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Details of the exploration activities are covered
in detail geographical area wise later in
subsequent paras.
Directors
At the twenty-first (21st) Extra Ordinary General
Meeting held on June 24, 2020, a new Board of
Directors was elected for a term of three years
with effect from June 27, 2020 as under:
1. Mr. Laith G. Pharaon
2. Mr. Wael G. Pharaon
3. Mr. Shuaib A. Malik
4. Mr. Sajid Nawaz
5. Mr. Abdus Sattar
6. Mr. Shamim Ahmad Khan
7. Mr. Tariq Iqbal Khan
Formation of Committees:
Audit Committee
The Board has formed an Audit Committee
comprising the following directors:
1.
Mr. ShamimAhmad Khan
Chairman
2.
Mr. Abdus Sattar
Member
3.
Mr. Babar Bashir Nawaz
Member
Alternate Director
to Mr. Wael G. Pharaon
4.
Mr. Tariq Iqbal Khan
Member
Human Resource & Remuneration
(HR&R) Committee
The Board has formed Human Resource &
Remuneration (HR&R) Committee comprising
the following directors:
1.
Mr. Babar Bashir Nawaz
Chairman
Alternate Director
to Mr. Wael G. Pharaon
2.
Mr. Shuaib A. Malik
Member
Also Alternate Director to Mr. Laith
G. Pharaon
3.
Mr. Abdus Sattar
Member
Cash Flows
Cash and cash equivalents increased by
Rs 7,287 million during the year (2019: increased
by Rs 14,229 million). Cash flows provided from
operating activities were Rs 23,263 million
higher by 8.6% as compared to last year.
Contribution Towards the
Economy
The Company continues to play a vital role in
the oil and gas sector of the Country. During
the year the Company saved foreign exchange
in excess of US$ 320 million (2019: US$ 520
million) for the country. The contribution to the
national exchequer, in the shape of royalty and
other government levies, was Rs 14,142 million
(2019: Rs 18,601 million).
Dividend
The Directors have recommended a final cash
dividend @ 300% (Rs 30 per share). This is in
addition to the interim cash dividend @ 200%
(Rs 20 per share) already declared and paid
to the shareholders thereby making it a total
cash dividend of Rs 50 per share for the year
2019 -20 (2018-19: Total cash dividend of
Rs 50 per share).
Production
Comparative Production figures from the
Company’s fields including proportionate
operated and non-operated joint ventures are
given below:
June 30,
2020
June 30,
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
The Company’s share in production, including
that from joint ventures, for the period under
review averaged 6,232 barrels per day (bpd) of
crude, 80.14 million standard cubic feet per day
(mmscfd) of gas, 152.39 metric tonnes per day
(MTD) of LPG, 1.23 MTD of Sulphur and 53 bpd
of solvent oil.
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PAKISTANOILFIELDS LIMITED