PAKISTAN OILFIELDS LIMITED
Dec 03 - 09, 2007
Pakistan Oil Fields activities are to explore, drill, produce and marketing of crude oil gas and other products. It is a subsidiary of Attock Oil Company which was established in 1950. It is listed on the three Stock Exchanges of the country. AOC made its first oil discovery in 1915 at Khaur, district Attock and was a pioneer in the exploration and production of oil and the country. POL took over AOC's E&P assets in Pakistan in 1978 and since then POL is operating independently as well as in joint ventures with various E&P companies. 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 name of POLGAS as well as through its subsidiary CAPGAS (Private) Limited. Aside from exploration and production of Oil & Gas, POL also operates an extensive network of pipelines for transportation of its own as well as other companies crude oil to Attock Refinery Limited (ARL) at Morgah, Rawalpindi having 7% share holding in ARL and 25% share holding in National Refinery Limited (NRL), country's solo local refinery producing lube base oils and asphalts respectively.
EXPLORATION AND PRODUCTION PORTFOLIO
Pakistan Oilfields Limited maintains highly diversified exploration and production portfolio. The present exploration portfolio includes two exploration licenses operated by the Company namely, Ikhlas and Hyderabad blocks and acquired interests in five exploration licenses: Tal, Gurgalot, Kotra, New Block B, and Nawabshah blocks in joint ventures which are operated by MOL, OGDCL and TULLOW. The production portfolio includes nine development and production (D&P) leases operated by the Company and seven D & P Leases held in joint ventures with various operators. The Company 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).
Capgas (Private) Limited (CAPGAS) is a subsidiary of Pakistan Oilfields 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 receiving LPG from Adhi field operated by PPL and PARCO. CAPGAS utilizes its own bowzer to transport PARCO LPG from Mahmood Kot to Adhi. CAPGAS has a vast distribution and marketing network in Punjab, NWFP/FATA, Azad Kashmir and the Northern Hilly Areas, fulfilling the fuel requirements of over 76,000 consumers. The Company has a paid up capital of Rs.6.75 million, 51% of which is being held by Pakistan Oilfields Limited.
Pakistan Oil Fields has product range of Crude Oil, Natural Gas, LPG, Sulphur and Solvent Oil.
PERFORMANCE IN 1Q/FY08
Pakistan Oil Fields revenue declined during the first quarter as the company production halted from different sources. During the period, Crude oil sales volumes declined by 6.5% whereas gas sales volumes increased by 3.1% and POLGAS by 2.9%. The cumulative effect of the price increase and the decrease in volumes has led to a decrease of 2.5% in net sales to Rs3,725m. Cost of sales increased by 7.7% primarily due to the higher work jobs carried out, increase in the purchase cost as well as quantity of LPG acquired for POLGAS operations and increase in amortization of exploration and development cost due to higher development activities. Other operating income increased by 33.2% to Rs518m in comparison to last corresponding period primarily due to higher dividend from investments in associated / subsidiary companies. The company continued to perform well in both revenue and profitability terms. During the three month period ending on Sep 30, 2007, profit after tax amounted to Rs1,890m (EPS: Rs9.59) as compared to Rs1,915m (EPS: Rs9.72) over the corresponding period of the previous year, representing a decrease of 1.3%.
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