Corporate Information

OGDCL OVERVIEW

OGDCL, under a forward-looking management, envisions itself not only as the leading E&P Company of Pakistan but also as a regional leader known for its people, partnerships, and performance. The Company continues to implement strategies focused on accelerating oil and gas exploration, adding to its reserves, early development of newly discovered fields, and strengthening its oil and gas production base to enhance indigenous production and create value for its shareholders.

The journey of OGDCL began with the Government of Pakistan's effort to revive exploration in the energy sector. On 4 March 1961, a long-term loan agreement was signed with the USSR, under which Pakistan received 27 million Rubles to finance equipment and the services of Soviet experts for exploration. Following this agreement, OGDC was established under an Ordinance dated 20th September 1961, tasked with undertaking a systematic exploratory program and promoting Pakistan's oil and gas prospects.

Due to its significant oil and gas discoveries in the eighties, the Company experienced notable success, prompting the Government, in July 1989, to offload the Company from the Federal Budget, allowing it to manage its activities with self-generated funds. Before 23 October 1997, OGDCL operated as a statutory corporation known as OGDC (Oil & Gas Development Corporation). It was restructured as a Public Limited Company on 23 October 1997, becoming OGDCL (Oil & Gas Development Company Ltd). The Government of Pakistan disinvested part of its shareholding in the Company in 2003 by offering equity to the general public, marking a landmark transaction in Pakistan’s capital market. Further, in December 2006, the Government divested an additional 10% of its holding, and the Company was subsequently listed on the London Stock Exchange on December 6, 2006.

Equipment Base

In order to execute the exploratory and development programmes, OGDCL has also developed a sound equipment and operational base which includes drilling rigs, Workover rigs, Geological Field Party, Seismic parties, Engineering Field Parties, Gas Gathering and Pipeline Construction Party, Seismic Data Processing Centre, Cement, Mud & G&R Laboratories, Wireline Logging Unit, Cementing Units and Data Logging Unit.

Business Development

OGDCL is actively pursuing initiatives to expand its business footprint both within Pakistan and internationally. OGDCL continues to optimise its portfolio through form-in and form-out of exploration blocks within Pakistan. This approach is designed to foster collaboration, leverage knowledge, and drive growth, reinforcing OGDCL's leadership position in Pakistan's energy sector.

Continuing its strategic expansion, OGDCL ventured into international opportunities by joining a consortium with PPL (operator), MPCL, and GHPL, Offshore Block-5 in Abu Dhabi awarded by ADNOC in August 2021. This marked a significant milestone as it was the first opportunity for Pakistani E&P companies to explore, appraise, and develop oil and gas resources in Abu Dhabi, while establishing a strategic partnership with ADNOC. Each consortium partner holds an equal 25% share in the venture, leading to the incorporation of a new company named Pakistan International Oil Limited (PIOL) in the UAE.

Further diversifying its portfolio, OGDCL entered into definitive agreements in March 2022 with the Federal Government, Government of Balochistan, GHPL, PPL, and Barrick Gold Corporation for the Reko Diq project, potentially one of the largest undeveloped copper-gold mines located in District Chagai, Balochistan. A new entity, Pakistan Minerals Private Limited (PMPL), has been established to manage the equity shareholding of partners.

Human Resources

OGDCL has evolved into a technically advanced and commercially thriving organization, driven by a highly skilled team of professionals adept at managing every aspect of oil and gas exploration and production. The company is firmly committed to continuous learning and development of its employees, embedding technical, professional, and leadership training at the core of HR initiatives. In line with our commitment to fostering an inclusive workplace, OGDCL has employed a comprehensive Diversity, Equity, and Inclusion (DEI) Policy. This policy reflects our dedication to promoting diversity and ensuring equitable opportunities for all employees, creating an environment where everyone, regardless of background, is valued, respected, and empowered to succeed.

Governance

Initiatives have and are being taken to effectively establish Good Governance practices through:

Formulated ESG Policy inline with Best International practices
Adopted DEI Policy to promote Diversity, Equity, and Inclusion as part of Organizational culture
Introduction of Code of Ethics and Business Practices.
Merit - driven hiring
Performance - driven promotions and appraisals.
Strict adherence to laid-down rules, regulations and procedures.
Development of Policy Statements in the areas of Marketing, CSR, Risk Management, etc, as a part of its business principles.