Page 24 - Pakistan Oilfields Limited - Annual Report 2020

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STRATEGIC FOCUS AND
FUTURE ORIENTATION
Pakistan Oilfields Limited is
a full cycle exploration and
production company. Our focus
is to grow shareholder value by
leveraging our development
capabilities and balance sheet
to deliver high quality projects
while maintaining exposure
to upside from successful
exploration.
The company’s strategic
objectives were reviewed in
the meeting of Directors. A
process is already in place
whereby long term strategies
and annual operational plans
established by management
are regularly reviewed by
the Directors in line with the
Company’s overall business
objectives. Following are the
strategic and management
objectives:
1.
Exploration & Production
The main focus in this
area is on enhancement
of reserves, increase in
production and expansion
of exploration activities.
2.
POLGAS Marketing
Focus is on delivering
a quality LPG to end
consumer in all parts of
Pakistan.
3.
Financial
Focus is on increasing
revenues through
production enhancement,
cost cutting and
budgetary control
measures along with
increasing return to the
shareholders.
4.
Internal Controls
Company’s focus in
this area is Business
process re-engineering
to ensure effective
controls are in place and
enriched management
reporting system to
improve visibility over key
operational areas and to
assist the management in
strategic decision making.
5.
Stakeholders
Company is determined
to meet expectations of
its stakeholders including
shareholders, JV partners,
employees and Corporate
Social Responsibility
works for local
communities in areas of
the Company’s operations.
The objectives and targets
in each focus area are also
classified into;
• short term
(<2 years)
• medium term (2-7 years)
• long term
(7-12 years)
Management
Strategies to Meet
the Objectives
For effective monitoring,
following measures are
adopted by the Management:
• Monthly review meetings
of the senior management
are held to make
adjustments or alterations
in course of actions, to
achieve the targets within
specified time.
• BEACON HR, a POL
specific Self Service
System has been where
Supervisors can manage
and develop their teams,
assign tasks and record
feedback for management
review.
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PAKISTANOILFIELDS LIMITED