OGDCL to focus on shale gas exploration Ø The Oil and Gas Development Company Ltd (OGDCL) has been focusing on exploration of shale gas in Pakistan and initiated a shale gas potential evaluation study in its existing exploration area. Managing director of OGDCL, said the company has also dedicated three wells to assess the potential of this untapped energy. Based on the results of the study and the outcome of the core assessment from these wells, the company would proceed in this direction,said.OGDCL has planned 35 wells, including 19 exploratory wells in the current fiscal year, which would be spud across the country, while three of these 35 have been dedicated for shale gas potential assessment. Exploration companies had already found some traces of shale gas during the search for conventional gas, as 10 % to 12 % shale gas appears on the upper faces of conventional gas, said. Ø OGDCL has earmarked Rs105 bn for the development expenditure, while Rs52 bn would be spent on wells in the current fiscal year. The company based on its aggressive exploration strategy coupled with the near-term completion of the development projects and a strong financial position is well positioned to deliver upstream growth and improved profit margins, he said. With the operational and technical expertise in hand, the company will continue to undertake new development activities and accept new challenges for adding reserves and optimising production, while keeping with the long held strategy of creating and maximising value for the shareholders. Pakistan has estimated shale gas reserves of 51 tn cubic feet (TCF) as compared to the conventional gas reserves estimated at 58 TCF.The massive shale gas reserves in Pakistan have been estimated by the US Energy Information Administration (EIA) (The News Oct 3, 2014) Forex reserves down by $95m Ø The countrys liquid foreign exchange reserves fell by 0.71 % or $95 mn, to $13.210 bn as of September 26, the central bank reported on Thursday. During the week, the State Bank of Pakistan (SBP) made payments of $144 mn on account of external debt servicing and other official payments, which includes $143 mn paid to the International Monetary Fund (IMF) under the standby arrangement facility. During the week the SBP received $56 mn from multilateral, bilateral and other sources. The SBPs liquid forex reserves decreased by $18 million to $8,610 mn during the period under review as compared to $8,628 mn in the previous week. Net foreign exchange reserves held by commercial banks stood at $4.6 bn against $4.67 bn in the previous week (The News Oct 3, 2014) OGDCL launches secondary offering of ordinary shares, GDS Ø Oil and Gas Development Company Ltd (OGDCL) on Thursday announced the launch of a secondary offering of its ordinary shares and Global Depositary Shares (GDSs) representing shares, and the commencement of an international investor roadshow. The offer will represent up to 10 % of the Government of Pakistans shareholding in OGDCL, comprising up to 322,460,900 shares, which corresponds to 7.5 %of the total share capital of OGDCL. Based on the closing share price of OGDCL shares on October 1, the offering would be valued at approximately PKR 80,796 mn / US $788 mn. Ø The offer consists of (a) an international institutional offering in the form of shares and GDSs, to international institutional investors, including: (i) to Qualified Institutional Buyers in the United States, as defined in and in reliance on Rule 144A of the US Securities Act of 1993, as amended; and (ii) outside the US, to certain persons in offshore transactions under Regulation of the Securities Act, (b) a domestic institutional offering of shares to institutional and high net worth individual investors; and (c) a domestic public offering of shares to the general public, including a portion reserved for OGDCL employees. The shares are listed and traded on the Karachi Stock Exchange, Lahore Stock Exchange and the Islamabad Stock Exchange under the symbol OGDC. The GDSs are listed on the London Stock Exchange, with each GDS representing 10 Shares under the symbol OGDC. -PR(BR Oct 3, 2014)
Posted on: Thu, 09 Oct 2014 10:52:48 +0000
Trending Topics
Recently Viewed Topics
© 2015