Oil and Gas Development Company Limited

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Oil and Gas Development Company

Type	Public (KSE: OGDC)
Founded	March 4, 1961
Headquarters	Islamabad, Pakistan
Key people	Arshad Nasar, Chairman
Industry	Oil and gas
Products	Oil, Natural gas
Revenue	▲PKR 100.3 Billion (2007)^[1]
Net income	▲PKR 61.1 Billion (2007)^[2]
Total assets	PKR 129.3 Billion (2007)^[3]
Employees	11,000
Website	www.ogdcl.com/

Oil and Gas Development Company Limited (OGDCL) is a state corporation of Pakistan. It was established in 1961 to prospect, refine and sell oil and gas in Pakistan.[1]

By 1966, OGDCL had emerged as the dominant prospector in Pakistan with several significant discoveries in the Indus Basin.

In 1997, OGDCL was converted into a public limited company.

In 2005, the company reported a turnover of Rs.96,755 million.

On May 4th, 2006 the government of Pakistan appointed a Citigroup-led consortium to advise the state-run Privatisation Commission on the sale of 10 to 15 per cent (or 430 to 645 million shares) of the company. OGDCL is the second Pakistani company to have been listed at the London Stock Exchange.

During the fiscal year ended June 30, 2006 the Company made five oil and gas discoveries 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 kilometers, including 16 exploration licenses covering an area of 28,066 square kilometers granted to OGDCL during fiscal 2006. [2]

In early 2007, the company had a market capitalization of PKR 510.9 million in Karachi Stock Exchange. The company has 11,000 employees on its payroll.