Page 2 - Pakistan Oilfields Limited - Annual Report 2021
P. 2

OVERVIEW






           Pakistan Oilfields Limited (POL) is a leading oil and gas exploration and production Company
           listed on Pakistan Stock Exchange (PSX). The Company’s prime focus is to deliver performance
           through excellence in the field of exploration, drilling and production of crude oil and gas. POL, a
           subsidiary of The Attock Oil Company Limited (AOC), was incorporated on November 25, 1950.

           AOC was founded in 1913 and made its first oil discovery in 1915 at Khaur, District Attock. AOC
           has, therefore, pioneered exploration and production of oil and gas in this region nearly a
           century ago. In 1978, POL took over the exploration and production business of AOC. Since
           then, POL has been investing independently and in joint venture with various exploration and
           production companies for the search of oil and gas in the country.

           In addition to exploration and production of oil and gas, POL plants also manufacture LPG,
           solvent oil and sulphur. POL markets LPG under its own brand named POLGAS as well as
           through its subsidiary Capgas (Private) Limited. POL also operates a network of pipelines for
           transportation of its own as well as other companies’ crude oil to Attock Refinery Limited.
           In 2005, the Company acquired a 25% share in National Refinery Limited, which is the only
           refining complex in the country producing fuel products as well as lube base oils.













                                              BRIDGING

                                              MOMENTUM




                                              POL is a growth-oriented organization, striving for growth in revenue,
                                              profitability and returns to its stakeholders. Since, the world faced
                                              global pandemic (COVID-19) which had an adverse impact on
                                              economies including Pakistan and international crude oil market, but
                                              POL successfully faced these challenges allowing only minimum
                                              adverse impact.

                                              Going forward, POL is bridging its momentum towards further growth
                                              and will spud two exploratory and two development wells in the
                                              coming year. Further, POL has won two new exploration blocks in the
                                              recent bidding i.e. Dhurnal North with 60% share and Nereli Block
                                              with 32% share.
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