Oil and Gas Development Company Limited, commonly known as OGDCL (Urdu: آئل اینڈ گیس ڈویلپمنٹ کمپنی) is a Pakistani state-owned oil and gas company headquartered in Islamabad. It has a primary listing on the Pakistan Stock Exchange, and secondary listing on the London Stock Exchange. The rest are held by private investors. For the financial year 2022, it reported net sales of Rs 335.46 billion and profit of Rs 133.78 billion.[2]
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Headquarters of the Oil & Gas Development Company in Islamabad
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Native name | آئل اینڈ گیس ڈویلپمنٹ کمپنی |
|---|---|
| Company type | Public company |
| PSX: OGDC LSE: OGDC | |
| Industry | Oil and gas |
| Founded | 4 April 1961 (1961-04-04) |
| Headquarters | Islamabad, Pakistan |
Area served | Pakistan |
Key people | Ahmed Hayat Lak (CEO) |
| Products | Fuels, Natural gas |
| Revenue |  Rs. 413.594 billion (US$1.4 billion) (2023) |
| Rs. 224.617 billion (US$780 million) (2023) | |
| Total assets | Rs. 1424.065 billion (US$4.9 billion) (2023) |
| Total equity | Rs. 1082.897 billion (US$3.8 billion) (2023) |
| Owner | Government of Pakistan (85.02%) |
Number of employees | 11,207 (2023) |
| Subsidiaries | Pakistan Minerals Limited (33.33%) Pakistan International Oil Limited (25%) Mari Petroleum (20%) |
| Website | ogdcl |
| Footnotes / references Financials As of 30 June 2023[update] [1] | |
It is the largest company in Pakistan in terms of market capitalisation,[3] and has repeatedly ranked among the Forbes Global 2000.[4]
Oil & Gas Development Company (OGDC) was established in September 1961 by the Government of Pakistan with the help of Soviet Union under a $30 million oil exploration loan signed in February 1961.[5][6] OGDC received equipment and technical services under a $30 million loan.[7]
On 4 May 2009, the government of Pakistan appointed a Citigroup-led consortium to advise the state-run Privatisation Commission on the sale of 10 to 15 percent (or 430 to 645 million shares) of the company. OGDCL is the second Pakistani company to have been listed at the London Stock Exchange. The company was also listed in Pakistan at all the three exchanges of the country namely Karachi Stock Exchange (KSE), Lahore Stock Exchange (LSE) and Islamabad Stock Exchange (ISE).
During the fiscal year ended 30 June 2006 the company made several oil and gas discoveries, including at Nim-1, Dars Deep-1, Tando Allah Yar North-1, Kunnar Deep-1 and Bahu-1. OGDCL's daily production, including share from joint ventures, averaged 39,659 barrels (6,305.3 m3) of oil; 937 million cubic feet (26,500,000 m3) of gas, and 358 metric tons of liquefied petroleum gas. The Company holds exploration acreage comprising 40 exploration licenses covering an area of 75,905 square kilometres, including 16 exploration licenses covering an area of 28,066 square kilometres granted to OGDCL during fiscal 2006.[8] During 2009–2010, the company acquired four new exploration blocks (Channi Pull, Jandran west, Lakhi Rud and Mari east), covering area of around 4,795 Square kilometres. Three exploration licenses namely Khiranwala, Thatta and Thatta east were surrendered and operatorship of offshore Indus-S was transferred to BP Alpha.
The OGDCL Institute of Science & Technology was established in 1979 in Islamabad. In 1986, the OIST (formerly OGTI) relocated to the I-9 sector of Islamabad. The OIST has played an important role in field training.
In March 2013, the OGTI under the name OGDCL Institute of Science and Technology was allowed to award degrees.
