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NOTES TO AND FORMING
PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2020
179
PAKISTANOILFIELDS LIMITED
45.
NON-ADJUSTING EVENT AFTER THE STATEMENT OF FINANCIAL POSITION DATE
The Board of Directors in its meeting held on August 26, 2020 has proposed a final dividend for the
year ended June 30, 2020 @ Rs 30 per share, amounting to Rs 8,515,653 thousand for approval of the
members in the Annual General Meeting to be held on October 19, 2020.
46.
CORRESPONDING FIGURES
Corresponding figure of excise duty in statement of profit or loss, amouting to Rs 309,251 thousand
has been reclassified from expenses to deduction from sales.
The figure has been reclassified in statement of cash flows to conform to current year's presentation.
47.
GENERAL
47.1 COVID 19
The spread of Covid - 19 as a pandemic and consequently imposition of lock down by Federal
and Provincial Governments of Pakistan (Authorities) caused an overall economic slow down and
disruption to various businesses. It resulted in decrease in demand and price of petroleum products
during the lockdown period. However, the businesses are resuming as per relaxation given by the
Authorities. Management will continue to monitor and will take all steps possible to mitigate any
effects.
47.2 Capacity
Following is production from the Company's fields including proportionate share from all operated
and non-operated joint ventures:
Product
Unit
2020
2019
Crude Oil/Condensate
US Barrels
2,282,029
2,615,981
Gas
Million Cubic Feet
29,336
32,189
LPG
Metric Tonnes
55,778
61,076
Sulphur
Metric Tonnes
451
645
Solvent Oil
US Barrels
19,453
23,452
Considering the nature of the Company's business, information regarding installed capacity has no
relevance.
47.3 Number of employees
2020
2019
Total number of employees as at June 30
733
752
Total number of employees at fields as at June 30
540
568
Average number of employees during the year
743
746
Average number of employees at fields during the year
550
566