Page 146 - Pakistan Oilfields Limited - Annual Report 2021

NOTES TO AND FORMING

PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2021

13. DEVELOPMENT AND DECOMMISSIONING COSTS
Development Decommissioning Total
Cost Cost
Rupees ('000)

As at July 1, 2019
Cost 41,959,950 2,468,124 44,428,074
Accumulated amortization (31,073,799) (2,300,689) (33,374,488)
Net book value 10,886,151 167,435 11,053,586

Year ended June 30, 2020
Opening net book value 10,886,151 167,435 11,053,586
Additions 3,472,391 173,660 3,646,051
Disposals
Cost - (50,513) (50,513)
Accumulated amortization - 50,513 50,513
- - -
Revision due to change in estimates - note 9.2.1 (3,985) 278,967 274,982
Amortization for the year - note 25 (2,497,233) (121,769) (2,619,002)
Closing net book value 11,857,324 498,293 12,355,617

As at July 1, 2020

Cost 45,428,356 2,870,238 48,298,594
Accumulated amortization (33,571,032) (2,371,945) (35,942,977)

Net book value 11,857,324 498,293 12,355,617
Year ended June 30, 2021

Opening net book value 11,857,324 498,293 12,355,617
Additions 831,510 335,429 1,166,939
Disposals
Cost - (18,955) (18,955)
Accumulated amortization - 18,955 18,955
- - -
Revision due to change in estimates - note 9.2.1 (43,667) 82,241 38,574

Wells cost transferred from
exploration and evaluation assets - note 14 2,555,371 - 2,555,371

Amortization for the year - note 25 (2,277,654) (166,172) (2,443,826)

Closing net book value 12,922,884 749,791 13,672,675
As at June 30, 2021
Cost 48,771,570 3,268,953 52,040,523
Accumulated amortization (35,848,686) (2,519,162) (38,367,848)

Net book value 12,922,884 749,791 13,672,675

144 PAKISTAN OILFIELDS LIMITED