Oil & Gas Development Company Limited, commonly known as OGDC, is a Pakistani state-owned oil and gas company headquartered in Islamabad.[2] It is listed on the Pakistan Stock Exchange and the London Stock Exchange.[3]
It is the largest company in Pakistan in terms of market capitalisation,[4] and has repeatedly ranked among the Forbes Global 2000.[5] OGDCL operates 50 oil and gas fields across Pakistan.[6]
Oil & Gas Development Corporation (OGDC) was established through an ordinance dated 4 April 1961 by the Government of Pakistan with the help of Soviet Union under a $30 million oil exploration loan signed in February 1961.[7][8] OGDC received equipment and technical services under a $30 million loan.[9]
In October 1997, it was restructured into a public limited company thus becoming Oil and Gas Development Company Limited.[10] In 2004, OGDCL was listed on the Karachi Stock Exchange, following an initial public offering at a strike price of PKR 32 per share.[11] On 4 May 2009, the government of Pakistan appointed a Citigroup-led consortium to advise the state-run Privatisation Commission on the sale of 10 to 15 percent (or 430 to 645 million shares) of the company. OGDCL is the second Pakistani company to have been listed at the London Stock Exchange.
OGDCL utilizes seismic as the primary imaging technology for exploration of hydrocarbons. It currently operates five seismic acquisition crews, capable of acquiring 2D/3D data in diversified terrains. It also operates seismic data processing center to handle advanced image processing.[12]
During the fiscal year ended 30 June 2006 the company made several oil and gas discoveries, including at Nim-1, Dars Deep-1, Tando Allah Yar North-1, Kunnar Deep-1 and Bahu-1. OGDCL's daily production, including share from joint ventures, averaged 39659 oilbbl of oil; 937 Mcuft of gas, and 358 metric tons of liquefied petroleum gas. The Company holds exploration acreage comprising 40 exploration licenses covering an area of 75,905 square kilometres, including 16 exploration licenses covering an area of 28,066 square kilometres granted to OGDCL during fiscal 2006.[13] During 2009–2010, the company acquired four new exploration blocks (Channi Pull, Jandran west, Lakhi Rud and Mari east), covering area of around 4,795 Square kilometres. Three exploration licenses namely Khiranwala, Thatta and Thatta east were surrendered and operatorship of offshore Indus-S was transferred to BP Alpha.
After drilling down a total depth of 5,545 meters, OGDCL announced discovery of reserves in district Attock of Pothohar region estimated at 882 bpd during year 2022.[14] In order to recover LPG from raw gas, a plant has been set up in district Karak, KPK capable of producing 18,500 BBLs of oil and 350 MT of LPG.[15] During year 2024, OGDCL started extraction of oil at 350 bpd from Baloch-2 exploration well located in district Sanghar of Sindh.[16]
The OGDCL Institute of Science & Technology was established in 1979 in Islamabad. In 1986, the OIST (formerly OGTI) relocated to the I-9 sector of Islamabad. The OIST has played an important role in field training.
In March 2013, the OGTI under the name OGDCL Institute of Science and Technology was allowed to award degrees. In order to promote research activities and to bridge the gap between academia and industry, an industrial chair sponsored by OGDCL was established at the department of Earth Sciences, QAU Islamabad.[17]
