4

Okara Oils
History:
To revive exploration in the energy sector the Government of Pakistan signed a long-term loan
Agreement on 04 March 1961 with the USSR, whereby Pakistan received 27 million Rubles to
finance equipment and services of Soviet experts for exploration. Pursuant to the Agreement,
OGDC was created under an Ordinance dated 20th September 1961. The Corporation was
charged with responsibility to undertake a well thought out and systematic exploratory program
and to plan and promote Pakistan's oil and gas prospects.
Prior to 23 October 1997, OGDCL was a statutory Corporation, and was known as OGDC (Oil
& Gas Corporation). It has been incorporated as a Public Limited Company w.e.f. 23 October
1997 and is now known as OGDCL (Oil & Gas Development Company Ltd.).
In December 2006, the Government of Pakistan divested a further 10% of its holding in the
company. The A number of donor agencies such as the World Bank, Canadian International
DevelopmentAgency (CIDA) and the Asian Development Bank provided the impetus through
assistance for

major development projects in the form of loans and grants. OGDC's concerted efforts were very
successful as they resulted in a number of major oil and gas discoveries between 1968 and 1982.
Toot oil field was discovered in 1968 which paved the way for further exploratory work in the
North