Pakistan’s leading exploration player, Oil & Gas Development Company (OGDC) held its analyst briefing where in the management discussed the recently announced FY24 financial results with equity analysts.
Net sales of the company for the year under review rose to PKR463.7 billion, up 12%YoY, mainly due to higher wellhead prices. The average realized prices for crude oil slipped to US$68.7/bbl, down 4.3%YoY, while realized gas prices rose to PKR712.9/mmbtu, up 17%YoY.
Production activity during the year was reported at 33,100 bpd of crude oil (up 2%YoY), 717mmcfd of gas (down 6.1%YoY) and 717tpd of LPG (down 0.4%YoY), respectively.
Forced curtailments by SNGP and reduced intake by power companies led to........