For the June quarter, the company reported earnings of Rs 33,074 million or Rs 7.69 per share higher by 16 percent quarter-on-quarter and 51 percent year-on-year. The company announced cash dividend of Rs 2.50 per share for final quarter. Revenues clocked in at Rs 69,434 million for the quarter, higher by 7 percent quarter-on-quarter 20 percent year-on-year.
The OGDCL has recently made three hydrocarbon discoveries during the first quarter of FY20. It has opened new avenues and would add to the hydrocarbon reserves base of the OGDCL, joint venture partners and of the country. Cumulative production increased by 22.33 mmscfd and 836 barrels per day.
For the first time, OGDCL has pioneered installation of Electrical Submersible Pump (ESP) system at well Pasakhi-05, with tremendous success resulting in increase of oil production from 150 BOPD 10 300 BOPD.
With more than 3-fold production increase from existing one well by using ESP technology, detailed technical study is being carried out for 4 additional candidate wells for ESP technology with great upside potential for oil production increase.
Since inception of forming the new board of directors in April this year, with three veteran petroleum engineers, financial & corporate sector experts, and seasoned government representatives are working tirelessly in unison with the OGDCL management with a single motto 'increase oil & gas production' to reduce dependency on foreign imports, by drilling more wells at faster pace.
As compared with 16 wells drilled last year, the business plan finalized for current fiscal year is to nearly double drilling activity with 30 conventional exploratory and development wells, and one unconventional well. In pursuit of shale exploration, OGDCL board as well as the management is working closely to drill first-ever unconventional shale gas well, planning and preparation for which is under way at a fast pace to ensure spudding of the shale gas well in coming months. The board & the management is also evaluating drilling 9 more shale wells back-to-back. Over the last 3 months after strenuous process of screening and interviewing, the board has also completed the selection process of top-tier management for positions that had been lying vacant for several years.