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Pakistan's OGDCL profit soars on high oil prices

Written by: Staff

KARACHI, Feb 23 (Reuters) Pakistan's biggest listed firm, Oil and Gas Development Co. Ltd. (OGDCL), posted a 28.7 per cent increase in its first-half net profit on Thursday due to high global oil prices and an increase in production.

The firm reported a net profit of 20.31 Pakistani billion rupees (8.78 million) for the six months to Dec. 31, up from 15.78 billion rupees a year ago, the company said in a statement to Karachi Stock Exchange.

OGDCL, which controls 39 per cent of Pakistan's oil and gas reserves, also announced an interim cash dividend of 1.75 rupees per share.

The KSE withdrew results for OGDCL announced a few minutes earlier, citing an error in the figures.

The state-run firm has estimated proven-plus-probable reserves of 9.228 trillion cubic feet of natural gas and 164.25 million barrels of oil. It operates 37 wells and 17 exploration sites and has interests in 28 non-operated leases.

(=59.95 Pakistani rupees) REUTERS SD SSC1443

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