Professional Documents
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Contents
Country Overview Investment Case Pakistan Energy Dynamics
o Energy Supply Mix o Oil & Gas Demand/Supply Gap
Source: Pakistan Board of Investment, Karachi Stock Exchange, State Bank of Pakistan
Investment Case
Largest upstream player in Pakistan Strong financial position Excellent production and exploration prospects
LPG
12.6%
Gas
Coal
Electricity
30.8%
0.5% 0 5%
49.5%
* MTOE = Metric Tonne Oil Equivalent Source: Pakistan Energy Year Book 2012
Local Supply
100
80
60
Million TOEs
40
20
2018-19
2023-24
2012-13
2013-14
2014-15
2015-16
2016-17
2017-18
2019-20
2020-21
2021-22
2022-23
2024-25
1 TOE (Tonne of Oil Equivalent ) = 7.4 BOE (Barrel of Oil Equivalent) Source: Pakistan Energy Outlook 2010-11
2025-26
Upstream
Exploration & Production Companies
Midstream
Oil Refineries and Gas Companies
Downstream
Marketing & Distribution Companies
Exploration & Production Companies OGDCL, PPL, POL, Mari Gas OMV, ENI, MOL, BHP , UEPL, Tullow, OPL, KUFPEC
Oil Refineries & Gas Transportation Companies PARCO, NRL, ARL, PRL, BYCO SNGPL, SSGCL
Marketing & Distribution Companies PSO, SHELL, CALTEX, AOC, BYCO, TOTAL SNGPL, SSGCL
8
July 1989 Made Self-Financing No Nolonger funded funded from Federal Budget
1984
1988
B siness Milestones
1976 1977 Dhodak Pirkoh GasGas Condensate C d t 1976 0.40 23.86 0.5 55.0 1977 1.62 -
1980s: 21 Discoveries Dakhni, Nandpur, Panjpir, Chak Naurang, Tando Alam, Gotana, Thora, Sono, Fimkassar, Lashari, Bobi, Kunnar, Pasakhi & Loti 1980s: Multiple Discoveries 0.9 211.0 1.0 184.0
* The reserves are based on the latest available 3rd Party Reserves Evaluation Study by M/s Tracs Intl of UK.
Reserve * Addition
OGDCL Gas (TCF) Oil (MMBBL) OTHERS Gas (TCF) Oil (MMBBL)
1966 0.05 -
1968 16.0
0.5 41.6
Corporate Milestones
... 1992
1999 2000
2004
2006
2009
2011
2012
2013
usiness ilestones
1990s: 18 Discoveries Qadirpur, Uch, Sadqal, Missa Keswal, Rajian, Kal, Tando Allahyar
2000s: 43 Discoveries Chanda, Dars, Dars Deep, Pasakhi Deep, Kunnar Deep, Bahu, Jhal Magsi Sinjhoro, Sinjhoro Nim, Nim Mela, Mela Nas Magsi, hpa
OGDCL Gas (TCF) Oil (MMBBL) OTHERS Gas (TCF) Oil (MMBBL)
Reserves** Addition
* BESOS = Benazir Employees Stock Option Scheme **The reserves are based on the latest available 3rd Party Reserves Evaluation Study by M/s Tracs Intl,UK
Profile
Standing
Incorporated as a Corporation in August 1961 and converted into public limited Company in October 1997 Largest E&P Company with presence in all the four provinces of Pakistan; Government of Pakistan holds 74.97% interest 667 wells drilled since inception & 97 discoveries made (up to September 5, 2013) Robust financial health with Net Sales & Profit after tax of Rs 223 billion & Rs 91 billion respectively during the year 2012-13 Listed on Karachi, Lahore & Islamabad Stock Exchanges (January 2004) Global Depositary Shares (GDSs) issued on London Stock Exchange (December 2006) Market Capitalization (September 4, 2013) Rs 1,065.68 billion ($10.12 billion*) 4.301 billion shares Trained and experienced Human Resource base comprising of 13,000 plus employees Sound equipment base 10 Owned Rigs plus 5 Contractor rigs, 5 Seismic Data Acquisition Crews, 5 Engineering Field Parties and 3 FGCPs Largest reserves and production share of oil & gas in the Country 2013) 60+ + producing fields fi ld of oil il & gas (June (J ) echnology OGDCL Institute of Science & T
*Exchange Rate (Rs/USD) as at September 4, 2013 = 105.34
11
12
1,000
398
455 455
800
mmboe
600
510
562
57
15 yrs
400
562
200
8 yrs
52
Proved Oil Reserves Proved Gas Reserves Proved Reserves Probable Oil Reserves Probable Gas Reserves Probable Reserves Proved + Probable
** The reserves are based on the latest available 3rd Party Reserves Evaluation Study by M/s Tracs Intl of UK. The production for the period of July 2010 to June 2013 has been deducted from the remaining recoverable reserves number
34%
13%
2008 200809 2009 200910 2010 201011 2011 201112 2012 201213 5 yrs Average
14
Punjab
Sindh
07
09
Balochistan
KPK Offshore
10
05 02
01
02 03
OGDCL acquired twenty nine (29) new exploration blocks by participating in the competitive bidding of Petroleum Exploration Rights on March 10, 2013
Total
Drilling Activities
33
06
Seismic Acquisition
SEISMIC OPERATIONS
Crew SP-1 Area Bitrisim Mianwali Gurgalot Tegani T i and Pali Chanda-Mela Mode 3D
SP-2
SP-3 SP-4 SP SP-5
2D
Punjab 2D 2D 2D Sindh 3D Balochistan
Market
Total Area of Pakistan 796,095 Sq. kms
16
54%
46%
17
74%
3,036 MMCFD
OGDCL 26%
18
Products
Average Daily Production (BOE*) July 2013 to date 41,300 184,211 225,511
19
Hyderabad Sindh
Gas (MMCFD) Current: 100 Incremental: 130 Total: 230 Gas (MMCFD) Current: 16 Incremental: 9 Total: 25
Oil (BPD) 1,500 3,600 5,100 Oil (BPD) 1,400 1,600 3,000
Sinjhoro
Sanghar Sindh
OGDCL - 100%
Oil LPG (BPD) (MMCFD) (BPD) (MTD) Current: 48 14,465 Incremental: 41 9,185 340 Total 89 23,650 340
Gas
20
223 200
156
91
50 44
56
59
64
21
Financial Strength
Rs in Million
Net Sales O ti profit fit margin i (%) Operating EBITDA margin (%) Net profit margin (%) Profit after tax Profit from operating activities Earnings per share (Rs.) Cumulative dividends per share (Rs.)
2007-08
125,908 59 69 35 44,338
2008-09
130,830 59 70 42 55,540
2009-10
142,575 60 71 42 59,177
2010-11
155,631 56 71 41 63,527
2011-12
197,839 62 74 49 96,906
2012-13
223,365 58 69 41 90,777
74,397
77,500
85,188
87,600
123,335
130,017
10.31 9.50
12.91 8.25
13.76 5.50
14.77 5.50
22.53 7.25
21.11 8.25
22
Investment Case
Largest upstream player in Pakistan Strong financial position Excellent production and exploration prospects
23
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