Page 47 - Pakistan Oilfields Limited - Annual Report 2021
P. 47
CHAIRMAN’S REVIEW
During the year under review, engaged with the management investing a substantial amount
the Company had to face which helped it to meet the to increase its reserve base and
continued serious challenges exceptional and unforeseen with the Grace of Allah we are
of COVID 19, consequential challenges. During the year, pretty much hopeful to get new
lockdowns and slowdown of five board meetings were held. successes.
economic activity. I am glad that The Board has fulfilled all its We are driven by our vision
the management and the Board mandatory responsibilities to be the leading oil and gas
of your company successfully including ensuring compliance exploration and production
faced these challenges allowing with all legal and regulatory company of Pakistan with ever
only minimum adverse impact on requirements for the Company. increasing proven hydrocarbon
the production, sales and gross The Board has constituted reserves and continuous and
profit of the Company. During Audit and Human Resource and improved production. As we
this year, the company earned Remuneration Committees. move forward, we have a number
profit after tax of Rs. 13.382 These committees provided of factors in our favor; the
billion, which is 18.28% lower valuable input and assistance to strength of our balance sheet,
than that of the previous year. the Board. The Audit Committee our strong cash generation,
This decline was mainly due to particularly focused on detailed our expertise and most of all,
notional exchange loss on bank review of financial statements the dedication and will of our
deposits, lower income on bank and internal controls. employees.
deposits due to lower interest Best practices of corporate
rates in the country and higher governance having been On behalf of the Board, I would
taxation due to lesser exploration embedded into the Company’s like to acknowledge with thanks
and development expenditures. culture to maintain highest level the contributions made by
The Company continued its core of professionalism and business both management and non-
activities of exploration and conduct. An annual evaluation management staff, regulatory
development during the year and of performance of the Board, authorities and various
it is expected that production members of the Board and its Government functionaries.
will be started from its recent Committees was carried out with Without their support these
discovery of Mamikhel South the help of a formal and effective results would not have been
Well in near future. mechanism. On the basis of possible.
The Company’s Board comprised the feedback received through I would also like to thank all the
of seven directors out of whom this mechanism overall role of shareholders for their continued
two were independent, three the Board has been found to be support.
were non executive and two effective. I hope and pray that the
were executive directors. The The Company is continuously Company may maintain
directors had rich experience investing in seismic data momentum of growth in the
drawn from different fields like acquisition, processing and future years.
petroleum, finance, corporate interpretation. During the year,
and regulations sectors. I would 3D Seismic data acquisition at
like to express my profound Taung block is in progress. The
appreciation for the contribution decision of new wells will be
made by them. based on interpretations of the
The Board provides strategic seismic data. Laith G. Pharaon
direction to the management In the year 2021-22 two Chairman Attock Group of
and fulfills its fiduciary exploratory and two Companies
responsibilities with a sense development wells will be Rawalpindi
of commitment. During the spudded. The Company is August 11, 2021
pandemic, the Board remained
ANNUAL REPORT 2021 45
