ISLAMABAD/KARACHI: On Thursday, Oil and Gas Development Company Ltd. (OGDCL) declared that production had begun from its exploratory Baloch-2 well in the Sembar formation, which is situated in Sindh’s Sanghar district.
According to a statement, the company brought its production to the system and declared the gas condensate discovery from the Baloch-2 well on August 30, 2024.
Five million standard cubic feet of gas and 350 barrels of oil per day (BPD) are being produced by the well, which is located in the Sinjhoro block. In order to directly contribute to the nation’s energy supply, the production is linked to the Sinjhoro Processing Plant and the gas is fed into the Sui Southern Gas Company Limited (SSGCL) network.
In FY24, PSO makes Rs16 billion.
With a profit after tax of Rs15.9 billion and gross sales of Rs3.8 trillion in FY24, Pakistan State Oil (PSO) reported earnings per share of Rs33.79.
At the 48th Annual General Meeting on Thursday, the financial results were reviewed, and a dividend of Rs. 10 per share—100 percent for FY24—was announced.
