Page 2 - Pakistan Oilfield Limited - Annual Report 2022

Company Profile

Pakistan Oilfields Limited (POL) 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. POL, a
subsidiary of the Attock Oil Company (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 for more than a
century. 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 search of oil and gas in Pakistan.
In addition to exploration and production of oil and gas, POL plants also manufacture Liquefied
Petroleum Gas (LPG), solvent oil and sulphur. POL markets LPG under its own brand name
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, POL has acquired 25% share in National Refinery Limited, which is the only refining
complex in the country producing fuel products as well as lube base oils.

The registered office of POL is situated at Morgah, Rawalpindi.

Principal business activities

Pakistan Oilfields Limited is principally engaged in exploration, drilling and production of crude
oil and gas in Pakistan. Its activities also include marketing of LPG under the brand name POLGAS
and transmission of petroleum through pipelines.

Cover Story

One of the most important leadership essentials is to sustain
growth. Pakistan Oilfields as an E&P leader is striving to
achieve the level where it can sustain maximum growth without
increasing financial leverage. The Company is also committed to
environmental, social and governance initiatives which combined
leads us to economic viability, environmental protection, and social
equity.

POL values the importance of sustainable growth and its positive
impact equally for the Company and its valued stakeholders
(joint venture partners, shareholders, customers, employees,
government and local communities). Efforts are made, ranging
from general operations where health, safety and environment are
given due importance, to CSR initiatives for building social equity.
All these steps to keep POL moving towards sustainable growth.