By SKM
January 9, 2025
ISLAMABAD: The OGDCL Board headed by Zafar Masud, a well-known banker has appointed Mr Ahmed Hayat Lak as Managing Director of the company for a term of three years effective from January 9, 2025. This has formally been informed by the company’s secretary to the Pakistan Stock Exchange and the London Stock Exchange.
Mr Lak has already been serving as acting Managing Director since February, 2023 and during one and half year tenure, he focused on the optimization of the existing gas fields for more oil and gas production and achieved success to this effect. He also spearheaded the new discoveries, OGDCL spokesman said.
More importantly, Mr Lak took OGDCL net sales to a new high of Rs463.698 billion enabling the company to earn profit of Rs208 billion after tax deduction. OGDCL during July 2023 – June 2024 contributed around 46%, 28% and 37% towards the country’s total oil, natural gas and LPG production respectively. Mr Lak also contributed to the settlement of Reko Diq project during the arbitration and to this effect his role was recognized at the top level.
“Before he took charge as acting CEO, there was a declining oil and gas production trend, but Mr Lak used the technology and company’s experts and optimized the oil and gas production from the existing declining gas fields.”
“He also undertook pilot projects for unconventional shale and tight gas reserves in the country. OGDCL on April 7, 2024 discovered the tight gas at its exploratory well Nur West # 01 located in district Sujawal, Sindh and in October, OGDCL also found promising indications of the presence of heavy reservoirs of shale gas at the pilot well KUC-1, Hyderabad, Sindh.
As of June 30, 2024, OGDCL operated in 54 Exploration Blocks (22 blocks with 100% share and 32 blocks as operated JVPs) covering an area of 99,268 sq. km. It also harnessed acquisition of 1,236 Line kms of 2D and 1201 sq. kms of 3D seismic survey.
“Keeping in view the performance of Mr Lak during his tenure, OGDCL board appointed him as a regular MD for three years.”
Mr. Ahmed Hayat Lak possesses extensive experience of strategic leadership, corporate governance, public sector management and E&P industry. He also served in OGDCL as Company Secretary and head of Legal Services. Mr. Lak is a director on the Boards of Mari Petroleum Company Limited (MPCL), Reko Dik Mining Company Limited (RDMC), Pakistan Minerals Private Limited (PMPL) and Pakistan International Oil Limited (PIOL). Prior to joining OGDCL, Mr. Lak served in Pakistan Oil Fields Limited (POL) as head of Corporate and Legal Services. He also worked in the National Accountability Bureau as Advisor to the Chairman and as Consultant in the office of Prosecutor General. He holds post graduate degree in law from the University of Wolverhampton – UK and Bachelor of Law (Hons.) degree from the University of London, United Kingdom. Production optimization, business sustainability and company’s transformation into an energy company are his primary focus areas. Ends
