Two public sector companies - Pakistan State Oil (PSO) and OGDCL are facing serious financial crunch and receivables of both companies have accumulated to over Rs 286 billion. PSO receivables against different clients mainly power sector swelled to Rs 166.43 billion on Saturday.
"We have no financial issues to carry out the current operations of the OGDCL but may face financing problems to execute oil and gas projects which require $600 million financing," sources said, adding that OGDCL receivables have touched Rs 120 billion. OGDCL has also received no plan to clear these dues either from government side or clients.
OGDCL had received bids to develop these development projects. However, it put the decisions on hold regarding award of contract of multimillion dollars Kunner Pesakhi and Jhal Magsi development projects till three-member inquiry committee completes its probe on the controversies raised on receipt of amended bid bond on $186 million Uch-11 development project.
OGDCL is currently in the process of developing five oil and gas fields in a bid to produce 400 mmcfd natural gas and 500 tons LPG per day to overcome energy crisis. According to OGDCL Managing Director Naeem Malik, 8000 to 9000 barrels per day crude oil would also be produced from these new fields.
OGDCL has also initiated work on Zin field which development has been delayed for the last two decades. Zin field has a potential of 6 to 7 trillion cubic gas reserves. The work on Zin field will also help OGDCL initiate work on other four blocks. OGDCL has completed construction of 35 kilometers road and access to water has also been ensured to start work on Zen field. Uch-11 gas field will produce 160 mmcfd gas and 280 mmcfd gas and 350 tons LPG per day will be produced from Kunner Pesakhi and Tando Allahyar fields.