Page 82 - Pakistan Oilfield Limited - Annual Report 2022
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PAKISTAN OILFIELDS LIMITED
Directors’ Report
Corporate Governance
Auditors Future Outlook as Pakistan is energy deficient
country and will be able to
The auditors, Messers A.F. Our oil prices are linked with absorb all local oil and gas
Ferguson & Co., Chartered the international oil prices, production easily. We have
Accountants, retire and being which is uncontrollable factor all resources to complete our
eligible offer themselves for for us and the industry as well. development and exploration
reappointment. During the year, international activities as mentioned in
Oil prices increased the earlier part of our report.
Pattern of substantially leading to increase Keeping in view the prevalent
Shareholding in the Company’s profitability. energy deficit situation in the
country, the Company is also
The pattern of shareholding During 2022-23, Four new considering to invest in solar
as at June 30, 2022 is also exploratory wells and business.
annexed to the Annual Report. Four development wells
to be spudded in owned/ Acknowledgement
Holding Company operated and non-operated
joint ventures. Production The results for the year could
The Attock Oil Company from Tolanj West-2 (after not have been made possible
Limited, incorporated in successful testing) is without the loyalty, devotion,
England, is the holding expected to start from hard work and commitment
company of Pakistan Oilfields December 2022. Mamikhel of all employees. The Board
Limited. South-1 well production line of Directors acknowledges
has been completed and and deeply appreciates
Consolidated production will be started their contribution towards
Financial Statements after Government’s approval achievement of the Company’s
of 2012 Petroleum Policy Gas goals.
The consolidated financial price. On the production side,
statements of the Company and we are pretty much hopeful to
its subsidiary are annexed to enhance/maintain our existing
the Annual Report. production volume and sales,
On behalf of the Board
Shuaib A. Malik Abdus Sattar
Chairman & Chief Executive Director
Rawalpindi
August 16, 2022
