The crude oil production interest is increased around 38075 barrels per day is yielded from 976 Million Cubic Feet; this statistics was given by the Oil & Gas Development Company Limited recently. In the 13th Annual General Meeting for the stockholders, Imtiaz Kazi the Chairman for the Board of Directors of the Oil & Gas Development Company Limited and the Secretary of the Petroleum & Natural Resources presented the account statement of the company for the financial year 2009 and 2010. Imtiaz Kazi additionally declared that the Rs 1.50 per share has actually been ceased by the end of the June month 2010; this decision was made after getting the approval from the Board of Directors and additionally he explained the performance of the company to the share holders.
Imtiaz Kazi told after facing several obstacles the company has actually overstepped the revenue around 9 percent when comparing along with the financial year 2008-09 and total business was around Rs 142,572 million and its profit was around Rs 59,177 million after the tax deduction. The Oil & Gas Development Company Limited has actually paid Rs 80,242 million for the royalties, dividends, development surcharge and for Excise Duty towards the government treasury. The company has actually successfully commenced its 26 oil well project from 40 out wells and nearly eight hydrocarbon discoveries and one gas breakthrough was done by the Oil & Gas Development Company Limited near the Sheikhan-1.
The subsidiary company of the Northern Petroleum Plc, the Northern Petroleum Nederland B.V has actually declared their latest venture at the Brakel field has actually embarked on recently, this venture on oil and natural gas is third oil field from six in their joint venture and this is expected to yield 1280 barrels of petroleum each day. The reports declared in the August 2010 revealed that, the rate of the gas and the calorific value of the Brakel gas are increased marginally to euro0.21 for one cubic meter. The company’s license interests are shared by Northern Petroleum Nederland B.V and the Dyas B.V, one of the largest state controlled oil firm in the Netherlands, holding around 40 and 15 percent of license interests respectively.
The third oil and gas field venture was signed in 2005, between the Northern Petroleum Plc and the Nederlandse Aardolie Maatschappij at Netherlands. The next target to be completed by the company to is to complete the oil well project started in the August 2010 and continue its manufacturing venture sited near the Wijk en Aalburg.