Pakistan Oilfields Limited

The Pakistan Oilfields Limited is a Pakistani oil and gas exploration company which is a subsidiary of UK-domiciled Attock Oil Company. It is based in Rawalpindi, Punjab Province, Pakistan.
In 1978, Pakistan Oilfields took over the exploration and production business of Attock Oil Company. Since then, it has been investing independently. Pakistan Oilfields is a leading oil and gas exploration and production company listed on Pakistan Stock Exchange.

History

Following the partition of British India in August 1947, the newly formed Government of Pakistan required oil exploration to be conducted by companies incorporated in Pakistan and operating the local currency. In response, Attock Oil Company incorporated Pakistan Oil and Gas Exploration and Production in 1950, in which it held a 70 percent shareholding. Attock Oil Company provided its drilling services to Pakistan Oil at no cost, with the agreement that expenses would be reimbursed from Pakistan Oil's profits if the drilling yielded successful results.
In 1978, the POL was horizontically integration and took over the exploration and production business of Attock Oil Company. Since then, POL has been investing independently and in joint venture with various exploration and production companies for the search of oil and gas in the country. In addition to exploration and production of oil and gas, POL also manufactures Liquefied petroleum gas, Solvent Oil and Sulphur. POL markets LPG under its own brand named POLGAS as well as through its subsidiary CAPGAS 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 October 2002, the Government of Pakistan sold its 34.76 percent stake in Pakistan Oilfields to general public for PKR 180 per share.
In 2005, Pakistan Oilfields acquired a 25 percent share in National Refinery Limited, which is the only refining complex in the country producing fuel products as well as lube base oils.