ISLAMABAD, Aug 27: The exploratory efforts of Oil and Gas Development Company yielded two new gas and condensate discoveries, namely Gopang-1 (Nim E.L) and Sheikhan-1 (Kohat E.L) during the year ended on June 30.

The company spudded 21 new wells including 10 exploratory or appraisal and 11 development wells during the same period.

The company registered net crude production of 37,370 bpd, gas production of 1,013 mmcfd, LPG production of 195 MTD and sulphur production of 73 MTD.

The OGDCL's net sales increased to Rs155.631 billion this year compared to Rs142.572 billion in the corresponding period last year.

Net profit before taxation increased to Rs90.982 billion compared to Rs88.553 billion in the corresponding period last year.

Net profit after taxation increased to Rs63.527 billion compared to Rs59.177 billion in the corresponding period of preceding year translating into an earnings per share of Rs14.77.

Operating profit margin and net profit margin were 56 per cent and 41 per cent respectively and payable final dividend of Rs2.50 per share.

Average net realised price of crude oil sold was $72.05/bbl as against $61.37/bbl during corresponding period last year.—APP