Staff Report
ISLAMABAD:
Ahmed Hayat Lak has been appointed as the permanent Managing Director (MD) and Chief Executive Officer (CEO) of Oil and Gas Development Company Limited (OGDCL) for a three-year term, effective January 9, 2024.
The announcement was made by the OGDCL Board of Directors through an official letter sent to the General Manager of the Pakistan Stock Exchange Limited.
For the past two years, Lak has served as the Acting MD of OGDCL, demonstrating exemplary leadership and a strong track record. Under his stewardship, the company achieved record financial milestones in the previous fiscal year, including a historic net sales revenue of Rs 463.698 billion, with a profit after tax of Rs 208.976 billion, translating to earnings per share (EPS) of Rs 48.59. This strong financial performance reflects OGDCL’s commitment to operational excellence amidst a challenging economic and energy environment.
Lak’s vision for OGDCL focuses on diversifying the company’s operations and increasing oil and gas production. Industry experts anticipate that his appointment will lead to significant growth in the company’s production capacity and diversification initiatives.
Moreover, Lak played role in resolving the Reko Diq issue and OGDCL is actively working on the development of Reko Diq project, further solidifying his reputation as a capable and forward-thinking leader.
His long-standing association with OGDCL and his impressive contributions to the company have positioned him as the ideal choice to lead the organization into a new era of growth and innovation.
