ISLAMABAD - The largest petroleum exploration and production company of the country, OGDCL on Tuesday announced cash dividend of Rs 3 per share for fourth quarter.

This was announced by Oil & Gas Development Company Limited (OGDCL) Chairman Zahid Muzaffar during a press conference at the company’s headquarters. According to Muzaffar, the financial results were approved in board of directors meeting on Tuesday for the year ended June 30, 2014.  According to chairman, company’s net sales revenues increased by 15.1 per cent to Rs 257.014 billion as compared to Rs 223.365 billion in last year. Company profit after taxation increased by 35.8 percent, reaching new levels of 123.915 billion against Rs.91.273 billion in preceding year. He termed the profits to improvement in production volumes, reaching an average daily net crude oil and gas production of 41330 bbls, and 1,173 mmcfd the oil and gas production last year was 40,101, bbls and 1,108 MMscf. He claimed that average daily production of LPG also increased by 25 M.Tons. Answering a question, Muzaffar said that it was not true that high dividends were offered to attract the investors for the privatisation of largest oil and gas company of the country.

“We are offering the dividend that our shareholders also benefit from our profits, and it has nothing to do with expected privatization of the company”, he said. He said oil exploration was a time consuming job and work on total 62 blocks was in progress. “The procedure from seismic analysis to drilling requires three years, but I can tell you that geological study on all blocks has been conducted and now all the blocks are different stages of progress”, he said.