Chairing a meeting at the PM House to review the performance and future plans of OGDC, the Prime Minister directed it to share the best practices adopted by similar organisations around the world to come up to the global standards in term of major indicators, says a press release.
The company should benchmark itself against internationally recognised best practices to increase its efficiency, the Prime Minister said.
The Prime Minister was informed that commissioning time of some mega projects has been reduced including Qadirpur Compression, Dhodak Expansion, UCH-II (Power Plant), Tando Allahyar, Sinjhoro where the completion period has been reduced by 4 to 16 months.The Prime Minister directed the company to further expedite Qadir Pur and Tando Allahyar projects.
Managing Director, OGDC in his presentation said that OGDC was vigorously pursuing the drilling of 57 wells during 2005-06 as against average of 17 wells drilled in the preceding three years. The company plans to drill 107 wells during the year 2006-2007 to reduce dependency on imported crude. He said an increasing number of multinationals were now investing in the drilling activities.
The Prime Minister was informed that financial discipline in the company has been strengthened and checks and balances have been created. Outdated rules of business have been brought in line with new business efficient procedures. As a result of the steps, taken on the direction of the Prime Minister, and better management, general and administrative expenditure has been reduced up to 21 percent while there is a 13 percent increase in exploration expenditure and 157 percent increase in the prospecting expenditure in exploration all of which are healthy signs. The operational profits have registered over 29 percent increase in the current quarter when compared with corresponding period.
The Prime Minister was further informed that OGDC has enhanced its social welfare activities in Balochistan. It will provide technical training in drilling to 200 persons in Quetta and Gwadar.
Managing Director OGDC also said that company was expanding its overseas operations by competing in international tenders in countries like Oman, Syria, Sudan and Eritrea. This would provide job opportunities for Pakistanis in foreign countries.
The meeting was attended by federal minister for petroleum and natural resources, minister of state for petroleum and natural resources, chairman OGDC and senior officials.