PAKISTAN OILFIELDS LIMITED
Dec 16 - 22, 2002
INCORPORATION AND LISTING STATUS
Pakistan Oilfields Limited (POL) was incorporated in Pakistan on November 25,1950 as a public limited company and commenced business in June 1952. It is listed on all three stock exchanges of the country and its shares are eligible for transaction through Central Depository System (CDS).
HISTORY AND OBJECTIVES
POL is the standard-bearer of The Attock Oil Company (AOC) the parent company of POL and a pioneer in exploration and production of oil and gas in British India. AOC was founded in 1913 and made its first oil discovery at Khaur district Attock in 1915. POL has a commendable tradition of work and history of successful efforts, for the search of oil and gas to its credit.
The Company was established to undertake petroleum exploration and prospecting licences and petroleum mining leases granted by the Government of Pakistan. In pursuance of agreement with the Government in 1978 POL took over the exploration and production business of AOC in Pakistan, since then POL is investing independently and in Joint Ventures with various E&P companies for the search of oil and gas in the country.
Pakistan Oilfields Limited has shown a record net profit of Rs. 2.4 billion and disbursed a 230% cash dividend (80% interim and 150% final dividend) in addition of 80% bonus dividend for the year 2000-2001 which was also the Golden Jubilee year of the Company.
The Company paid 160% cash dividend (80% interim and 80% final dividend) for the year 2001-02 even on increased paid up capital.
EXPLORATION AND PRODUCTION ACHIEVEMENTS
POL's achievements, discoveries and international exploration efforts demonstrate its resolve to aggressively explore Oil and Gas reserves for its growth and to meet national energy requirement.
POL discovered oil at Karsal (1960) and Meyal (1968) in the Potwar Plateau and acquired additional concessions in the Potwar region, in middle and lower Indus Basin in Sindh and Balochistan; recent discoveries by POL include Pariwali (1994), Pindori (1995), Minwal (1996) and Turkwal (1997).
The Company has an unprecedented track record of hard work in the field of oil and gas exploration, together with its parent company AOC it drilled 530 wells and has produced 136 million barrels of oil, 0.5 trillion standard cubic feet of gas and 0.7 -million metric tonnes of LPG.
POL is presently operating nine development and production leases i.e. Pariwali, Meyal, Joyamair, Minwal, Dhulian, Khaur, Pindori, Turkwal and Balkassar.
The company has Joint Venture agreements with following E&P companies:
i. Oil & Gas Development Company Limited (OGDCL) in Pindori, Chak Naurang, Gurgalot Block, Khushalgarh and Kotra.
ii. Orient Petroleum Inc. in Dhurnal, Ratana and Bhangali.
iii. Tullow Pakistan (Development) Limited in East Badin Extension Block-B.
iv. Lasmo Oil Pak Limited in Manchar Block.
v. MOL Pakistan in Tal Block.
vi. International Joint Venture with MOL Yemen Block 48 & 49.
POL is currently producing close to 10,000 BOPD, 47 MMSCFD of Gas, 160 M.Tons per day (T/D) of LPG 705 barrels per day (B/D) Solvent Oil, and 10 T/D of Sulphur. POL net share of production averages 5,500 BOPD, 33 MMSCFD of Gas, 113 T/D of LPG, 299 B/D Solvent Oil, and 10 T/D of Sulphur. In equivalent of oil barrels POL is the third largest producer in Pakistan.
In addition to our core business of Exploration & Production of Oil and Gas, POL is carrying out following activities related to its major business:
LIQUEFIED PETROLEUM GAS (LPG} AND SOLVENT OIL PLANTS
POL owns and operates plants to produce LPG and Solvent Oil at its Meyal and Pindori fields.
Meyal plant has the capacity to process 75 MMSCFD of gas. It caters for gas produced at Meyal, Dhulian, Pariwali (POL fields) and Ratana (Orient Petroleum Inc. field). It produces 75 T/D of LPG and 60 B/D of Solvent Oil.
Pindori Plant was installed in the year 1997 at a cost of US $ 6.13 million with a capacity to process 16 MMSCFD of gas, producing 60 MTP/D of LPG and 830 B/D of solvent oil. Phase I expansion of the plant has been done in year 2002 to increase its gas processing capacity to 40MMSCFD.
POL also owns and operates an extensive network of pipelines for transportation of crude oil, to Attok Refinery Limited (ARL) at Morgah Rawalpindi from POL's own fields at Meyal, Balkassar, Dhulian, Pariwali and OGDCL fields of Tut, Dakhni, and Fimkasar.
KHAUR CRUDE OIL DECANTING FACILITY (KCDF)
POL operates a state of the art decanting, metering and pumping facility for crude oil, at Khaur. The crude oil is received, from OGDCL and BPP oilfields situated in southern areas of the country, and are pumped to ARL. This facility has 30,000 BOPD decanting and storage and 20,000 BOPD pumping capacity.
POL has acquired 11% working interest of Government of Pakistan in Adhi field through a bidding process. Adhi field is located in eastern Potwar Plateau and produces at an average rate of 2400 BOPD with 18 MMSCFD of gas and 60 MT/day of LPG.
POL has two subsidiaries namely CAPGAS (Private) Limited which is marketing LPG received from PPL's Adhi field. The second subsidiary Attock Chemicals (Private) Limited manufactures Sulphuric Acid.
Mr. Shuaib A. Malik Chief Executive & Chairman, PAKISTAN OILFIELDS LIMITED Chief Operating Officer THE ATTOCK OIL COMPANY
Mr. Iqbal A. Khwaja F.C.A
F.C.A. (Engg. & Wales)
C.E. (CAPGAS) / C.E. (ACL)
Mr. Tahir Azizuddin
BSc. (Hon's); MSc. Petroleum (Geology):
DIC: MSc. Pet. Res. Eng: London.
General Manager (Technical)
Mr. S. M. Tasleem Wasti
BSc. (Hon's): MSc.(Geol): Kar:
DIC: M Phil Pet. Res. Engg: (Oil. Tech) London, Eng:
EST (Business Mgmt.) SAIT, ALTA Canada.
Assistant General Manager (Exploration)
Mr. Sadat Anis
BSc. Mech. Engg.
(Personnel & Admin)
Mr. Iqbal Mohammad
BSc. Elect. Engg.
Senior Manager (Engineering)
Mr. Naseeruddin Chishti
BSc., CA (Scotland), FIFA, MICM.
Manager (Finance) and Company Secretary
MSc. Chem. MBA
Mr. Naveed Akram
BE (Chem. Eng): MS. (Pet. Eng) USA:
Manager (Reservoir Engineering)
Mr. B. A. Shami
Mr. Naeem Ehsan
Manager (Drilling & Work over)
Mr. Jamil Asghar
BSc. Mech, Engg.
Chief Engineer (Maintenance)
Mr. Tariq Ali Khattak
Mr. Muhammad Ali Shahid
B. Engg. Furkey), M. Engg.(Bangkok)
Manager ( Production )
CAPGAS (PRIVATE) LIMITED
CAPGAS was incorporated on June 04, 1989 and commenced its operations in March 1991.
CAPGAS is engaged in storage, filling and distribution of Liquefied Petroleum Gas (LPG) and has been allocated 25% (15 tons a day) of the LPG production from Adhi field operated by PPL.
In 1999 CAPGAS has also been allocated 1.49% (Approximately 7 tons a day) Parco's production.
Capgas has established its outlets in 66 markets with 81 distributors and is serving 46,700 consumers in NWFP/FATA, Azad Kashmir, Northern Hilly Areas and Punjab.
The Company has a paid up capital of Rs. 6.75 million; 51% of which is being held by Pakistan Oilfields Limited and the remaining 49% by the promoters of the CAPGAS.
ATTOCK CHEMICALS (PRIVATE) LIMITED
Attock Chemicals (Private) Limited (ACL) was formed in 1976 for manufacturing Sulphuric Acid from Sulphur produced by Pakistan Oilfields Limited (POL). The plant having 50 M. Tons per day capacity was initially located at ARL, Morgah. In 1987, construction of a new plant started at Hattar in N.W.F.P., which commenced production 1988.
Sulphuric Acid is one of the most widely used industrial product. Apart from the Phosphatic fertilizer, explosives, steel mills, tanneries and numerous uses in the manufacture of chemicals, sulphuric acid is also used in agriculture for delinting cotton seed before sowing.
In 1995 ACL started production of Oleum, which can be used for the manufacture of a variety of new chemicals.
The paid up capital of ACL is Rs. 3.5 million; 60% of which is held by POL and remaining 40% by Wah Industries Limited.