Oil & Gas Development Corporation (OGDC) was established through an ordinance dated 20 September 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]
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.
Discoveries and exploration
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.[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 39,659 barrels (6,305.3 m3) of oil; 937 million cubic feet (26,500,000 m3) 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.
Educational institutes
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.
Additionally, OGDCL contributes into the education sector by providing scholarships, skill development, and support for educational institutes. It signed MoU with Punjab Skills Development Fund (PSDF) to provide multiple trainings to underprivileged youth to enable them to earn sustainable livelihoods. The National Talent Hunt Program launched by OGDCL has resulted in a total of 895 students graduating from IBA Sukkur.[14]
Non-operated joint ventures
Adhi field; OGDCL has 50% stake
Badar field; OGDCL has 50% working interest
Badin-II, Badin-II revised and Badin-III fields; OGDCL has 49%, 24% and 15% stake respectively
Badhra, Bhit and Kadanwari fields; OGDCL has 20%, 20% and 50% working interest respectively
Bangali, Dhurnal and Ratana fields; OGDCL working interest is 50%, 20% and 25% respectively
Miano field; OGDCL has 52% stake
Pindori field; OGDCL holds 50% working interest
Sara and Suri fields; OGDCL has 40% stake in the fields
