New Day Aluminum wins auction for Noranda's upstream Louisiana, Jamaica assets

Pakistan's largest exploration and production company, Oil & Gas Development Company Limited, produced 40,230 b/d of crude in the July-September quarter, up 2.8% from corresponding period a year ago, the company said Thursday.

Output increased on higher production from the Kunnar, Rajian and Sinjhoro fields as well as increases in the company's production share from non-operated joint venture fields, it said in a filing to the Pakistan Stock Exchange.

Gas production dipped to 1.050 Bcf/day in the quarter compared to 1.086 Bcf/day a year earlier, primarily due to lower output from the Qadirpur field due to annual maintenance, the statement said.

Output at the Dakhni and Nashpa fields was also hit by maintenance.

LPG output increased by 28% to 342 mt/day on a rise in production from the Sinjhoro field and shares in non-operated joint venture fields, statement said.

OGDC's average realized price for crude oil sales in the quarter ended September 30 fell to $44.37/b from $52.46/b a year earlier.

The price of gas sold during the period averaged Pakistan Rupees 242.17/Mcf ($2.29/Mcf), down from Rupees 264.20/Mcf, the company said.

OGDC's exploration expenditure rose sharply to Rupees 4.321 billion from Rupees 1.807 billion while July-September net profit declined 19.8% to Rupees 14.362 billion from Rupees 18.26 billion a year earlier.

During the quarter seismic data is acquired in various exploratory blocks including Mari East, Kulachi, Pezu, Ranipur, Khanpur, Dakhni, Nur Bagla, Latamber, Kohat and Samandar, the company said.