ISLAMABAD, Feb 27: The Oil and Gas Development Company Limited (OGDCL) on Wednesday announced an interim cash dividend of Rs2 per share (20 per cent) to the shareholders for first half of the current year, as it posted an increase of about 3.8 per cent in profit.

The board of directors approved the half yearly accounts and noted that the company had earned a total after-tax profit of Rs24.002 billion during six months ending on December 31, compared with net profit of Rs23.113 billion in the same period of last year.

The company said its sale revenue during the period increased by 14 per cent and stood at Rs56.8 billion when compared with Rs49.7 billion during first six months of the last financial year. “Higher profitability of

the period resulted in earnings per share of Rs5.58 compared with Rs5.37 in the corresponding period of last year,” a statement issued by the company said.

The company said an offshore, Anne-1X, drilled by Shell in Offshore Indus E block, in which the OGDCL has 30 per cent interest went dry and it has now signed a cross-assignment agreement with British Petroleum in other offshore blocks.

The company said it has largest portfolio of net hydrocarbon reserves in the country, with

45 per cent share in oil and 34 per cent in gas. It contributes 25 per cent of the country’s total natural gas production and 61.5 per cent of oil production.

The company’s net crude oil production is 44,085 barrels per day, net gas production was 963 million cubic feet per day, net LPG production of 382 tons per day and net sulphur production of 68 tons per day.

The OGDCL’s crude oil production increased by 4,507 barrels per day or 11 per cent compared to first half of 2006-07 due mainly to production from three new fields -- Mela, Chanda and Pasakhi North -- although development of Tando Allah Yar and Sinjhoro fields was delayed beyond expectation. Gas production has also increased by eight per cent.