OGDCL is an oil and gas company which is ran by Government of Pakistan. It controls large amount of oil and gas reserves of the country totaling up to the 45% of gas and 35% of the oil reserves of the country. This company is also responsible for research and development in the sector. The company had a target of digging out 42 wells in current financial year 2009-2010 but is lagging well behind the target and will most likely will be unable to achieve the target. Company have been able to dig just 6 wells up till now in this year and need to dig up about 36 more in remaining period of less than 6 months to achieve the target.
The oil production share of the company is 61% of whole oil production of the country and gas production totals up to 25% of all natural gas production of the Pakistan. Due to being not able to keep up with the targets company’s oil and gas production is decreasing and they are not being able to keep up with the production targets. Their production have even declined over the past few months.
Company was also unable to achieve their oil production targets and this year they had to achieve the number of drilled wells target but lagging too much behind. Company spokesman told media that the reason for this was the stay orders by court on some drilling sites disputed with private companies and secondly the bad security situation in lots of areas make them unable to operate.
Company have marked about 23 more sites for drilling but need to spot out about 13 or more sites to dig for oil and gas.