ISLAMABAD, Oct 27: The Board of Directors of Oil and Gas Development Company Limited on Wednesday declared first interim dividend of 15 per cent (Rs1.50 per share). During the last financial year, the company had declared two interim dividends and a final dividend totalling 40 per cent.

"The OGDCL board has approved the accounts for the first quarter (July-September 2004)," says a press release. The company posted an after-tax profit of Rs7.447 billion as compared to Rs4.688 billion for the corresponding quarter last year, showing an increase of 59.26 per cent.

As per financial results for the July-September period, the OGDCL showed a 33 per cent increase in its overall revenue registered at Rs15.248 billion compared to Rs11.442 billion for the previous year.

The OGDCL board expressed its satisfaction over the improved financial results and appreciated the performance of the company.

The total daily average production during the quarter was registered at 36,508 barrel oil, 908 mmcfd gas, 253 tons LPG and 49 tons sulphur.

Both the new fields, Chanda and Bobi, also commenced oil and gas production during the first quarter, resulting in enhanced petroleum production.

The Chanda oilfield commenced production in the middle of July and currently producing 3,000 bpd of stabilized condensate and 40-45 tons of LPG per day. The Qadirpur gas field showed an 11 per cent improvement by enhancing its gas production to 400 mmcfd.

The press release said in the coming year, OGDCL would contribute and play a major role by increasing its production, exploration and development activities, and start work on the first offshore concession in the Indus delta.