October 1997.
Through an Initial Public Offering in October 2003, the Company was listed on all
three stock exchanges of the Country, subsequently merged into Pakistan Stock
Exchange. Its Global Depository Shares started trading on the London Stock
Exchange (LSE) in December 2006, thereby making OGDCL the first E&P Company
in Pakistan to be listed on LSE. The Government of Pakistan is the majority
shareholder and owns 74.97% shares of the Company as at 30 June 2016.
As at 30 June 2016, its exploration portfolio comprises sixty (60) owned and
operated joint venture exploration licenses covering an area of 112,453 sq. km. Its
2D and 3D seismic data acquisition during the year were 68% and 53% respectively
of the total seismic data acquired in the Country. Its hydrocarbon reserves were 59%
of oil and 36% of total natural gas reserves in the Country as at 30 June 2015.
Moreover, the production contributions during July 2015 - June 2016 were 48% and
28% of the Countrys total oil and natural gas production respectively (source:
Pakistan Petroleum Information Services).
Six (6) new oil and gas discoveries namely Nashpa X-5, Thal East-1, Thal West-1,
Bitrism West-1A, Aradin-1 and Chak Naurang South-1 were made by the Company
Saleable crude oil production on working interest basis averaged 40,609 barrels
per day
Saleable gas production on working interest basis averaged 1,056 MMcf per day
LPG production on working interest basis averaged 342 Tons per day
Seismic data acquisition of 5,336 Line km of 2D and 3,459 sq. km of 3D
Twenty six (26) new wells spud including twelve (12) exploratory/appraisal wells
and fourteen (14) development wells
Fourteen (14) wells have been brought into the production system which at
present are cumulatively producing 4,150 barrels per day of crude oil and 43 MMcf
per day of gas .

 Total assets increased to Rs 589.6 billion from Rs 553.8 billion

Net realized prices of crude oil and gas averaged US$ 39.07/ barrel and Rs
253.77/Mcf respectively (2014-15: US$ 63.29/ barrel and Rs 272.61/Mcf)
Sales revenue for the year Rs 162.9 billion (2014-15: Rs 210.6 billion)
Profit for the year Rs 60.0 billion (2014-15: Rs 87.2 billion)
Earnings per share for the year Rs 13.94 (2014-15: Rs 20.29)
Total cumulative dividend declared Rs 5.20 per share (2014-15: Rs 7.75 per share)
Contribution to national exchequer Rs 81.6 billion (2014-15: Rs 123.7 billion) .

Board of Directors :
Mr. Zahid Muzaffar
Chairman: Mr. Arshad Mirza
Managing Director and CEO: Mr. Zahid Mir

Director Mr. Saif Ullah Chattha

Director Mr. Iskander Mohammed Khan
Director Mr. Hamid Farooq
Director Mr. Muhammad Ali Tabba
Director Mr. Zafar Masud
Director Prince Ahmed Omar Ahmedzai
Director Sayed Shafqat Ali Shah
Director Mr. Rahmat Salam Khattak
Director Mr. Muhammad Yawar Irfan Khan