ISLAMABAD, Sep 28 (APP): The Oil and Gas Development Company (OGDCL) on Monday announced financial results for the year 2019-20, declaring earnings of Rs 100.081 billion profit.

“The Company’s net sales revenue clocked at Rs 244.856 billion with profit after tax at Rs 100.081 billion. This translated into earnings of Rs 23.27 per share,” an OGDCL press release said.

The company’s Board of Directors announced a final cash dividend of Rs 2.50 per share, which stood 25 percent.

“This is in addition to interim dividends already paid at Rs. 4.25 per share i.e. 42.5 percent. The cash dividend will be paid to the shareholders whose names will appear in the Register of Members on Wednesday, October 21, 2020. The Share Transfer Books (STB) of the Company will be closed from Thursday, October 22, 2020 to Wednesday, October 28, 2020 (both days inclusive).”

During the period under review, the company also paid Rs 42.983 billion and Rs 27.626 billion on account of taxes and royalty respectively.

On the exploration and development side, the company made significant progress in seismic and drilling activities as 25 wells were spud in comparison to 16 of the corresponding year.

“Exploratory efforts resulted in five discoveries of oil & gas reserves. The Board of directors appreciated the efforts of the Management for ensuring production enhancement and significant exploratory work during the period.”

The production was optimized through injection of 14 new wells in the production gathering system. “Deployment of Electrical Submersible Pumps (ESP) also contributed to production enhancement and the company will continue to use the latest technology for better efficiency,” the company vowed.

The newly injected development wells would add to the hydrocarbon reserves base of the OGDCL and the country besides bringing significant savings to the exchequer through import substitution.

“The increase in oil & gas production will also help in mitigating ever growing demand of domestic consumers and industry.”