LAHORE - Oil production decreased by 7.8 per cent YoY while gas production increased by 1.1 per cent YoY on the back of cut in oil production from OGDC-operated fields like Chanda, Dakhni, Dhodhak, Bobi, Lashri, Pasakhi NE and non-operated fields such as Manzalai. Similarly, gas production was also disappointing, decreasing by 1.6 per cent YoY in 1QFY09 compared to 1QFY08. According to data released by Pakistan Petroleum Information Services (PPIS), overall oil and gas production in the country increased marginally by 0.2 per cetn YoY for 4MFY09. Data shows that production for OGDC, PPL and POL decreased by 3.1 per cent, 3.4 per cent and 16.7 per cent YoY, respectively. Analysts expect production will pick up in 2HFY09E after scheduled maintenance has been completed and expected new production comes online At current levels, OGDC, PPL and POL are trading at attractive FY09E PERs of 7.7x, 5.5x and 6.3x, respectively. Data released by the Pakistan Petroleum Information Service (PPIS) for 4MFY09 shows minute growth in local oil and gas production of 0.1% YoY. Total production increased from 733,532boed in 4MFY08 to 734,908boed in 4MFY09. Individually, oil production decreased by 7.8% YoY from 74,472bbld in 4MFY08 to 68,629bbld in 4MFY09 while gas production increased by 1.1 per cent YoY from 3,954mmcfd to 3,998mmcdf. OGDC: Total oil and gas production was 199,079boed for 4MFY09 compared to 205,523boed in 4MFY08, translating into a decline of 3.1 per cent. OGDC's oil production decreased by 8.7 per cent YoY from 45,649bbld to 41,696bbld during the period under review.