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Future Outlook
Your Company has successfully passed COVID-19 situation where demand and prices of oil
were on the declining trend. Our oil prices are linked with the international oil prices which is
uncontrollable factor for us and for the industry as well. According to Gas price formula, Gas Prices
for the first six month of 2020-21 will be slightly reduced and for next six months gas prices will be
dependent on the trend of oil prices from June-2020 to November-2020.
On the production side we are pretty much hopeful to maintain our existing production volume
and sales, as Pakistan is energy deficient and will be able to absorb all local oil and gas production
easily. We have all resources to complete our development and exploration activities as mentioned
in the earlier part of our report.
Acknowledgement
The results for the year could not have been made possible without the loyalty, devotion, hard work
and commitment of all employees. The Board of Directors acknowledges and deeply appreciates
their contribution towards achievement of the Company’s goals.
On behalf of the Board
Shuaib A. Malik
Abdus Sattar
Chairman & Chief Executive
Director
Rawalpindi
August 26, 2020
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PAKISTANOILFIELDS LIMITED