Pakistan's biggest oil and gas explorer, Oil and Gas Development Co., has increased the price of gas sold to twin distributors -- Sui Northern Gas and Sui Southern Gas -- by almost 8%, the company said in a statement Wednesday.
The Oil and Gas Regulatory Authority has notified the explorer of wellhead gas prices of OGDC-operated fields for the period January 1-June 30, the company said in a filing to the Karachi Stock Exchange.
OGDC got approval from the Oil and Gas Regulatory Authority for gas prices for almost 15 fields across the country, the statement said.
For the Qadir gas field, producing around 494,000 Mcf/day, the price has increased to Pakistan Rupees 317.95 ($3.29)/MMBtu, rising 8%, while other gas fields like Dhodak field, Loti field, ex-Dhakani fields, Nandpur/Panjpir field and Pirokh field also rose 8% to $1.46/MMBtu, $3.10/MMBtu, $1.55/MMBtu, $3.90/MMBtu and $1.46/MMBtu, respectively.
A few gas fields recorded a drop of 1%, which are Mela field to $2.76/MMBtu (producing 13,000 Mcf/day), Nashpa field to $2.76/MMBtu (producing 72,000 Mcf/day) and Kunnar Deep & Pasakhi Deep gas field to $2.57/MMBtu (producing 115,000 Mcf/day).
Pakistan plans to sell around 10% of shares in OGDC through international and domestic stock exchanges as part of a plan to reduce the energy sector's multibillion-dollar debt. The government also plans to sell global depository receipts of the oil giant.
OGDC produced 1.136 Bcf/day of gas and 40,215 b/d of crude oil in the six months ended December 31, up 5.9% and 2.5%, respectively, from the same period of 2012.
