Oil and Gas Development Company Ltd OGDCL Oil companies
Oil and Gas Development Company Ltd OGDCL Oil companies share price. In this article, I’d like to cover Oil and Gas Development Company Local news with OGDCL Oil companies share price. The article will cover Oil and Gas products in Shakardara and its surrounding area Karak which is close to Shakar Dara.
Oil and Gas Development Company Ltd OGDCL Oil companies share price
According to our limited latest Shakardara Media and local news sources. Now Oil and Gas Development Company Ltd OGDCL founded huge oil and gas at shakardara and its surrounding area. Which will help us to become fast growing for oil and gas country in the world. Due to our OGDCL development in Oil and gas now Pakistan is number 5th in the World for Oil and Gas Resources.
Oil and Gas Resources of Shakardara
Pakistan blessed several natural resources. superiority and minerals, and currently the recently discovered oil and gas are among them. Water potential tapped by building dams at varied places that, with the exception of fulfilling the irrigation needs of the country, conjointly cater for its power demand.
The province has vast deposits of oil and gas conjointly. up to now oil and gas reserves are found in its southern components as well as District Kohat and District Karak. business production in District Kohat at Shakardara (Chanda) oil/gas fields started in July, 2004. afterward additional oil/gas fields were found at Manzalai and Makori in District Karak and business production started from those fields in Gregorian calendar month, 2005 and 2006 severallY.
According to the Article 161(1) of the constitution of Moslem Republic of Islamic Republic of Pakistan royalty and excise duty on fossil fuel shall be paid to the provinces wherever the higher than natural resources situated. Transfer of royalty on oil was counseled by National Finance Commission in 1990. Article 161(1) of the Constitution reproduced as follows:-161(1):Notwithstanding the provisions of Article seventy eight Infobahn takings of the Federal duty of excise on fossil fuel levied at Well-head and picked up by the Federal Govt: and of the royalty collected by the Federal Govt: shall not kind a part of the Federal consolidated fund and shall be paid to the Province within which the well-head of fossil fuel is settled.
In accordance with Islamic Republic of Pakistan crude (Exploration and Production) Rules; 1986, the Provincial Govt: gets revenues on account of the subsequent.
• Royalty on Oil.
• Royalty on Gas.
• Gas Development Surcharge.
• Excise Duty on Gas
Royalty on oil/gas is collectable by the exploration and production firms to the govt. @12.50% of the Well-head price. it’s collectable monthly at intervals ten days of the month in question as per Rule 36(2) of the Islamic Republic of Pakistan Exploration and Production Rules 1986.
Well-head price is decided by the govt. of Islamic Republic of Pakistan once each six months. in line with that, the whole country divided into totally different zones, e.g Zone-1 is that the high risk zone and with high investment requirements; thence the worth is additionally on high facet. The gas /oil fields in NWFP ar largely in Zone-1 (Box-2). Well-Head price is directly proportional to quality. If quality of gas is nice, regardless of its amount, the worth is best and vice-versa.
Gas Development Surcharge is that the distinction between the prescribed worth and also the consumer’s worth. worth is decided by OGRA. The Gas Development Surcharge levied underneath the fossil fuel (Dev: Surcharge) Ordinance, 1967. In accordance with the same Ordinance the central needs to fix the sale worth for shoppers and prescribed worth for Gas firms on the premise of their mounted come. The distinction between shopper gas worth and also the firms prescribed costs as outlined within the fossil fuel (Development Surcharge) Ordinance, 1967 is that the margin obtainable to the govt. as Development Surcharge. The prescribed worth of Sui Northern Gas Pipeline Ltd (SNGPL) and Sui Southern gas service restricted (SSGCL) relies on the following:
• Wellhead worth of gas.
• Excise Duty at Well-head.
• Operation and Maintenance value.
• Depreciation.
• come of gas service, 7.5% (SNGPL)/ Revolutionary Organization 17 November (SSGCL), on Assets.
Royalty and Gas Development Surcharge reciprocally proportional to every alternative. In case, the Well-head price is additional, there’ll be additional royalty however less Gas Development Surcharge and contrariwise.
Box-1
OIL AND GAS IN NWFP
As of Sept; 2006, around 225,591 sq. km space is underneath exploration of Oil and Gas throughout the country out of that eleven,396 sq. km i.e. 5.1% of the entire is in NWFP that is obvious from the subsequent table:-
|
Oil Companies Name
|
Sq. km
|
% Share in NWFP
|
% Share in Pakistan
|
| Oil & Gas Dev. Co. (OGDC) |
3,897
|
34.2
|
33.6
|
| Mari Gas Co. (MGCL) |
1,473
|
12.9
|
5.3
|
| Tullow (United Kingdom) |
2,337
|
20.5
|
3.6
|
| MOL (Hungary) |
3,689
|
32.4
|
1.6
|
| Total |
11,396
|
100.0
|
Oil and Gas sites in NWFP falls within the Potwar Region (Map in box 2). wherever virtually all-major oil fields of the Northern region as well as Chanda, Tal block and also the recently discovered Nashpa oil and gas reserves area unit placed, that has created an environment of competition for recent exploration leases within the space. The presence of Oil and Gas Development Company restricted (OGDCL) and M/S Tullow of uk in exploration of this high risk and high price space is a lot of conspicuous. this can be followed by Pakistan fossil oil restricted (PPL), Pakistan field restricted (POL) and Mari public-service corporation restricted (MGCL).
Oil and Gas Development Company restricted (OGDCL) has the most important stake within the exploration activities within the Potwar region. Chanda oil field was the primary major discovery in NWFP within the year 1999. This was followed by Manzali and Mokori fields within the Tal block within the year 2002 and 2005 severally.
Tal block has the calculable gas reserves of two.56 Trillion cubiform feet and oil reserves of fifty eight.6 million barrels that has associate calculable lifetime of concerning 178 years for oil and 117 years for gas.
The recently discovered oil and gas reserves at Nashpa block with oil flow of four,100 barrels per day and twelve million cubiform feet per day of gas is another important discovery the Potwar region.
Status of actual receipts from the Federal Govt: since industrial production of Oil / Gas from wells settled in NWFP is given as under: –
(Pak Rupees. Millions)
| S.No | Receipt head | 2004-05 (Actual) |
2005-06 (Actual) |
2006-07 (Revised Estimates) |
2007-08 (Budget Estimates) |
| 1 |
Royalty on Crude Oil
|
263.793
|
492.009
|
1,043.865
|
1,198.316
|
| 2 |
Royalty on Gas
|
109.370
|
351.050
|
456.753
|
506.447
|
| 3 |
Excise duty on Gas
|
44.280
|
24.591
|
129.360
|
137.200
|
| 4 |
Gas Dev: Surcharge
|
69.828
|
316.229
|
595.952
|
409.657
|
| Total |
487.271
|
1183.879
|
225.930
|
2,251.620
|
Oil Production ( Billion Barrels BBLS) for Financial Year 2004- 05 to 2007-08 (Estimates)
S.No |
Name of well |
2004/05
|
2005-06
|
2006-07
|
2007-08
|
|
1
|
Chanda (Shakardara Kohat) |
989,305
|
960,980
|
1,735,726
|
1,464,000
|
|
2
|
Manzali (Karak) |
55,135
|
166,445
|
174,971
|
180,072
|
|
3
|
Makori (Karak) |
–
|
185,201
|
353,422
|
599,874
|
|
Total
|
1,044,440
|
1,312,626
|
2,264,119
|
2,243,948
|
Production of Gas(Million square feet-MMSCF) for Financial Year 2004-05 to 2007-08(Estimates)
|
S.No
|
Name of well
|
2004-05
|
2005-06
|
2006-07
|
2007-08
|
| 1 | Chanda (Shakardara Kohat) |
4,000
|
2,990
|
3,740
|
5,956
|
| 2 | Manzali (Karak) |
4,940
|
17,221
|
17,520
|
18,900
|
| 3 | Makori (Karak) |
–
|
733
|
4,861
|
8,096
|
|
Total
|
8,940
|
20,944
|
26,121
|
31,952
|
Source:
D.G Petroleum Concessions, Ministry of Petroleum and Natural Resources, Govt: of Pakistan, letter No.Prod-24 (1) 2007 dated 12-5-2007
Ministry of crude oil & Natural Resources, Government of Asian country has set to grant production bonus to those districts wherever Oil & Gas reserves are discovered. Oil & and Gas manufacturing corporations can deposit the owed production bonus for the event of individual areas in national Treasury. The Federal Finance Division can transfer the aforesaid bonus on to the individual Provincial Government within the same manner applicable for transfer of royalty to the provinces. Upon receipt, the Provincial Government can transfer a similar quantity to individual districts.
The funds are spent in an exceedingly clear manner through crude oil Social Development Committee (PSDC). The aforesaid Committees can comprise of members, one every from the area people, representatives of government and Oil & Gas manufacturing corporations. during this regard, the Provincial Government has issue directions to DCO Kohat and Karak for gap accounts in order that upon receipt of the number, the Provincial Government could straightaway transfer a similar to their accounts.
The Provincial Government provided Rs. 511.516 Million on the idea of 50:50 matching grant for the {supply|the availability} of gas supply to 6 Southern districts throughout 2005-06. Commitment conjointly created to more offer Rs. 40.125 Million that beside the share of Sui Northern Company amounts to Rs.1103.282 Million. additionally to the present, the Provincial Government in cooperation with mole is providing funds to the tune of Rs.21.440 Million (20%) for the development of Gurguri road (District Karak).
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