To be a leading multinational Exploration and Production Company”. Mission: Mission of OGDCL is “To become the leading provider of oil and gas to the country by increasing exploration and production both domestically and internationally, utilizing all options including strategic alliances. To continuously realign ourselves to meet the expectations of our stakeholders through best management practices, the use of latest technology, and innovation for sustainable growth, while being socially responsible”. History:
Before the emergence of OGDC, Exploratory duties are carried out by Pakistan oil field and Pakistan Petroleum. With the advent of huge gas reservoirs in Sui in 1952, the interest in exploration increase and five foreign oil firm signed agreement with govt. to do exploration of oil and gas but in late 1950’s, these companies lose their interest and due to no proper infrastructure and non existence of demand. So in order to save this industry and explore the huge undiscovered reservoirs, Govt. of Pakistan signed a loan agreement with USSR and gets the Russian Exploratory experts and technology and laid the foundation of OGDC in 1961.
Before all of the funding and rule and regulations are imposed by govt. of Pakistan. In start the more concentration was given to the development of human resource and making a strong infrastructure to conduct huge exploratory projects. At start with the financial assistance by different donor agencies, OGDC completed many exploratory projects in Pakistan during1968 to 1972. Toot oil field was the major success in 1968. In 1970, company concentrated on developing its technical capabilities. This resulted in discovery of a number of oil and gas fields in the Eighties, thus giving the Company a measure of financial independence.
The Term Paper on Differences Between Full Cost Method and Successful Effort Method In Oil and Gas Accounting
An accounting system used by companies that incur exploration costs for oil and natural gas that does not differentiate between operating expenses associated with successful and unsuccessful exploration projects. Regardless of the outcome, successful and unsuccessful operation expenses are capitalized. Under Full Cost Method, all property acquisition, exploration and development costs, even dry ...
These include the Thora, Sono, Lashari, Bobi, Tando Alam & Dhodak oil/condensate fields and Pirkoh, Uch, Loti,Nandpur and Panjpir gas fields which are commercial discoveries that testify to the professional capabilities of the Corporation. In1982 Pirkoh gas company Ltd, a wholly owned subsidiary was established to look after the oil field in Dera Bughti. OGDC also concentrated on developing its human resource because human resource has its own importance. So to fulfill this objective OGDC established its own institute with the name of Oil and Gas Training Institute (OGTI) to train it own professionals as well as fresh engineers.
This institute is equipped with latest technology and instrument to keep professionals up-to-date with new emerging technologies in oil and gas industry. An important shift in the policy during the Seventh Five Year Plan period was a change in the financing of the development program of various public sector entities, including OGDC. The Seventh Plan investigated that OGDC will be strengthened and restructured and its operations streamlined to transform it into a financially viable and administratively autonomous entity.
Noting the Company’s success, due to major oil and gas discoveries in the eighties, the Government in July 1989, off-loaded the Company from the Federal Budget and allowed it to manage its activities with self generated funds. The financial year 1989-90, was OGDC’s first year of self-financing. It was a great challenge for OGDC. The obvious initial target during the first year of self-financing was to generate sufficient resources to maintain the momentum of exploration and development at apace envisaged in the Public Sector Development Program (PSDP) as well as to meet its debt servicing obligations.
OGDC not only generated enough internal funds to meet its debt obligations but also invested enough resources in exploration and development to increase the country’s reserves and production. Prior to 23rd October 1997, OGDC was a statutory Corporation and was known as OGDC (Oil and Gas Development Corporation).
The Term Paper on Settlement of Oil and Gas Disputes: Domestic and International Perspectives
They are used for numerous products, in addition to serving as the world's primary fuel source. The processes and systems involved in producing and distributing oil and gas are highly complex, capital-intensive and require state-of-the-art technology. Though efforts are being made to develop alternative sources of energy the world over, Oil and Gas will no doubt remain the largest fuel in the ...
Strengthening of its Board of Directors and allowing it more autonomy in all administrative, operational and financial matters. The Petroleum Policy 1994 also envisaged conversion of OGDC from a statutory Corporation into a public limited joint stock company and restructuring of Government investment in OGDC.
Hence w. e. f. 23rd October 1997, the statutory Corporation was converted into a Public Limited Company henceforth known as OGDCL (Oil and Gas Development Company Limited) with an authorized capital of Rs. 50 billion. The position of Chairman/CEO has been bifurcated into a non-executive Chairman and Managing Director/CEO, underscoring transparency and accountability. The Board of Directors of the Company has been reconstituted w. e. f. 16th February 2000 and made independent. Today OGDCL is working hard to explore undiscovered oil and gas reservoirs and started a lot of projects all over the country independently or making joint venture with different oil and gas firm. In some joint venture OGDCL is operator and in some it is performing non-operator role. OGDCL has also socially responsible role. Today company is spending huge amount on the welfare of public. There are hospitals, schools, training institutes in different parts of country that are financed by OGDCL. The Company has also provided Rs. 70 million for earthquake relief (Rs. 50 million to the President’s relief fund, and Rs. 20 million for medicines and other facilities).
OGDCL is growing at very great pace and is in very strong financial position.
During my internship I did analysis of the organization by using various tools like as COMMON SIZE analysis, ratio analysis, SWOT analysis, BCG matrix etc. All of my findings reflect that organization has a lot of opportunities and at the same time has resource to capitalize these opportunities. So Organization should do more and more exploration to fulfill the increasing demand of country. Brief history of oil industry: PETROLIUM (rock oil from the Latin Petra, rock or stone and petroleum oil) occurs widely in the earth as gas, liquid, semi solid or solid or in more than one of these states at a single place.
The Term Paper on Oil and Natural Gas: Its Effects to America and the Global Economy
Oil and natural gas have a very important role in the lives of almost all people in the world. These have been the primary source of energy that fuels the technological civilization that exists at the present. Its importance could be seen in the everyday lives of most individuals. The moment someone wakes up in the morning and read the newspaper up to the time that same person would sleep in the ...
Chemically any petroleum is an extremely complex mixture of hydrocarbon compound with minor amounts of nitrogen, oxygen and sulpher as impurities. Chester in his dictionary of mineral, defines petroleum as “MINERAL HYDROCARBONS” over millions of years plant and animal remains fall to the floor of shallow seas recede the plant materials is covered by sediment layer, such as slit, sand, clay & other plant material. Buried deep beneath layer of rock, the organic material partially decomposes, under an absence of oxygen into petroleum that eventually seeps into the spaces between rock layers.
As the earth’s tectonic plates move the rock is bent or wrapped into folds or it “breaks” along fault lines allowing the petroleum to collect in pools. Early man was not unfamiliar with crude oil. In the Middle East escaping petroleum gases burned continuously giving rise to fire worship. Evaluation in Pakistan: Ever since the world energy crisis of early 1870s indigenous resource development has been consistently given high priority by every Pakistani government this policy is more than likely to be followed well into the future.
The uptrend in the oil & gas exploration activity as a consequence, has resulted in several recent discoveries . the prospective of the different basin of Pakistan has therefore, attracted worldwide attention. A new petroleum policy announced by the government in March 1994provided further liberal incentives to explorers, producers, refineries and marketing companies which reflect the dynamics of the current exploration scene in Pakistan. One of the most important pre requisites of an effective exploration program is availability of an exploration data base.
This is all the more important in the case of developing countries with petroleum potential and less explored basin such as Pakistan. It is felt that despite liberalized government policies, one of the reasons for lack of sufficient exploration activity in Pakistan has been the dearth of published information on its petroleum potential and related facts. Recognizing this need the ministry of petroleum & natural resource, government of Pakistan has recently undertaken the task of organizing and disseminating geological information.
The Business plan on Pakistan State Oil Report
We are committed to leadership in energy market through competitive advantage in providing the highest quality petroleum products and services to our customers, based | * Professionally trained, high quality, motivated workforce, working as a team in an environment, which recognizes and rewards performance, innovation and creativity, and provides for personal growth and development | | | | * ...
This is an important step towards further accelerating petroleum exploration in Pakistan. To promote and regulate exploration after independence in 1947, the petroleum production rules were promulgated in 1949. Very limited published literature on geology applied to petroleum was available to meet the specific need of the fledging petroleum industry of Pakistan in the early 50s. Some excellent geological literature, published by institute such as geological survey of Pakistan (GSP) and author, mainly dealing with paleontology/structural geology etc, was available and formed the basis of early petroleum exploration.
The oil companies undertook grass roots studies and geological geophysical data collection. These investigations met the immediate needs of the industry and also provided opportunities for Pakistan geoscientists to learn the trade. However the data acquisition and assimilation process was often time consuming and could not be integrated satisfactorily in the limited time due to large areas of investigation structural complexities. This frequently resulted in delayed completion of exploration activities.
In some instances exploratory wells, drilled without assimilation of all the available information proved abortive causing large tracts of prospective acreage being downgraded such as southern Indus basin (Badin area), off shore Industries. Makran basin the Punjab platform and certain areas of the potwar-kohat basin. Most of these areas have subsequently proved to be oil/gas bearing with commercial potential. Initial understanding of the basin architecture was based mainly on surface geological features (structural and stratigraphic) as the subsurface information was lacking for the alluvium covered and off shore areas.
The evolutationary process through which the oil / gas industry progressed in Pakistan is clearly seen during the period from 60s through 80s. This is reflected in the introduction of modern seismic data acquisition techniques, seismic stratigraphy, basin modeling, source rock studies, satellite imagery plate tectonics and geodynamic concept as well as increase in the level of exploratory drilling on shore and off shore.
The Term Paper on Production Department Company Departments Tom
A. C Peterson Farms 1) I feel that this ice cream company has provided examples of matrix structure because it 9 is a structure in which the task of the organization is grouped along with two organizing dimension. 2) Advantages of centralizing decision making for a firm like AC Paterson Farms are more control to top managers and maximizing efficiency. The main disadvantage is it may limit the ...
In the last 2 decades some excellent studies and research papers on petroleum geology of Pakistan have been published by several foreign and Pakistani organizations like the hydrocarbon development institute of Pakistan (HDIP).
Prior to OGDCL PPL & POL also carried out exploration activities in the country. In 1952 PPL discovered a giant gas field at Sui in Baluchistan province. This discovery generates immense interest in exploration and few major foreign oil companies entered into concession with the government. During 1950s these companies carried out extensive geological and geophysical surveys.
As a result few oil & gas wells were discovered. Despite these gas discoveries exploration activities after having reached its peak in mid 1950s declined in the late 50s. Private companies whose main objective was to earn profit were least interested in developing small gas fields especially when infrastructure and demand for gas was nonexistent with exploration and activities at its lowest point. Several foreign exploration contrasting companies terminated their operations and either reduced land holding in the beginning of 1960’s. | | OGDCL core Values and Goals: Core Values:
Merit| * Integrity| * Team Work| * Safety | * Dedication| * InnovationGoals:Financial: * Build strategic reserves for future growth/expansion * Growth and superior returns to all stakeholders * Double the value of the company in the next five years. * Make investment decisions by ranking projects on the basis of best economic indicators * Maximize profits by investing surplus funds in profitable avenues * Reduce cost and time overruns to improve performance results. | Customer: * Continuously improve quality of service and responsiveness to maintain a satisfied customer base.
Improve reliability and efficiency of supply to the customer * Be a responsible corporate citizen Learning and Growth: * Motivate our work force, and enhance their technical, managerial and business skills through modern HR practices. * Acquire, learn and apply state-of-the-art technology. * Emphasize organizational learning and research through effective use of knowledge management systems. * Fill the competency gap within the organization by attracting and retaining best professionals. * Attain full autonomy in financial and decision making matters.
The Business plan on The Mission Of Microsoft Company As A Business And The
The mission of Microsoft Company as a business and the mission as a corporate citizen are one and the same: helping enable individuals and their communities to achieve their full potential. As a company, the optimism and passion for innovation are balanced with focus on creating real solutions for the tough challenges facing communities around the world. To help meet these challenges, last year ...
Internal process goals: * Evolve consensus through consultative process inter-linking activities of all departments * Excel in exploration, development and commercialization * Be transparent in all business transactions * Synergize through effective business practices and teamwork * Have well-defined SOP’s with specific ownerships and accountabilities * Improve internal business decision making and strategic planning through state-of-the-art MIS * Improve internal controls * Periodic business process reengineering. Business strategy|
As the leading exploration and production company in Pakistan, OGDCL’s primary objective is to enhance its reserves and production profile and ultimately maximise value for shareholders. In order to achieve this goal, the Company seeks to execute the following strategies:| | | | | Accelerate Production Growth: by continuing to accelerate production growth through utilizing cutting edge technologies, allowing the Company to utilise its significant reserves base and capitalize on the strong economic growth and accelerating energy demand in Pakistan. | | |
Exploit Exploration Opportunities: by building the Company’s future reserves portfolio through its large onshore exploration acreage. During the fiscal year 2008-09 target of drilling is 52 wells. | | | | Maintain Low Cost Operations: OGDCL’s operating environment, namely the geographic concentration of its reserves base within Pakistan, will be a major factor in allowing it to control its low cost structure. Within Pakistan, the Company’s leading position also enables it to access economies of scale across its significant reserves base and operations. | | |
Pursue Selective International Expansion: while domestic expansion remains OGDCL’s core focus, the Company intends to grow and diversify its portfolio through selective international expansion in the medium to long-term. | | | | Implementing International Best Practice: by ensuring an efficient organizational structure and business processes that are focused on core production. As part of our restructuring plan, OGDCL has established an in-house technical services division, the Petroserv Directorate, which separates technical support services from core E&P activities. | Product Line:
The main product lines of the company are as under: 1. Crude Oil 2. Gas 3. Liquefied Petroleum Gas (LPG) 4. Naphtha 5. Solvent Oil 6. Kerosene Oil 7. High speed diesel oil 8. Sulphur Head Office: OGDCL Head Office is situated at Jinnah Avenue, Blue Area Islamabad and Regional Offices are located in Karachi and Multan. Besides this OGDCL has its Liaison Offices in Hyderabad, Sukkhar, and Quetta for operational activities. Board of Director: Board of Directors comprised of twelve Directors, all of whom are nominated by the Ministry of Petroleum and Natural Resources. It is responsible for policy related issues.
The autonomous Board is headed by a non-executive Chairman and there is a Managing Director/Chief Executive Officer. Departments: Corporate department: 1. Administration Department 2. HR Department 3. Personnel Department 4. Security Department 5. Legal \ Regulation Department 6. Communication Department 7. Procurement Department 8. Stores Department 9. Finance & Accounts Department 10. Audit Department E & P Department: 1. Exploration Department 2. Exploitation Department 3. Production Department 4. Process Department Technical Service Department: 1. Drilling Department 2. Data Logging Department 3.
Mud Engineering Department 4. Well Services Department 5. Cementation Department 6. Geological well Supervision Department 7. Engineering Department 8. Wire line Logging Department 9. Geophysical Department 10. Geological Department 11. Data Processing Department Ratios Analysis: SWOT Analysis: SWOT analysis is a tool for auditing an organization and its environment. It is the first stage of Strategic planning and helps managers to focus on key issues. SWOT stands for strengths, weaknesses, opportunities, and threats. Internal factors: Strengths and weaknesses Internal Recourses External factor: Opportunities and threats
External Environment Internal Factors: Strengths: * Largest Oil and gas company in the Pakistan. * Monopoly of the company and having confidence due to govt. support. * Dynamic & Strong Financial Position due to the 45 years experience. * A new, Exploration and innovative of Wells. * Best location of business which is choosing after long process. * Quality processes and procedures. * Large number of field of oil and gas. * Experienced and Technical Staff involving no. of expert Geologist. * Confidence of the Customers. * All other aspect of the company that adds value to the product or service Weaknesses:
OGDCL has a strong vision and passion to contribute to the development of the Country’s E&P sector and to enhance energy security of Pakistan. With a formidable presence in the length and breadth of the country, OGDCL is looking beyond geographical boundaries for E&P opportunities. Efforts are continuing towards formulation of Joint Ventures with leading E&P companies both within the country and abroad. OGDCL has a highly significant role to play in narrowing the yawning divide between demand and supply of energy in Pakistan.
As we step forth to embrace this daunting challenge, we do it with vision and commitment. We have a futuristic business strategy in place, which seeks to promote and protect the interests of all stakeholders-employees, shareholders, partners, communities and people. The Company, equipped with its Strategic Business plan in line with augmenting energy supply in the Country, has developed strategies to optimize reserves additions and its production base. With technical prowess in onshore exploration and production, the Company has changed focus to a more challenging area i. e. offshore exploration and tight gas reservoirs. OGDCL is actively participating in national bid rounds for acquiring more acreages and gearing to participate in International bidding rounds to work towards international presence in line with its Vision. OGDCL also intends to enhance its reserves and to focus on, and strengthen core business (E&P) functions by incorporating international best practices and innovative thinking in Company culture. In addition, the Company is enhancing corporate goodwill through focused CSR initiatives for the benefit of the communities that OGDCL interacts with. |
