Pakistan Oilfields Limited (POL) is a subsidiary of
'The Attock Oil Company Limited' (AOC), subsequent to the promulgation
of the Pakistan Petroleum Production Rules 1949, POL was incorporated as
a Pakistani Oil & Gas Exploration and Production Company on November
25, 1950. The Attock Oil Company pioneered oil & gas exploration in
Potwar Basin since the late 19th century and has the credit of
discovering first commercial oil field (Khaur, 1915) on the Indian
AOC has made significant contribution in promoting
oil and gas exploration in the country by opening up the Potwar Basin as
a new oil province in early 19th century. Potwar Basin remains the only
oil producing basin in Pakistan till early 1970s. The exploration
efforts from AOC helped the country to manage the domestic oil demands.
The company managed to sustain oil production over longer period of time
by discovering new oil reserves at regular intervals. AOC endured the
technical and financial challenges faced due to hazardous and difficult
drilling conditions of the Potwar basin and discovered Dhulian (1936),
Joya Mair (1944), Balkassar (1946), Karsal (1960) and Meyal oil field in
Pakistan Oil Fields Limited took over AOC's entire
exploration, production, processing and oil transmission activities
under an agreement with the Government of Pakistan, signed on November
7, 1978. POL proved its pedigree by re-establishing commercial
hydrocarbon production at Pindori (1995) and discovering new oil &
gas reserves at Pariwali (1994-95), Minwal (1996) and Turkwal (1997).
POL is actively evaluating low to medium risk exploration opportunities
available within or outside Pakistan. Currently the company is quoted on
all three stock exchanges of Pakistan.
EXPLORATION & PRODUCTION ACTIVITIES
Pakistan Oil Fields Limited maintains a highly
diversified exploration and production portfolio. The present
exploration portfolio includes three Exploration Licenses operated by
POL: Ikhlas, Chakral and Hyderabad blocs and have acquired interests in
seven Exploration Licenses: Tal, Gurgalot, Kotra, Ziarat, New Bloc B,
Nawabshah and Manchar blocs in joint ventures which are operated by MOL,
OGDCL, MGCL, TULLOW and ENI respectively.
The production portfolio includes nine development
and production leases operated by POL and seven D & P Leases held in
joint ventures with various operators. POL's operated D&P Leases are
Balkassar, Dhulian, Joya Mair, Khaur, Turkwal, Meyal, Minwal, Pariwali
and Pindori fields all located in the Potwar basin whereas the
non-operated D&P Leases are Chak Naurang operated by OGDCL, Adhi (PPL),
Dhurnal (OPI), Bhangali (OPI), Ratana (OPI), Sara (TULLOW) and Suri (TULLOW).
As an operator POL is actively engaged in three
Exploration Licenses namely Chakral and Ikhlas Concessions in the Potwar
Basin and Hyderabad Block in the Lower Indus Basin. Company is planning
to acquire new seismic in Ikhlas and Hyderabad blocs and considering to
drill an exploration well in both the blocs.
In non-operated exploration ventures, significant oil
and gas discoveries were announced from the Tal Bloc operated by MOL.
Exploration well Manzalai-1 and Makori-1 tested hydrocarbons in
commercial quantities. It is envisaged that both the structures hold
significant volumes of hydrocarbon reserves which would have a positive
impact on company's reserves base. EWT facilities being installed and
first gas production is planned in early 2005.
Exploration drilling is ongoing in Kotra and Gurgalot
blocs operated by OGDCL whereas 3-D seismic acquisition is ongoing in
Nawabshah Block (TULLOW) where an exploration well is planned in mid
Company had previously acquired 3-D seismic on
Pindori, Pariwali and Balkassar fields and data was processed utilizing
latest seismic imaging techniques available. POL has developed expertise
for interpretation on state of the art technology available in-house,
planning to drill a new well on the eastern culmination of the Balkassar
field with objective to test the un-drained segment of the Balkassar
structure. A re-evaluation exercise on all producing assets (Khaur,
Dhulian, & Meyal) is ongoing to explore the possibilities of
deepening potential and to identify and exploit the un-drained/attic
reserves. POL has successfully re-drilled & completed a horizontal
well and re-establishes 700 BOPD of oil productions on Turkwal field.
Production from the Turkwal field was ceased in 2003 due to caved hole
POL exploration team is proactively evaluating
exploration and exploitation opportunities within and outside Pakistan
with an ultimate aim of 130% reserves replacement so as to sustain long
term production goals and bring value for the share-holders.
In addition to exploration and production activities
POL also extract and market Liquefied Petroleum Gas (LPG), Sulphur and
Solvent Oil. POL owns and operates two LPG marketing companies namely
POLGAS and CAPGAS. LPG processing facilities at Meyal process gas
gathered from Meyal, Dhulian, Ratana and Pariwali fields. LPG bottled at
Meyal plant is marketed under license with the brand name 'POLGAS'.
The CAPGAS (Private) Limited, is a subsidiary of POL
which is engaged in marketing and distribution of Liquefied Petroleum
Gas (LPG). The LPG extracted from the Pindori gas processing facilities
is bottled and marketed by CAPGAS (Private) Limited.
POL own and operate an extensive pipeline network for
the transportation of crude oil produced in the Potwar region to the ARL
POL also own and operate one deep drilling rig.
Gross production from POL operated and non-operated
fields for the period (July 01, 2003 to June 30, 2004) is 15,599 BOPD of
oil, 82.17 MMSCFD of gas, 219 MT/D of LPG, 8.42 MT/D of Sulphur and 115
BPD of Solvent oil.
POL's net average daily production for the fiscal
year 2004 was 5,541 BOPD of oil, 28.82 MMSCF/D of gas, 93.52 M.Tons/day
of LPG, 8 M.Tons/day of Sulphur and 41 BPD of Solvent oil.
POL is the third largest producer of oil in Pakistan
which is currently producing about 10,500 BOPD.
Pakistan Oilfields Limited and AOC have so far produced a total of
146 million barrels of oil and 546 billion cubic feet of gas from the
Potwar region that is about 30% of the total country's crude oil