ISLAMABAD, Sept 29: Directors reminded shareholders at the Oil and Gas Development Company (OGDC) annual general meeting held on Friday, that the company had earned a profit after tax of Rs46 billion for the year ended June 30, 2006 compared to after tax profit of Rs33bn the previous year.

A press release issued by the company noted that sales revenue of the company had increased by 31pc. Profit before tax by 34pc and profit after tax by 39pc in spite of higher exploration write off on account of increased exploration activities.

Annual Accounts of the company for the year were considered and approved.

The members were told that the company holds 37pc of the total acreage granted to all exploration and production companies operating in the country, the press release stated.

The company’s average daily production including the share from joint ventures averaged 38,659 barrels per day of crude oil, 937 mmcf per day of gas, 358 tons per day of LPG compared with 39.130 barrels of crude oil, 919 mmcf of gas and 334 tons of LPG during the previous year.

The shareholders were also informed that during the last year 30 exploratory/appraisal and development wells were spudded. Out of which five exploratory wells namely Nim-1, Dars Deep-1, Tando Allah Yar North-1, Kunner Deep-1 and Bahi-1 were the discoveries and five development wells -- Lashari Centre-5, Sono-7, Chanda-2, Qadirpur 27 and 28 -- were successful wells. The company also apprised shareholders of future plans.