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    Financial Accounting Project TO Miss Aimen Batool Group Leader: Group Members

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    Hammad Mirza
    The document is a financial report for Oil and Gas Development Company Limited (OGDCL), the largest oil and gas exploration and production company in Pakistan. It summarizes that OGDCL made 6 new oil and gas discoveries in the reporting period and produced over 40,000 barrels of oil and over 1 million cubic feet of gas per day. It also lists the members of the Board of Directors and provides financial details such as total assets of Rs. 589.6 billion, sales revenue of Rs. 162.9 billion, and profit of Rs. 60 billion for the year.

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    Financial Accounting Project TO Miss Aimen Batool Group Leader: Group Members

    Uploaded by

    Hammad Mirza
    35 views4 pages
    The document is a financial report for Oil and Gas Development Company Limited (OGDCL), the largest oil and gas exploration and production company in Pakistan. It summarizes that OGDCL made 6 new oil and gas discoveries in the reporting period and produced over 40,000 barrels of oil and over 1 million cubic feet of gas per day. It also lists the members of the Board of Directors and provides financial details such as total assets of Rs. 589.6 billion, sales revenue of Rs. 162.9 billion, and profit of Rs. 60 billion for the year.

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    thtyhjk

    Original Title

    Financial Accounting

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    The document is a financial report for Oil and Gas Development Company Limited (OGDCL), the largest oil and gas exploration and production company in Pakistan. It summarizes that OGDCL made 6 new oil and gas discoveries in the reporting period and produced over 40,000 barrels of oil and over 1 million cubic feet of gas per day. It also lists the members of the Board of Directors and provides financial details such as total assets of Rs. 589.6 billion, sales revenue of Rs. 162.9 billion, and profit of Rs. 60 billion for the year.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    35 views4 pages

    Financial Accounting Project TO Miss Aimen Batool Group Leader: Group Members

    Uploaded by

    Hammad Mirza
    The document is a financial report for Oil and Gas Development Company Limited (OGDCL), the largest oil and gas exploration and production company in Pakistan. It summarizes that OGDCL made 6 new oil and gas discoveries in the reporting period and produced over 40,000 barrels of oil and over 1 million cubic feet of gas per day. It also lists the members of the Board of Directors and provides financial details such as total assets of Rs. 589.6 billion, sales revenue of Rs. 162.9 billion, and profit of Rs. 60 billion for the year.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 4

    FINANCIAL ACCOUNTING

    PROJECT
    TO
    MISS AIMEN BATOOL
    GROUP LEADER:
    1. USAID ABUZAR (61749)
    GROUP MEMBERS:
    2. SANOBER ARIF (61576)
    3. MUHAMMAD
    (61754)

    SHAHBAZ

    4. HAMZA AHMED (

    NABI

    OIL AND GAS DEVELOPMENT


    COMPANY LIMITED:
    INTRODUCTION:
    Oil & Gas Development Company Limited (OGDCL) is the largest exploration and
    production Company of Pakistan, which was established in 1961 as a Public Sector
    Corporation and later converted to a Public Limited Company in October 1997.
    Through an Initial Public Offering in October 2003, the Company was listed on all
    three stock exchanges of the Country, subsequently merged into Pakistan Stock
    Exchange. Its Global Depository Shares started trading on the London Stock
    Exchange (LSE) in December 2006, thereby making OGDCL the first E&P Company
    in Pakistan to be listed on LSE. The Government of Pakistan is the majority
    shareholder and owns 74.97% shares of the Company as at 30 June 2016.
    As at 30 June 2016, its exploration portfolio comprises sixty (60) owned and
    operated joint venture exploration licenses covering an area of 112,453 sq. km. Its
    2D and 3D seismic data acquisition during the year were 68% and 53% respectively
    of the total seismic data acquired in the Country. Its hydrocarbon reserves were 59%
    of oil and 36% of total natural gas reserves in the Country as at 30 June 2015.
    Moreover, the production contributions during July 2015 - June 2016 were 48% and
    28% of the Countrys total oil and natural gas production respectively (source:
    Pakistan Petroleum Information Services).
    Six (6) new oil and gas discoveries namely Nashpa X-5, Thal East-1, Thal West-1,
    Bitrism West-1A, Aradin-1 and Chak Naurang South-1 were made by the Company
    Saleable crude oil production on working interest basis averaged 40,609 barrels
    per day
    Saleable gas production on working interest basis averaged 1,056 MMcf per day
    LPG production on working interest basis averaged 342 Tons per day
    Seismic data acquisition of 5,336 Line km of 2D and 3,459 sq. km of 3D
    Twenty six (26) new wells spud including twelve (12) exploratory/appraisal wells
    and fourteen (14) development wells
    Fourteen (14) wells have been brought into the production system which at
    present are cumulatively producing 4,150 barrels per day of crude oil and 43 MMcf
    per day of gas .

    Total assets increased to Rs 589.6 billion from Rs 553.8 billion


    Net realized prices of crude oil and gas averaged US$ 39.07/ barrel and Rs
    253.77/Mcf respectively (2014-15: US$ 63.29/ barrel and Rs 272.61/Mcf)
    Sales revenue for the year Rs 162.9 billion (2014-15: Rs 210.6 billion)
    Profit for the year Rs 60.0 billion (2014-15: Rs 87.2 billion)
    Earnings per share for the year Rs 13.94 (2014-15: Rs 20.29)
    Total cumulative dividend declared Rs 5.20 per share (2014-15: Rs 7.75 per share)
    Contribution to national exchequer Rs 81.6 billion (2014-15: Rs 123.7 billion) .

    Board of Directors :
    Mr. Zahid Muzaffar
    Chairman: Mr. Arshad Mirza
    Managing Director and CEO: Mr. Zahid Mir

    Director Mr. Saif Ullah Chattha


    Director Mr. Iskander Mohammed Khan
    Director Mr. Hamid Farooq
    Director Mr. Muhammad Ali Tabba
    Director Mr. Zafar Masud
    Director Prince Ahmed Omar Ahmedzai
    Director Sayed Shafqat Ali Shah
    Director Mr. Rahmat Salam Khattak
    Director Mr. Muhammad Yawar Irfan Khan

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