ISLAMABAD: Oil & Gas Development Company Limited (OGDC) on Thursday announced the signing of a Production Concession Agreement (PCA) for the development of Offshore Block 5 in Abu Dhabi, solidifying its participation in an international upstream venture through a consortium-based initiative. The agreement was executed between the Supreme Council for Financial and Economic Affairs, representing…
Tag: OGDC
Pakistan awards provisional petroleum exploration rights for 7 new blocks
ISLAMABAD: Pakistan’s Ministry of Energy has provisionally awarded petroleum exploration rights for seven new blocks to a consortium of local and international energy firms, including Oil and Gas Development Company Limited (OGDCL), officials announced Tuesday. The blocks, located in Balochistan, Sindh and Punjab provinces, were awarded following a competitive bidding round held in April. The…
MSCI Quarterly Index Review Feb’21
Pakistan’s equity market has recorded an increase of 13.5% or 5,569pts (USD based return of 12.9%) since the last MSCI semi annual review back in Nov’20. At present, Pakistan has a weight of 0.021% in MSCI EM. Within the MSCI Pak index, MCB is the largest constituent (42.8%) followed by HBL (31.3%) and OGDC (25.9%)….
Oil and Gas Exploration and Production: Previews
OGDC: Profitability to plunge by 24% YoY in 2QFY21 We expect OGDC’s earnings in 1HFY21 to arrive at PKR 42,964mn (EPS: PKR 9.99), down by 19% YoY. The fall is anticipated owed to i) drop in oil prices by 32% YoY given weak oil demand internationally and ii) 4% and 5.8% YoY dip in oil…
OGDC makes oil and gas discovery in Sindh
KARACHI, PAKISTAN: Oil & Gas Development Company Limited (OGDCL), operator of Bitrism Block has announced oil and gas discovery from its exploratory well Pandhi # 01, which is located in District Sagnhar, Sindh. The well has tested 9.12 Million Cubic Feet per Day (MMCFD) of gas and 520 Barrels per day of oil through choke…