Stocks end lower; rupee firms

Pakistani stocks ended lower on Thursday as investors booked profit in blue chip companies such as Oil and Gas Development Co Ltd (OGDCL).

The Karachi Stock Exchange’s benchmark 100-share index ended 0.28 per cent, or 32.12 points, lower at 11,515.59 points.

On Wednesday, the KSE-index ended 2.15 per cent higher at 11,547.71, its highest close since Dec 1.

Volume rose to 92.47 million shares, compared with 83.73 million shares traded on Wednesday.

“After rising by more than 500 points in last few sessions, some profit-taking was seen at Karachi Stock Exchange,” said Samar Iqbal, a dealer at Topline Securities Ltd. “OGDCL, which rallied in the last session, fell by two per cent.”

Stocks extend weekend recovery

The shares market extended the weekend recovery on active follow-up support on selected counters, but the volume figure failed to expand to keep pace with increasing buying offers.

The benchmark posted a fresh rise of 98.19 points at 11,112.65 as compared to last weekend`s 11,014.46.

Proceedings of Supreme Court on NRO, notably its order directing the Prime Minister to appear in the court, triggered stray selling early, but financial support at the lower levels kept the market in a positive mood, most analysts observed.

OGDCL protests: No oil supplies until jobs are regularised, warn workers

Against the backdrop of a nationwide energy crisis, the Oil and Gas Development Company Limited (OGDCL) was faced with a third consecutive day of employee protests on Sunday, leaving a daily supply of 17,000 barrels of oil to refineries suspended.

The protesters, employed under a ‘third party’ contract system, are demanding regular jobs and have laid siege to the oilfields of Kunar, Tando Alam, Pasakhi, Bobi and Daru.

Hundreds of oil tankers scheduled to transport crude oil to refineries in Karachi and Attock were seen lined up in and around various oilfields. “A supply of up to 9,000 barrels per day remained suspended for the third consecutive day from the Tando Alam oilfield,” said the field’s manager, Abdul Rashid Wattoo.

OGDCL announces final cash dividend, appoints auditors

Oil and Gas Development Company Limited (OGDCL) approved the payment of final cash dividend at 25 percent to Rs 2.50 per share.

During the AGM the shareholders also approved the appointment and remuneration of KPMG Taseer Hadi and Co and M Yousuf Adil Saleem and Co as joint statutory auditors for the year 2011-12.

Muhammad Ejaz Chaudhry, Secretary Petroleum and Natural Resources and Chairman Board of Directors of OGDCL presided over the 14th Annual General Meeting.

OGDC declares 25% dividend

Oil and Gas Development Company (OGDC) has posted higher profit after tax of Rs 63.527 billion for the year ending June 30, 2011 and announced a final cash dividend of Rs 2.5 per share.

According to financial results of the company, the pre-tax profit jumped to more than Rs 90.982 billion as compared to Rs 88.552 billion in the same period last year.

The earning per share (EPS) also improved to Rs 14.77 during the period under review, compared with Rs 13.76 in the corresponding period last year.

From: Dailytimes

OGDCL reports increase in net profit by 7.4pct

Oil and Gas Development Company Limited (OGDCL) has announced its financial results on Friday for the full year ended 30 June 2011.

Company `s net sales increased to Rs. 155.631 billion compared to Rs. 142.572 billion in the corresponding period last year. While, Net profit after taxation (NPAT) increased to Rs 63.527 billion compared to Rs. 59.177 billion in the corresponding period of preceding year translating into an Earnings per Share of Rs 14.77.

Furthermore company has also announced final cash dividend of Rs. 2.50 per share.

OGDCL brings out report on hydrocarbon exploration

The Oil and Gas Development Company Limited (OGDCL) has completed Pakistan Basin Study (PBS), containing important information regarding hydrocarbon exploration opportunities in the country.

The report had been completed on the direction of Ministry of Petroleum and Natural Resources.

UK based consultant and geosciences Services Company Fugro Robertson Ltd (FRL) conducted the study. The study was completed in four-year time by a large number of FRL geoscientists and OGDCL counterparts.

From: Dailytimes

OGDCL for development of areas around oil, gas fields

State-owned Oil and Gas Development Company Limited (OGDCL) is taking solid steps for the development and prosperity of the areas around its oil and gas fields.

As part of such efforts, the company has set aside around Rs 600 million for the development schemes in current financial year and an amount of Rs 310 million was spent on development schemes in Balochistan only last year, official source said.

Similarly, the company has completed over Rs 93 million worth of different social welfare schemes in Khyber-Pakhtunkhwa (KPK) in the past four years.

From: Daily Times

Govt postpones OGDCL bond transaction

Privatisation Commission (PC) said the Oil and Gas Development Company Limited (OGDCL) Exchangeable Bond transaction has been postponed due to international financial markets volatile situation and the Greece crisis besides weak economic data emerging from USA.

It was the intention of the Government of Pakistan (GoP) to complete the transaction within the previous fiscal year, however under such situation it was decided the transaction would only be launched at an opportune time in the market as and when the markets recover, he said. Elucidating the details of the process of the transaction, the spokesman informed Cabinet Committee on Privatisation (CCOP) approved floating of an OGDCL Exchangeable Bond (EB) in its meeting on March 8, 2011.

Rigs hiring normal practice: OGDCL

Oil and Gas Development Company Limited (OGDCL) has clarified a news item headlined “OGDCL paying huge rent in difficult times” published in The News on June 21, 2011.

It said that OGDCL has seven drilling and one work-over rigs. It said drilling and production activities were accelerated in Pakistan in 2002 and 2003.

In order to meet the drilling targets, OGDCL has been hiring rigs according to the requirement since 2002, it said. “Hiring of contractor rigs is an international practice and no company can have and maintain the costly rigs and equipment in number according to their fiscal year demand.”