Page 220 - Pakistan Oilfields Limited - Annual Report 2021

NOTES TO AND FORMING

PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2021

2021 2020
Rupees ('000)

25. CASH AND BANK BALANCES

Bank balance on
Short term deposits 44,781,900 32,228,089
Interest/mark-up bearing saving accounts 2,847,873 4,544,197
Current accounts 91,609 66,640
47,721,382 36,838,926

Cash in hand 2,594 1,953
47,723,976 36,840,879

Balance with banks include foreign currency balances of US $ 142,461thousand (2020: US $ 117,967
thousand). The balances in saving accounts and short term deposits earned interest/ mark-up
ranging from 0.3% to 13.81% (2020: 2% to 13.35%).
2021 2020
Rupees ('000)

26. NET SALES

Crude oil 17,939,545 17,264,179
Gas - note 26.1 13,494,261 14,136,451
Less: Shrinkages/own use 1,779,776 1,656,263
11,714,485 12,480,188
POLGAS/CAPGAS - Refill of cylinders 6,991,797 7,477,919
Solvent oil 188,811 220,478
Sulphur 9,280 7,700
36,843,918 37,450,464

26.1 On August 28, 2015, the Company signed the Supplemental Agreement with the Government of
Pakistan (the Government) for conversion of TAL Block Petroleum Concession Agreement (PCA)
signed under the 1997 Petroleum Policy to Petroleum (Exploration & Production) Policy 2012
(Petroleum Policy 2012). Price regimes prevailing in Petroleum Policy 2007, Petroleum Policy
2009 and Petroleum Policy 2012 shall be applicable correlated with the spud date of wells in the
respective policies starting from November 27, 2007 and for future exploratory efforts under the
above mentioned block. The conversion package included Windfall levy on Natural gas only. Draft
statements specifying sums aggregating US $ 34,213 thousand (Rs 3,393,389 thousand) till June
30, 2015 due to the Company in respect of Mamikhel, Maramzi & Makori East discoveries in TAL
block were submitted to the Government on December 8, 2015. On October 9, 2017 Oil and Gas
Regulatory Authority (OGRA) issued gas price notifications of the subject arears.

218 PAKISTAN OILFIELDS LIMITED