E and P sector led the index decline as the sector withheld 135 points from the index, led by pressure seen in OGDC
. This was followed by cement sector that deducted 71 points from the index.
shared 'the structure of Dhok Hussain well was drilled and tested using OGDCL's in house expertise.
After great efforts, OGDC
made its first success in 1966, when first gasfield Sari was discovered in the province of Sindh.
The Oil and Gas Development Company Limited (OGDC
) is the operator at the well with a 50 per cent stake whereas other operators of the joint venture include Mari Petroleum Company Limited (MPCL) with 33.33pc and Saif Energy Limited (SEL) with 16.67pc interest in the venture.
In October last year, the previous OGDC
board of directors had made recommendations for appointing the new managing director of the company but the Pakistan Tehreek-e-Insaf (PTI) government, which came to power in August 2018, did not give the go-ahead.
E and P sector declined 3.6% week-on-week mainly due to foreign selling worth $50 million in OGDC
Financial results of blue chip companies UBL and OGDC
failed to garner support as investors were expecting higher dividend declaration in case of OGDC
, market participants observed.
is organized on a functional pattern into a number of technical departments for exploration, Production, Process, Exploitation, Drilling, Well Services and Engineering.
All of that brought significant selling pressure in OGDC
An agreement has been signed with PPL for block 2,768-1 (Sorah) whereas for block 3,069-10 (Musakhel) the deal has been inked with a joint venture of OGDC
On the flipside, POL (down 5%), PPL (3.23%), FFC (2.39%) and OGDC
(1.32%) were the major laggards of the index, cumulatively taking away 201 points from the index.
It is worth to discuss a brief background under which OGDC