Page 2 - Annual Report & Financial Statements 2017

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Pakistan Oilfields Limited 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. Pakistan
Oilfields Limited (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.