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       ISLAMABAD/KARACHI: Oil and Gas Development Company Ltd (OGDCL) on Thursday announced the commencement of production from its exploratory Baloch-2 well in the Sembar formation, located in Sanghar district of Sindh.

       The company had announced the gas condensate discovery from the Baloch-2 well on August 30, 2024, and brought its production to the system, a statement said.

       The well, situated within the Sinjhoro block, is producing 350 barrels per day (BPD) of oil and five million standard cubic feet per day of gas. The production is connected to the Sinjhoro Processing Plant, with the gas being fed into the Sui Southern Gas Company Limited (SSGCL) network, contributing directly to the country’s energy supply.

       PSO earns Rs16bn in FY24

       Pakistan State Oil (PSO) posted a gross revenue of Rs3.8 trillion, with a profit after tax of Rs15.9 billion in FY24, translating into earnings per share of Rs33.79.

       The financial results were discussed in the 48th Annual General Meeting on Thursday and a dividend of Rs10 per share, equivalent to 100pc for FY24, was declared.

       Published in Dawn, October 25th, 2024