LAHORE - The OGRA has announced wellhead gas prices applicable for 2HFY09 for selected fields. During the period of Jun-Nov 2008, Arab Light crude oil prices averaged $99.28/bbl against an average of $99.22/bbl recorded during Dec-May 2008, showing only a marginal surge of 0.06pc, experts stated. The US dollar closed at Rs79.1 in Dec 2008 against Rs68.4 in Jun 2008, showing a surge of 15.6 per cent over the period. Experts said that for the fields denominated in rupees, the 2HFY09 wellhead gas prices have been increased by 14-16pc compared to 1HFY09 prices. With average crude oil prices remaining flat for the period, the upward revision is primarily driven by higher dollar against the rupee. They said that Uch is the only dollar denominated field for which the wellhead gas prices have been issued for 2HFY09. By virtue of the applicable cap on the field, the prices have been maintained at $3.92/mmbtu. However a higher dollar to rupee exchange rate will benefit OGDC's top line. Analysts said that Adhi, Dakhani, Dhodak and Uch together accounted for 29% of OGDC's total gas production for FY08. However the major determinant for the company's gas revenues lies in the resolution of Qadirpur Field's gas price issue. While, Adhi, Meyal, Dhulian and Suri accounted for 27% of POL's total gas production for FY08. This revision holds minimal significance for PPL as Sui and Kandkot account for the major chunk of the company's total gas production. Analysts said that they were waiting for the announcement of their respective prices for which they expected an upward revision of 18% - 22%.