Islamabad (Urdu Times) OGDC profits up 53%, earns Rs 58.5 billion in Q1 Board declares largest ever Q1 dividend, approves payout of Rs 5 per share. Spokesperson OGDC

Islamabad, 30 October 2026 (Urdu Times): Oil and Gas Development Company Limited (OGDC) posted a profit after tax of Rs 58.5 billion during the first quarter ended September 30, 2026, up 53 percent over the same period last year. The company’s board of directors, approving the financial results, declared a first interim cash dividend of Rs 5 (50 per cent) per share, the largest first quarter dividend in the company’s history. In the same period last year, a dividend of Rs 3.50 per share was given.

The company’s net sales rose 38 percent to Rs 132.4 billion, while earnings per share rose to Rs 13.60 from Rs 8.91. Improved production and price growth contributed to the financial results. The ratio of collections against bills during the quarter stood at 100 percent. OGDC contributed Rs 82 billion to the national exchequer in taxes, dividends, royalties and levies, while saving the country $1.32 billion in foreign exchange by providing import substitution through local oil and gas production.

Commenting on the financial results, Chairman of the Board Zafar Masood said that the company has achieved double-digit growth in oil, gas and LPG production, 100 percent recovery of bills and the largest first quarter dividend in history. According to him, the company will continue to invest in various projects including compression, water injection and new drilling for maintaining production and future growth.

OGDC’s daily salable production recorded growth in all three sectors. Crude oil production rose 13.3% to 35,494 barrels, natural gas rose 14.2% to 732 million cubic feet and LPG production rose 10.5% to 696 tonnes per day. In the same period last year, the production was 31,315 barrels, 641 million cubic feet and 630 tonnes respectively. Four new wells including Maru-3, Sono-10, Chuck 63-5 and Bobby-11 were connected to the production system to increase production. The installation of electrical submersible pumps on four wells yielded an additional 1,630 barrels of crude oil per day, while 26 workover operations were also completed to maintain the production of older wells.

However, forced outages by SNGPL and UPL affected production, reducing production by 1,254 barrels of crude oil, 94 million cubic feet of gas and five tonnes of LPG per day. As a result, the company suffered a sales loss of Rs 9.7 billion, compared to Rs 19.3 billion in the same period last year. The average selling price of crude oil was 74.90 dollars per barrel while the price of gas was recorded at 796.08 rupees per thousand cubic feet, which was 57.61 dollars and 718.38 rupees respectively last year.

The company in the field of search 31 Kilometers 2Dline and 213 square kilometers 3D Acquired seismic data۔ Security issues، Seismic activity was affected by bad weather and supply chain disruptions۔ Company Battersham NW-1 And Nahion-1 Started drilling on wells، While overall 17,348 Meter drilling completed۔ Nayeon-1 The well is the company’s first major step in exploring unconventional gas reserves in Pakistan۔

Construction and mechanical works of the Ouch compression project have been completed while commissioning is underway, with tests to be completed by December 2026. Work is also progressing rapidly on the KPD-Ti compression project and the Kunar-Pisakhi water injection project, which are expected to be completed by March 2027. The water injection project is expected to increase oil recovery by 8 to 10 percent and extend the productive life of the fields by seven to eight years. Apart from this, work on the Rajyan Heavy Oil Facility and rehabilitation of old assets is also underway.

The company is continuing exploration and technical evaluations in Abu Dhabi offshore Block-5, while engineering design work is underway for the development of the Bu Dana, Al Batin and Al Manhal fields. First production from these projects is expected in 2028. The security situation, investment, financing and project schedule are being reviewed in the Rekodic project, which may lead to changes in cost and completion times. OGDC is in communication with the project operator, other partners and the government in this regard.

OGDC has single handedly-1 The presence of lithium in the geothermal water of the well has been identified۔ Pakistan Institute of Nuclear Science and Technology (Pinstek) The amount of lithium in the laboratory analysis of 291 mg per liter was recorded۔ These are preliminary results and evaluation of the presence of lithium in adjacent aquifers and the commercial viability of geothermal resources is ongoing۔ OGDC Board for the first time IFRS S1 And IFRS S2 Approved financial disclosures related to sustainability in accordance with international standards۔ The company has ESG Also set performance targets for various sectors under the strategy and organized awareness sessions for supply chain partners.۔

Transparency in Corporate Reporting by Transparency International Pakistan (TRAC) Assessment 2026 I OGDC 104 Got the first position among the listed companies، While overall 92.71 Percentage score obtained۔ The company has anti-corruption، Institutional transparency، Financial reporting، Gender equality، In various areas including disability inclusion and non-discrimination 100 Percentage score obtained۔ According to OGDC, the company maintains production، To get more oil and gas from old deposits، Through the exploration of new reserves and fiscal discipline, the country’s energy will continue to play a role in security and the national economy۔