PAKISTAN OILFIELDS LIMITED
Dec 13 - 19, 2004
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 Subcontinent.
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 1968.
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 2005.
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 problems.
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 refinery.
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 production.