OGDC reports Oil Production 30,919 bpd in 2025

Oil & Gas Development Company Limited (“OGDC”) reported oil production of about 30,919 barrels-per-day and gas of 652 mmcfd in FY25, and outlined recovery, exploration and cash-flow targets ahead.

OGDC held its corporate briefing session on Monday to detail its fiscal 2025 performance and future strategy. The company produced around 30,919 bpd of oil and 652 mmcfd of gas in FY25.

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Management revealed that approximately 1,790 bpd of oil and 91 mmcfd of gas volumes were lost due to forced curtailment by Sui Northern Gas Pipeline Limited (SNGPL) and United Petroleum Limited (UPL). They expect these volumes to recover as deferred RLNG cargoes are brought online and anticipate the curtailment to ease by April-May 2026.

The briefing further noted that the company’s field at Bettani Field currently has production potential of about 33 mmcfd of gas and 2,600 bpd of oil from three completed wells. However, security constraints and pipeline pressure issues have prevented full capacity production. Management estimates the long-term potential of Bettani at 70-100 mmcfd, and said only 30-35% of the field area has been developed so far.

On the financial side, OGDC indicated its receivables collection has improved significantly, exceeding 109% of billing. In the wider sector, the company said discussions with the government over gas-sector circular debt are ongoing, with an expectation that dues will be settled within one to two years.

OGDC also disclosed it expects average annual cash flows of approximately US$150-200 million from the Reko Diq Mining Project — in which it holds an 8% stake. The initial cashflows from this project, they said, will fund its second phase of expansion. On speculation about Barrick Gold Corporation’s corporate split affecting Reko Diq, management said the asset remains a priority and that any restructuring is unlikely to impact the project.

Regarding reserves and exploration, OGDC reported its oil reserves at 118 MMBBL (representing 49% of its total oil production) and gas reserves at 5,790 BCF (about 34% of its total gas production). For FY25, the company carried out 1,051 sq km of 3D seismic activity and 750 line km of 2D seismic activity, representing roughly 74% and 34% of the total industry activity respectively.

Management said it remains positive about offshore exploration potential, albeit noting that a materialisation of meaningful production will take time. This fiscal year, they expect to utilise seismic activity for offshore acreage before drilling the first well. They reported that OGDC’s estimated production share from the offshore Abu Dhabi block is 2,500 bpd, with first production scheduled for 2028.

Analysts’ guidance remains positive. The company is currently trading at an estimated FY26E/FY27F price-earnings ratio of 7.3x and 6.6x respectively, and the “BUY” stance has been maintained.

OGDC’s results and strategy reaffirm its leading role in Pakistan’s oil-and-gas E&P sector. With improved collection metrics, exploration ramp-up, and high-value ancillary projects such as Reko Diq on the horizon, the company appears to be setting the stage for growth amid a challenging macro environment marked by curtailments and infrastructure constraints.
As the government advances its offshore licensing policy and sector reforms, OGDC’s outlook merits close attention in the context of Pakistan’s broader energy-exploration agenda.