OGDC Profit in HY Dec 2022, boosted by higher international crude oil prices in comparison to the corresponding period last year. Average basket price of crude oil was US$ 93.53/barrel against US$ 75.22/barrel in the comparative period.
Furthermore, rise in average exchange rate from Rs 169.98/US$ to Rs 223.85/US$ lent strength to the financials.
In addition to the above, the Company's profitability during the period under review was positively impacted by increase in interest income on investment and bank deposits and share of profit in associates.
Lower Production. The average daily net saleable crude oil, gas and LPG production clocked in at 33,061 barrels, 772 MMcf and 730 tons in comparison to 36,788 barrels, 827 MMcf and 814 Tons in the comparative period respectively.
Exploration, development and production activities were hampered by floods, security clearance and delay in the opening of LCs for critical spares.
During the Half year ending Dec 2022, OGDC exploration acreage increased to 89,459 sq. km (30 June 2022: 87,290 sq. km), owing to grant of a new exploration license Chah Bali, representing 40% of Country's total area under exploration.
OGDC exploratory efforts to locate new reserves during the period under review yielded 3 oil and gas discoveries having an expected cumulative daily production potential of 3,007 barrels of oil and 2.7 MMcf of gas.