AnnualReport201620160929160408821 PDF

SUSTAINABILITY
& GROWTH
IN TOUGH TIMES
Oil & Gas Development Company Limited Annual Report 2016

Oil & Gas Development Company Limited (OGDCL) is the largest exploration and
production Company of Pakistan, which was established in 1961 as a Public Sector
Corporation and later converted to a Public Limited Company in October 1997. Through
an Initial Public Offering in October 2003, the Company was listed on all three stock
exchanges of the Country, subsequently merged into Pakistan Stock Exchange. Its Global
Depository Shares started trading on the London Stock Exchange (LSE) in December
2006, thereby making OGDCL the first E&P Company in Pakistan to be listed on LSE.
The Government of Pakistan is the majority shareholder and owns 74.97% shares of
the Company as at 30 June 2016.
OGDCL’s core business activities encompass exploration, development and production

of hydrocarbon products to boost nation’s energy supply and contribute in the Country’s
economic growth. Proven capability and track record of delivering successful onshore
developments led the Company to earn the coveted status of market leader in terms
of exploration acreage, seismic data acquisition, oil and gas reserves and production
volumes in the Country. As at 30 June 2016, its exploration portfolio comprises sixty
(60) owned and operated joint venture exploration licenses covering an area of
112,453 sq. km. Its 2D and 3D seismic data acquisition during the year were 68%
and 53% respectively of the total seismic data acquired in the Country. Its
hydrocarbon reserves were 59% of oil and 36% of total natural gas reserves
in the Country as at 30 June 2015. Moreover, the production contributions
during July 2015 - June 2016 were 48% and 28% of the Country’s total
oil and natural gas production respectively (source: Pakistan Petroleum
Information Services).
Committed to ensuring sustainability and growth in tough times, fast track

exploration, development and production activities continued to preserve
the business leading position and emerge more stronger and competitive
E&P Company in the future. Exhibition of such endeavors during the
year resulted in many operational achievements in the shape of enhanced
3D seismic survey, six new oil and gas discoveries, completion of phase-II
of Sinjhoro development project and registering highest contribution in the
Country’s total oil and natural gas production. On the financial front, prudent
investment selection and capital allocation preserved to ensure that the business
successfully withstand the low oil price era and remain profitable during the
year. Moving on, the Company on the back of intensified exploration activities
and financial strength to support ongoing development projects is on track to
sustain business long term growth and efficiently meet the future business
challenges in a way that contributes to the maximization of the shareholders
wealth and safety of the workforce and wellbeing of the communities around
the business operational areas.
Contents
2 Geographical Presence 38 Managing Director’s Review
3 Product Portfolio 40 Directors’ Report
4 Pursuing Sustainability and Growth 64 Risk and Opportunity Report
5 Calendar of Major Events 65 Review Report to the Members on the

Statement of Compliance with the
6 Highlights of the Year Code of Corporate Governance and
Public Sector Companies (Corporate
8 Notice of Annual General Meeting
Governance) Rules, 2013
10 Vision and Mission

66 Statement of Compliance with the
Code of Corporate Governance and
11 Core Values and Goals
Public Sector Companies (Corporate
Governance) Rules, 2013
12 Code of Conduct
14 Corporate Information 72 Auditors’ Report to the Members
16 Board of Directors 74 Balance Sheet
20 Committees of the Board 76 Profit and Loss Account
22 Attendance of the Board and Committee 77 Statement of Comprehensive Income

Meetings
78 Cash Flow Statement
24 Organizational Chart
79 Statement of Changes in Equity
25 Management Objectives and Strategies
80 Notes to and Forming Part of the
Financial Statements
26 Core Management Team
28 Exploration Licenses 135 Pattern of Shareholding
30 Development and Production/Mining 137 Categories of Shareholders

Leases
150 Abbreviations
32 Six Years Performance
Form of Proxy/E-Voting
35 Vertical and Horizontal Analysis
Request Form
36 Statement of Value Addition
Entry Card
37 DuPont Analysis and Analysis of Variation
in Results Reported in Interim Reports
Geographical Presence
As of 30 June 2016, OGDCL’s Exploration Licenses (ELs) and Development and Production Leases
(D&PLs) constitute sixty (60) and sixty nine (69) owned and operated joint venture ELs and D&PLs
respectively. Being the leading exploration and production Company of Pakistan, its exploration
and leases portfolio spread across all four (4) provinces of the Country. Moreover, its ELs covered
an area of 112,453 sq. km, representing 31% of the Country’s total area under exploration (source:
Pakistan Petroleum Information Services), is the largest exploration acreage held by any E&P
Company in Pakistan. Adding to this strength, it also holds working interest in six (6) exploratory
blocks and thirty four (34) leases operated by other exploration and production companies.
Province/area wise breakdown of OGDCL’s ELs and D&PLs in numbers is shown on the following
Pakistan’s map:
Exploration Acreage – Operated ELs
112,453 sq. km
(31% of the Country’s total area under exploration)
3 2
10 5
13
12 5
5
24 1
48 ELs - Operated
12 24
D&PLs - Operated
2 3 ELs - Non-Operated
D&PLs - Non-Operated
2 Oil & Gas Development Company Limited

Product Portfolio
OGDCL in an endeavor to meet growing energy demands and contribute in the economic growth
of the Country is making all out efforts to maintain and augment the current production levels
of crude oil, gas, LPG and sulphur. Pursuit to this ambition during the reporting period led the
Company to make largest contribution of around 48% and 28% in the Country’s total oil and
natural gas production respectively, which in addition to generating operational cash flows also
continues to render significant foreign exchange savings as import substitution. During the
period under review, Company’s major fields contributing in the aforesaid production of crude
oil include Nashpa, Kunnar/KPD, Pasakhi, Sinjhoro and Rajian and for gas include Qadirpur,
Uch, KPD, Nashpa and Dakhni.
Crude Oil Gas
40,609 1,056
Barrels per day MMcf per day
LPG Sulphur
342 39
Tons per day Tons per day
Product wise contribution in Net Sales
Crude Oil
36.28%
Gas
60.24%
Others
3.48%
Net Sales Rs 162.867 billion
Annual Report 2016 3

Pursuing Sustainability and Growth
in tough times
OGDCL in pursuit to sustain and grow E&P operations in a tough environment, existent due to plunge in
international oil prices, is focused on the following:
E&P Activities
Continuing fast track seismic data acquisition,
expeditious processing/reprocessing of the acquired
seismic data and active drilling campaigns in the
business operated blocks to pave the way to discover
potential hydrocarbon bearing zones and counter the
impact of low oil prices leading to improved business
profitability and shareholder value.
Moreover, undertaking effective production

operations and ramping up completion activities
of ongoing development projects will enable
the business to reap the futuristic rewards in the
form of enhanced oil, gas and LPG output and carry
on the track record of delivering industry leading
performance in the coming years.
Development of New Partnerships
Benefit from the expertise of experienced E&P
Operational Improvement
companies (indigenous/international) through
Adapt and use latest production techniques and
continuing formulation of value driven joint ventures
innovative technologies to drive functional excellence
to ensure that projects and operations remain cost
across E&P operations. Moreover in compliance
effective and technical and commercial risks are
to the risk management framework, identify,
diversified.
manage and curtail controllable business risks in
parallel displaying zero tolerance to the health and
Enhance Recovery of Reserves safety matters and contributing to the wellbeing
Utilize advance reservoir management practices
of marginalized communities residing around the
and state of the art oil recovery methods to optimize
business operational areas.
oil and gas reserves and maximize hydrocarbon
recovery from mature fields. Moreover, locate and
Internationalization
exploit alternate sources of energy such as shale gas,
In line with the business vision to expand E&P
coal bed methane, etc., to enhance energy security
operations, make efforts to establish footprints abroad
of the Country.
by undertaking farm-in/farm-out opportunities as
well as acquisition of concessions in an international
New Discoveries market subject to their economic and financial
Carry on intensified exploratory efforts to yield new
viability.
oil and gas discoveries alongside focus on seamless
development of new discoveries in the shortest
possible time to overcome the impact of natural
decline from mature fields and boost the existing
reserves and production levels.

Calendar of Major Events
During the Fiscal Year 2015-16
1st Quarter 2nd Quarter

Oil discovery was made at Chak Naurang South-1 OGDCL’s 18th Annual General Meeting was held on
located in district Chakwal, Punjab province. 15 October 2015 at Marriott Hotel, Islamabad.
OGDCL’s Annual Report 2014 secured Best Corporate

Report Award and ranked second in fuel and energy Co-hosted 22nd Annual Technical Conference on “E&P
sector by the Joint Committee of Institute of Chartered Challenges: Prospects, Professionals and Policies”,
Accountants of Pakistan and Institute of Cost and which was inaugurated by Mr. Shahid Khaqan Abbasi,
Management Accountants of Pakistan. Minister for Petroleum & Natural Resources on
2 0 1 5
24 November 2015.
Gas discovery was made at Aradin-1 located in district
Khairpur, Sindh province.
An EPCC contract for LPG plant at Nashpa field was
Pakistan’s 69th Independence Day was celebrated at signed between OGDCL and Hong Kong Huihua Global
Head Office, field locations and other offices with great Technology Limited.
zeal and fervor.
Mr. Shahid Khaqan Abbasi, Minister for Petroleum &
OGDCL signed MOU with Russian firm JSC Rosgeologia Natural Resources took the oath from the newly elected
on 9 September 2015 for exploration and production office bearers of Officers’ Association in a ceremony
on broader terms within their exploration blocks to held on 29 December 2015.
seek mutual benefits.
Hosted 463rd Scout Check Meeting on 21 September Three days workshop on “HSE Hazards Identification
2015 at OGDCL House, Islamabad, which was attended and Risk Assessment for managing Risk Register” was
by representatives of twelve E&P companies to discuss held on 29-31 December 2015.
details of exploration activities.
3rd Quarter 4th Quarter

Gas discovery was made at Thal East-1 located in Gas discovery was made at Thal West-1 located in
district Sukkur, Sindh province. district Sukkur, Sindh province.
Gas condensate discovery was made at Bitrism West-1A

Oil discovery was made at Nashpa X-5 located in located in district Sanghar, Sindh province.
district Karak, Khyber Pakhtunkhwa province.
2 0 1 6
On account of compliance to HSE standards, Chanda

and Dakhni fields attained ISO 14001 and OHSAS
In recognition of activities relating to social 18001 certifications.
responsibilities, OGDCL won the 5th Corporate
Social Responsibility Award 2016 in a ceremony
7th Annual HSE Awareness Event 2016 was celebrated
organized by National Forum for Environment and
at Bobi Oil Complex on 24 April 2016.
Health on 14 January 2016.
On the basis of contributions and implementations in

OGDCL was assigned medium to long term entity the field of fire and safety, OGDCL won the 6th Fire
rating ‘AAA’ (triple A) and short term entity rating and Safety Award 2016 in a conference organized by
‘A-1 +’ (A One Plus) by the Pakistan Credit Rating Fire Protection Association of Pakistan in collaboration
Agency for the fiscal year 2014-15. with National Forum for Environment and Health on
28 April 2016.

Highlights of the Year
Operational Highlights
• Six (6) new oil and gas discoveries namely Nashpa X-5, Thal East-1, Thal West-1, Bitrism West-1A,
Aradin-1 and Chak Naurang South-1 were made by the Company
• Saleable crude oil production on working interest basis averaged 40,609 barrels per day
• Saleable gas production on working interest basis averaged 1,056 MMcf per day
• LPG production on working interest basis averaged 342 Tons per day
• Seismic data acquisition of 5,336 Line km of 2D and 3,459 sq. km of 3D
• Twenty six (26) new wells spud including twelve (12) exploratory/appraisal wells and fourteen (14)
development wells
• Fourteen (14) wells have been brought into the production system which at present are cumulatively
producing 4,150 barrels per day of crude oil and 43 MMcf per day of gas
2D Seismic Survey 3D Seismic Survey Saleable Crude Production Saleable Gas Production
(Line km) (sq. km) (Barrels per day) (MMcf per day)
5,430 5,336
40,818 40,609 1,107 1,056
3,459
1,918
2.28 V
2014-15 2015-16 2014-15 2015-16 2014-15 2015-16 2014-15 2015-16

Seismic Data Acquisition (2D) Financial Highlights
5,336 Line km
Seismic Data Acquisition (3D)
3,459 sq. km
Wells Spud
26
Numbers
Discoveries • Total assets increased to Rs 589.6 billion from Rs 553.8 billion
6
Numbers
• Net realized prices of crude oil and gas averaged US$ 39.07/
barrel and Rs 253.77/Mcf respectively (2014-15: US$ 63.29/
barrel and Rs 272.61/Mcf)
• Sales revenue for the year Rs 162.9 billion (2014-15: Rs 210.6

billion)
• Profit for the year Rs 60.0 billion (2014-15: Rs 87.2 billion)
• Earnings per share for the year Rs 13.94 (2014-15: Rs 20.29)
• Total cumulative dividend declared Rs 5.20 per share

(2014-15: Rs 7.75 per share)
• Contribution to national exchequer Rs 81.6 billion (2014-15:

Rs 123.7 billion)
on Wells
WellsSpud
Spud Sales
Sales
Revenue
Revenue Profit
Profit
forfor
the
the
Year
Year
(Numbers)
(Numbers) (Rs(Rs
in in
billion)
billion) (Rs(Rs
in in
billion)
billion)
14 14 14 14
210.6
210.6 87.2
87.2
12 12
11 11
162.9
162.9
60.0
60.0
2.28
2.28V V
2014-15
2014-15 2015-16
2015-16 2014-15
2014-15 2015-16
2015-16 2014-15
2014-15 2015-16
2015-16
Exploratory/Appraisal
Exploratory/Appraisal Development
Development

Notice of Annual General Meeting
Notice is hereby given that the 19th Annual General Meeting of Oil and Gas Development Company Limited
will be held at Marriott Hotel, Islamabad on 26 October 2016 at 10:00 a.m. to transact the following business:
ORDINARY BUSINESS
1) To confirm the minutes of the 18th Annual General Meeting held on 15 October 2015.
2) To confirm the minutes of 10th Extraordinary General Meeting held on 23 August 2016.
3) To receive, consider and adopt the audited accounts of the Company for the year ended 30 June
2016 together with the Directors’ and Auditors’ Reports thereon.
4) To approve the final cash dividend @ 20% i.e. Rs 2.00 per share for the year ended 30 June 2016
as recommended by the Board of Directors. This is in addition to three interim cash dividends
totaling to 32% i.e. Rs 3.20 per share already paid during the year.
5) To appoint Auditors for the year 2016-17 and fix their remuneration. The present auditors
M/s KPMG Taseer Hadi & Co., Chartered Accountants and M/s A.F. Ferguson & Co., Chartered
Accountants will stand retired on the conclusion of this meeting.
6) To transact any other business with the permission of the Chair.
By order of the Board
20 September 2016 (Ahmed Hayat Lak)

Islamabad Company Secretary
NOTES:
1- Participation in the Annual General Meeting

A member entitled to attend and vote at this meeting is entitled to appoint another person as his/her
proxy to attend and vote. Proxies in order to be effective must be received at the Registered Office of
the Company duly stamped and signed not less than 48 hours before the meeting.
2- CDC Account holders will further have to follow the under mentioned guidelines as laid down in Circular
1 dated 26 January 2000 issued by the Securities and Exchange Commission of Pakistan:
a. For attending the meeting

In case of individuals, the account holder or sub-account holder and/or the person whose securities
are in group account and their registration details are uploaded as per regulations, shall authenticate
his/her identity by showing his/her original Computerized National Identity Card (CNIC) or original
passport at the time of attending the meeting.
In the case of corporate entities, the Board of Directors’ resolution/power of attorney with specimen
signature of the nominee shall be produced (unless it has been provided earlier) at the time of the
meeting.
b. For appointing proxies

i) In case of individuals, the account holder or sub-account holder and/or the person whose
securities are in group account and their registration details are uploaded as per regulations,
shall submit the proxy form as per the above requirement.

ii) The proxy form shall be witnessed by two (2) persons whose names, addresses and CNIC
number shall be mentioned on the form.
iii) Attested copies of CNIC or the passport of the beneficial owners and of the proxy shall be
furnished with the proxy form.
iv) The proxy shall produce his/her original CNIC or original passport at the time of the meeting.
v) In the case of a corporate entity, the Board of Directors’ resolution/power of attorney with
specimen signature of the person nominated to represent and vote on behalf of the corporate
entity shall be submitted (unless it has been provided earlier) along with proxy form to the
Company.
c. E-Voting
Pursuant to SECP Companies (E-voting) Regulations, 2016, members can also exercise their
right to vote through e-voting by giving their consent in writing at least 10 days before the date
of the meeting to the Company on the appointment of Execution Officer by the intermediary
as Proxy.
3- Video Conference Facility

Pursuant to provisions of SECP Circular No. 10 of 2014 dated 21 May 2014, if the Company receives
consent from members holding aggregate 10% or more shareholding residing in geographical location
to participate in the meeting through video conference at least 10 days prior to the date of meeting,
the Company will arrange video conference facility in that city subject to availability of such facility in
that city. In order to vote through e-voting and avail video conference facility, please fill the requisite
forms and submit to the Company within the time frame as mentioned in forms. The forms are being
sent to each individual shareholder through post and are also available on the Company website.
4- Closure of Share Transfer Books

The share transfer books of the Company will remain closed and no transfer of shares will be accepted
for registration from 19 October 2016 to 26 October 2016 (both days inclusive). Transfers received
in order at the Share Registrar’s office Share Registrar Department, Central Depository Company of
Pakistan Limited, CDC House, 99-B, Block ‘B’, S.M.C.H.S., Main Shahrah-e-Faisal, Karachi-74400 by the
close of business on 18 October 2016 will be treated in time for the purpose of payment of final cash
dividend, if approved by the shareholders.
5- Change in Address
Members are requested to promptly notify any change in their address.
6- Notice to Shareholders who have not provided their CNICs

In accordance with the notification of the Securities and Exchange Commission of Pakistan (SECP), SRO
831(I) 2012 dated 5 July 2012, dividend warrants should bear CNIC number of the registered member
or the authorized person. Accordingly members who have not yet submitted copy of their valid CNIC/
NTN (in case of corporate entities) are requested to submit the same to the Company with members
Folio No. mentioned thereon. It may kindly be noted that in case of non-receipt of the copy of valid
CNIC, the Company in the light of SECP Notification No. S.R.O 275 (I)/2016 dated 31 March 2016 would
be constrained to consider withholding dividend. List of shareholders who have not provided copies
of their CNIC/NTN has been uploaded on the Company’s website for shareholders’ information.
7- Dissemination of Annual Audited Accounts to Shareholders

In the light of SRO No. 470(I)/2016 dated 31 May 2016 as notified by Securities and Exchange Commission
of Pakistan, shareholders of the Company in the 10th Extraordinary General meeting held on 23 August
2016 approved dissemination of information regarding annual audited accounts in soft form i.e. CD/
DVD/USB. Shareholder who opt to receive annual audited accounts at their registered addresses or
through email, are requested to fill the standard Request Form uploaded on the Company’s website
and send the same duly signed by the shareholder to our Share Registrar, Central Depository Company
of Pakistan Limited.

Vision
To be a leading multinational
Exploration and Production Company.
Mission
To become the leading provider
of oil and gas to the Country
by increasing exploration and
production both domestically and
internationally, utilizing all options
including strategic alliances;
To continuously realign ourselves

to meet the expectations of
our stakeholders through best
management practices, the use of
latest technology and innovation
for sustainable growth while being
socially responsible.

Core Values
rk Me
mwo ri t
a
Te
Dedication
Innovation
In
te y
gr i
ty a f et
S
Goals
Financial Customers
• Build strategic reserves for future growth/ • Continuously improve quality of service and
expansion responsiveness to maintain a satisfied customer
• Growth and superior returns to all stakeholders base
• Double the value of the Company in the next five • Improve reliability and efficiency of supply to
(5) years the customer
• Make investment decisions by ranking projects • Be a responsible corporate citizen

on the basis of best economic indicators
• Maximize profits by investing surplus funds in Internal Process
profitable avenues • Evolve consensus through consultative process
• Reduce cost and time overruns to improve interlinking activities of all departments
performance results • Excel in exploration, development and
commercialization
Learning and Growth • Be transparent in all business transactions

• Motivate our workforce and enhance their technical, • Synergize through effective business practices
managerial and business skills through modern and teamwork
HR practices • Have well-defined SOPs with specific ownerships
• Acquire, learn and apply state-of-the-art technology and accountabilities
• Emphasize organizational learning and research • Improve internal controls
through effective use of knowledge management • Improve internal business decision making
systems and strategic planning through state of the art
• Fill the competency gap within the organization Management Information System
by attracting and retaining best professionals • Periodic business process reengineering
• Attain full autonomy in financial and decision
making matters

Code of Conduct
1. OBJECTIVE
To ensure that Oil & Gas Development Company Limited (“the Company”) conducts and is seen to conduct its
operations in accordance with highest business ethical consideration complying with all statutory regulations
and universally accepted standards of a good corporate citizen. The Company’s core values are Merit,
Teamwork, Dedication, Integrity, Safety and Innovation. It is towards this end of fostering the core values
in the corporate culture of the Company that the Company has adopted this Code of Conduct (“the Code”).
2. APPLICATION
In compliance with the requirements of Clause No. v (a) of the Code of Corporate Governance, this Code
applies to all directors and employees of the Company.
3. IMPLEMENTATION
The Code implies as follows:
Use of Company’s assets/record keeping

3.1 The directors and employees of the Company seek to protect the Company’s assets and to ensure that
the Company’s assets and services are used solely for legitimate business purposes of the Company.
The use of Company’s funds for political contributions to any organization or to any candidate for
public office is prohibited.
3.2 The Company must make and keep books and records that accurately and fairly reflect the Company’s
transactions and the disposition of its assets in accordance with Generally Accepted Accounting
Principles (GAAP) and applicable laws and regulations.
3.3 Any accounting adjustments that materially depart from GAAP must be reported to the Audit Committee
of the Board, Board of Directors and the Company’s statutory auditors. In addition, any off-balance
sheet transactions, arrangements and obligations, contingent or otherwise, and other relationships of
the Company with unconsolidated entities or other persons that may have material current or future
effects on the financial condition, changes in financial condition, results of operations, liquidity,
capital expenditures, capital resources or significant components or revenues or expenses must also
be disclosed to the Audit Committee of the Board, Board of Directors and the Company’s statutory
auditors.
Legal Compliance and Conflict of Interest

3.4 The directors and employees adhere in letter and spirit to all laws and conform to the accepted
standards of good corporate governance and avoid conflict of interest. The conflict of interest, if any,
real or perceived including potential conflicts must be notified to the Company in writing immediately.
(A conflict of interest may arise when a director or an employee is in a position to influence a decision
or situation that may result in personal gain for such employee or the employee’s family or friends at
the expense of the Company or its customers).
3.5 The directors and employees shall not place themselves in a position where their loyalty to the Company
becomes divided for any reason including their direct or indirect financial interest in a competitor,
supplier, consultant or customer.
3.6 The Company respects the interests of all the stakeholders and enters into transparent and fairly
negotiated contracts. It will do business with customers and suppliers of sound business character
and reputation only. All business dealings by the Company with third parties shall be on an arm’s
length and commercial basis.
Corruption
3.7 The directors and employees reject corruption in all forms – direct, indirect, public or private and do
not directly or indirectly engage in bribery, kick-backs, payoffs or any other corrupt business practices.

No employee of the Company shall accept any funds, loans, favours or other assets (including those
provided as preferential treatment) to obtain business from the Company or that might tend to influence
an employee’s business decisions. Acceptance of any gift will be subject to the Company’s policy.
3.8 In the course of their normal business duties, employees may be offered entertainment such as
lunch, dinner, theatre, a sporting event and the like. Accepting these offers is appropriate if those are
reasonable and occur in the course of a meeting or on an occasion the purpose of which is to hold
bona fide business discussions or to foster better business relations. Employees should not accept
tickets or invitations to entertainment when the prospective host will not be present at the event with
the employee.
3.9 Employees may offer tips or hospitality of a customary amount or value for routine services or exchange
of customary reciprocal courtesies to promote general business goodwill provided it does not influence
business decisions or dealings of the Company.
Confidentiality
3.10 The Company respects the privacy of data relating to individual persons (whether employees or third
parties) which it may hold or handle as part of its information processing activities or otherwise.
Employees maintain confidentiality of the Company’s and its customers’ confidential information
which is disclosed to them.
3.11 The directors and employees may not take advantage of the Company’s information or property, or
their position with the Company, to develop inappropriate personal gains or opportunities.
General
3.12 The Company is an equal opportunity employer and does not discriminate on the basis of sex, colour,
religion or creed.
3.13 Employees may offer tips, gratuity or hospitality of a customary amount or value for routine services
or courtesies received as per the Company policy.
3.14 If an employee becomes aware that another employee has violated this Code, he or she is obligated to
report that violation to the Company.
4. RESPONSIBILITY FOR ENFORCEMENT/INTERPRETATION

4.1 All directors and employees of the Company and its subsidiary/subsidiaries are responsible for the
continuing enforcement and compliance of this Code. If any employee has any question about any
part of this Code, he or she should direct such question to his or her immediate supervisor or to the
Executive Director (Human Resources) or to the Company Secretary. Non-compliance with this Code
will result in disciplinary action as per rules of the Company.
4.2 Good faith reports of the violations will be promptly and thoroughly investigated. All employees
must cooperate in the investigation of reported violations.
4.3 The Investigating Officer will not, to the extent practical and appropriate under the circumstances,
disclose the identity of anyone who reports a suspected violation or who participates in the investigation.
4.4 The Company does not permit retaliation against an employee who in good faith seeks advice or reports
misconduct. Retaliation in any form against an individual, who in good faith reports a violation of
this Code or the law, even if the report is mistaken, or who assists in the investigation of a reported
violation, is itself a serious violation of this Code. Anyone who engages in retaliation will be subject
to disciplinary action, including termination from the service of the Company.

Corporate Information
Board of Directors Chief Financial Officer
Mr. Zahid Muzaffar Chairman Mr. Irteza Ali Qureshi
Mr. Arshad Mirza Director

Company Secretary
Mr. Saif Ullah Chattha Director
Mr. Ahmed Hayat Lak
Mr. Iskander Mohammed Khan Director
Mr. Hamid Farooq Director Auditors
Mr. Muhammad Ali Tabba Director M/s KPMG Taseer Hadi & Co., Chartered Accountants
Mr. Zafar Masud Director M/s A.F. Ferguson & Co., Chartered Accountants
Prince Ahmed Omar Ahmedzai Director

Legal Advisor
Sayed Shafqat Ali Shah Director
M/s Khokhar Law Chambers
Mr. Rahmat Salam Khattak Director
Mr. Muhammad Yawar Irfan Khan Director Tax Advisor
Mr. Zahid Mir MD & CEO M/s A.F. Ferguson & Co., Chartered Accountants

Bankers Registered Office
Allied Bank Limited OGDCL House, Plot No. 3, F-6/G-6, Blue Area,
Askari Bank Limited Jinnah Avenue, Islamabad.
Bank Alfalah Limited Phone: (PABX) +92 51 9209811-8
Bank Al Habib Limited Fax: +92 51 9209804-6, 9209708
Barclays Bank PLC Website: www.ogdcl.com
Citibank Email: info@ogdcl.com
Deutsche Bank
Faysal Bank Limited
Habib Bank Limited Registrar Office
Habib Metropolitan Bank Limited Central Depository Company of Pakistan Limited,
HSBC Bank of Middle East CDC House, 99-B, Block-B, S.M.C.H.S,
MCB Bank Limited Main Shahrah-e-Faisal, Karachi-74400.
Meezan Bank Limited Phone: +92 21 111 111 500
National Bank of Pakistan Fax: +92 21 34326053
NIB Bank Limited Website: www.cdcpakistan.com
Soneri Bank Limited Email: info@cdcpak.com
Standard Chartered Bank
United Bank Limited

Board of Directors
Mr. Zahid Muzaffar Mr. Arshad Mirza Mr. Saif Ullah Chattha
Chairman Director Director
Mr. Zahid Muzaffar has over 36 years of Mr. Arshad Mirza, Secretary, Federal Ministry Mr. Saif Ullah Chattha is a career civil servant.
diversified experience in energy sector, in of Petroleum and Natural Resources is a He is at present the Chief Secretary of
both upstream and downstream oil and gas career civil servant. After doing his M.Sc. Balochistan. Mr. Chattha holds a Bachelor
operations, including transportation of gas via (Public Administration) from Quaid-e-Azam of Arts degree from Government College,
terrestrial piplines as well as liquefied natural gas University, Islamabad in 1981, he joined civil Lahore and Bachelor of Law degree from
(“LNG”). Mr. Muzaffar has developed successful service of Pakistan (District Management Punjab University, Law College, Lahore.
working relationships with investors, business Group) in the year 1983. He has held various Mr. Chattha has significant experience of
professionals, financiers and government positions in the Federal as well as Provincial Public Administration. He has served as
officials internationally, particularly those Governments and District Administration. Assistant Commissioner, Sui (Dera Bugti), Sibi
resident in the Far East, South Asia, the and Usta Mohammad; as Deputy Secretary to
Middle East and North Africa. He has been He has served as Secretary, Works and the Chief Minister of Balochistan; as Deputy
involved in securing valuable deal flows and Services, Secretary Health Department, Commissioner of Jafarabad and Loralai; as
business opportunities for leading international Additional Secretary, Finance Department Deputy Secretary to the Chief Minister of
companies. Mr. Muzaffar has served on the and Additional Secretary Planning and Punjab; as Additional Secretary of Agriculture of
board of directors of London and Scottish Development Department in the Government Punjab; as Deputy Commissioner of Bhakkhar,
Marine Oil plc in Pakistan and many other of Khyber Pukhtunkhwa. Multan and Jhelum; and as Secretary of the
international E&P and refining companies. Mines and Minerals Department of Punjab. He
He headed the acquisition of the largest oil In the Federal Government he was posted has also served in the Federal Government as
refining company in the Mediterranean, (RA’s as Joint Secretary, Ministry of Finance and Principal Staff Officer to the Prime Minister
LANUF Refinery Libya). Mr. Muzaffar was Revenue (PMSP Wing), Islamabad in May 2005. of Pakistan; as Counsel General of Pakistan
appointed as a board member of the new Served in Prime Minister’s Secretariat, ERRA in Montreal, Canada; as Chief Secretary of
entity LIBYAN EMIRATES oil Refinery Company and Environment Division. Elevated to the Gilgit Baltistan; as Additional Secretary at
(LERCO) as well as various initiatives on behalf post of Additional Secretary and worked in the Ministry of Communications; and as
of Middle Eastern groups in connection with Finance Division and Water & Power Division. Secretary of Water and Power.
the privatization of assets in different countries
in the energy sector. He was also responsible He joined National Defence University for
for setting up a joint venture consortium for higher training and obtained M.Sc. degree
Spanish and Turkish oil and gas companies in Defence and Strategic Studies in 2009. He
for a cross-country gas pipeline and LNG visited different countries i.e. Philippines, USA,
terminal in Turkey. Sri Lanka, Egypt, UK, Kazakhstan and Korea
to attend workshops, trainings, seminars
Mr. Muzaffar holds a Bachelor of Economics and conferences. He attended advance
from the University of the Punjab, Pakistan and professional courses in institutions like
has attended various management courses University of Manchester UK, University of
at the College of Petroleum Studies and Connecticut USA and Harvard University USA.
St. Catherine’s College, Oxford, UK, and the
Edwin H. Cox School of Business at Southern He joined Ministry of Petroleum and Natural
Methodist University, Dallas Texas, USA, Resources on 22 July 2013 as Additional
WENTWORTH Consultants, HUDDERSFIELD Secretary. He assumed the charge of the
UK. He has also attended high performance Federal Secretary on 23 January 2015. He
Board program at IMD Switzerland. also served as Managing Director, Pakistan
Petroleum Limited (PPL), Government Holding
Pvt Ltd (GHPL) and Hydrocarbon Development
Institute of Pakistan (HDIP). He is ex-officio
Member on the Board of PPL and PARCO.

Mr. Iskander Mr. Hamid Farooq Mr. Muhammad Ali Tabba
Mohammed Khan Director Director
Director
Mr. Hamid Farooq is Chief Business Mr. Muhammad Ali Tabba is Chief Executive
Mr. Iskander Mohammed Khan is a director of Development Officer at the Pakistan of Lucky Cement Ltd, a member of the Yunus
the Premier Group of Companies, including Telecommunication Company Limited. He Brothers Group, which holds diversified
Premier Sugar Mills & Distillery Company has 28 years of senior general management interests in textiles, energy, chemicals,
Limited, Frontier Sugar Mills & Distillery experience including 15 years of financial cement and other construction related sectors.
Limited, Chashma Sugar Mills Limited, management in leading complex commercial Muhammad Ali Tabba also heads Yunus Textile
Arpak International Investments Limited and and technical environments. Mr. Hamid Mills, a home textiles unit with subsidiaries
other non-listed subsidiaries of the Premier Farooq is also Chairman of the Board of in the USA, Europe, Canada and France. He
Group. He served as Chairman of the All Directors at Microfinance Bank Ltd. He has also serves as Vice Chairman on the Board
Pakistan Sugar Mills Association between served as Managing Director, MENA Region of Directors of ICI Pakistan. Mr. Tabba also
2000 and 2004, Chairman of the Pakistan at Catalyst Managerial Services, CEO of sits on the Board of Governors at several
Polypropylene Woven Sack Manufacturers Warid Telecom, Executive Vice President, universities, institutions and foundations. He
Association, Chairman of the All Pakistan CFO and Company Secretary of Mobilink, also runs the Aziz Tabba Foundation which
Sugar Mills Association (KPK) from 2005 to Chief Accountant and Administrator at works extensively in education, health and
2006, Director of the ISE in 2005 and was Canadian Occidental Petroleum, Head of housing. The foundation also operates a
a member of the Managing Committee of Accounts and Operations at Petro Canada, kidney centre and a state-of-the art cardiac
the Federation of Pakistan Chambers of and Country Finance Manager at DHL/TCS. hospital. The World Economic Forum has
Commerce and Industry from 2005 to 2006. Mr. Farooq is a certified financial consultant bestowed the title of Young Global Leader
Mr. Khan holds a degree in Law (LLB) and and holds a Diploma in Financial Consulting on Mr. Tabba, recognizing his outstanding
Chartered Accountancy. and an MBA. He trained as an accountant services and commitment to the social
with PricewaterhouseCoopers in Pakistan and development sector in Pakistan.
obtained a Bachelor of Commerce degree.
He is also a Certified Director (training and
programme), certified through the Securities
and Exchange Commission of Pakistan.

Mr. Zafar Masud Prince Ahmed Omar Sayed Shafqat Ali Shah
Director Ahmedzai Director
Director
Mr. Zafar Masud is the Director and Sayed Shafqat Ali Shah is Managing Director
Co-Founder of Burj Capital, which is Prince Ahmed Omar Ahmedzai belongs to the of Matiari Sugar Mills Ltd and CEO of Matol
represented in Pakistan by Burj Capital khan of the Kalat Family of Balochistan. He is the (Pvt) Limited. He is a Member of the Economic
Pakistan (Private) Limited, a global corporate Executive Director of Agha Techny Construction, Advisory Council (EAC) of Government of
finance and advisory house with a specific a planning and project administration Pakistan. He has been on the Board of Directors
focus on the energy sector, particularly firm, working on infrastructure projects at of the National Bank of Pakistan and a member
alternate energy and power. Gwadar. He is also the sole proprietor of of the National Commission on Government
Dynamic International, a construction firm Reforms. He had also served in the past as
Mr. Zafar Masud is a member of the Central and a Director/Executive of Dynamic Traders Federal Minister for Agriculture, Food and
Board of the State Bank of Pakistan, having (Pvt) Ltd. He graduated from the University Livestock, an Advisor and Minister under
been appointed in March 2013 for a of Balochistan in Political Science. He is a several different portfolios in the Government
three year term. He is the Chairman of member of the Quetta Chamber of Commerce of Sindh. He has taught International Relations
the Publications Review Sub-Committee and the Gwadar Chamber of Commerce. at the University of Sindh and the University of
and a member of the Human Resource Virginia. He has also led, and been a member,
and Nomination Sub-Committee as well of various national and international bodies
as the Investment Sub-Committee of the and institutions. He holds a Ph.D. in Foreign
Board. In the past he had also served as Affairs from the University of Virginia, a
Managing Director/Head of Southern Africa Master of Arts in Foreign Affairs from the
at Barclays Bank plc, Dubai Islamic Bank University of Virginia, a Master of Arts in
Pakistan Limited, Citigroup and American Political Science and a B.Sc. in Chemistry
Express Bank. Mr. Zafar Masud obtained and Zoology from the University of Sindh.
his MBA in Banking from the Institute of
Business Administration, Karachi and a
Bachelor of Commerce from the Hailey
College of Commerce, University of the
Punjab, Lahore.

Mr. Rahmat Salam Khattak Mr. Muhammad Yawar Mr. Zahid Mir
Director Irfan Khan MD & CEO
Director
Mr. Rahmat Salam Khattak holds a Bachelor of Mr. Zahid Mir is a Petroleum Engineer with
Arts degree from the University of Peshawar. Mr. Muhammad Yawar Irfan Khan holds a over 27 years experience in the oil and
Mr. Khattak was elected District Nazim of Masters in Business Administration and is the gas industry with assignments relating to
Karak and performed functions as executive Chairman of the Irfan Group of Companies onshore and offshore operations having
head of the district management and the which includes Famous Brands Pvt Ltd and been involved at a senior level in all stages
council. He is well abreast with the problems Irfan Foods Pvt Ltd. He serves as Chairman of of upstream operations. He has strong HSE
being faced by E&P sector in Pakistan. As the Asifa Irfan Foundation Trust, a family-run background, extensive experience as an oil
District Nazim he successfully managed & charity organisation. He is a board member of and gas commercial negotiator and business
resolved long outstanding local issues of both the Pakistan School of Fashion Design, developer, strategy, joint ventures and license
E&P companies operating in District Karak. Lahore and the Government Chuna Mandi management, new ventures, economic
He has also been associated with education College for Women, Lahore, and is a Life evaluations, mergers and acquisitions.
and founder of first modern management Member of the South Asian Association for
sciences institute in Peshawar, the first of its Regional Cooperation (‘‘SAARC’’) on behalf Mr. Zahid Mir had significant exposure
kind in the province designed to equip young of the Chamber of Commerce and Industry. to field operations including production,
business managers with modern management Previously, he served as a Director of the Lahore project development, development planning,
skills. He served as Chief Executive of the Transport Company, as Chairman of the Chief conceptual engineering and operational
Institute of Management and Computer Minister of Punjab’s Task Force for Industrial support. During the performance of his
Sciences Peshawar; Hayatabad Science Development, and as Managing Director of functions, he closely interacted with oil and
College Peshawar and Chief Executive of the the Punjab Small Industries Corporation. gas producers both in Pakistan and United
Shenghar Children Academy Karak. Besides Kingdom like Shell Exploration Pakistan
education sector, Mr. Khattak established B.V., Premier Exploration Pakistan Limited,
a construction company and managed its Premier-Kufpec Pakistan B.V., Premier Oil
operations. He also served in Saudi Arabia Pakistan and Premier Oil UK.
and Habib Bank Limited in various capacities.
He has done his B.Sc. in Petroleum Engineering
in 1986 from University of Engineering and
Technology Lahore and Masters in Business
Administration from Preston University,
Islamabad.

Committees of the Board
Human Resource and Nomination use of hedging, insurance and other measures taken
by the management;
Committee
• Oversee and monitor management’s review, periodically
Mr. Saif Ullah Chattha Chairman
of the Company’s policies for risk assessment and
Mr. Zahid Muzaffar Member risk management (the identification, monitoring, and
Mr. Arshad Mirza Member mitigation of risks); and
Mr. Hamid Farooq Member • Review the following with management, with the
Mr. Zafar Masud Member objective of obtaining reasonable assurance that all
Mr. Rahmat Salam Khattak Member risks are being effectively managed and controlled:
Company Secretary Secretary - management’s tolerance for financial risks;
- management’s assessment of significant risks the
Company is exposed to;
Terms of Reference
- the Company’s policies, procedures, plans, processes
• To deal with all employee related matters including
and any proposed changes to those policies for
recruitment, training, remuneration, performance
controlling significant financial/non-financial
evaluation, succession planning and measures for
risks; and
effective utilization of the employees of the Public
- the Company’s counsel legal matters which could
Sector Company;
have a material impact on the Company’s public
• Recommending to the Board the selection, evaluation,
disclosure, including financial statements.
compensation (including retirement benefits) and
succession planning of the CEO;
• Consideration and approval on recommendations of Audit Committee
CEO on such matters for key management positions Mr. Iskander Mohammad Khan Chairman
who report directly to CEO; Mr. Saif Ullah Chattha Member
• Approval of appointments/promotions to EG-VI and Mr. Hamid Farooq Member
EG-VII; Mr. Muhammad Ali Tabba Member
• Recommendations for appointment/promotions beyond
Prince Ahmed Omar Ahmedzai Member
EG-VII;
Company Secretary Secretary
• Guidance/recommendations for CBA agreements;
• Restructuring of the organization;
• Review of compensation package; Terms of Reference
• Review of HR policies including the policies required • Recommend appointment of external auditors to
under the Code of Corporate Governance; and the Board of Directors and consider any questions
• Consider any other issue or matter as may be assigned of resignation or removal of external auditors, audit
by the Board of Directors. fees, etc.;
• Recommend appointment of financial consultant for
any service to the Company in addition to audit of its
Risk Management Committee financial statements;
Mr. Zafar Masud Chairman • Recommend appointment of suitable candidate(s) for
Mr. Iskander Mohammad Khan Member the position of Head of Internal Audit;
Mr. Hamid Farooq Member • Determination of appropriate measures to safeguard
Sayed Shafqat Ali Shah Member the Company’s assets;
Mr. Muhammad Yawar Irfan Khan Member • Review preliminary announcements of financial results
Company Secretary Secretary prior to publication;
• Review of quarterly, half-yearly and annual financial

statements of the Company, prior to their approval by
Terms of Reference
the Board of Directors, focusing on:
• Review the risk identification and management process
- major judgment areas;
developed by management to confirm it is consistent
- significant adjustments resulting from the audit;
with the Company’s strategy and business plan;
- the going-concern assumption;
• Review management’s assessment of risk periodically
- any changes in accounting policies and practices;
and provide an update to the Board in this regard;
- compliance with applicable accounting standards;
• Inquire of management and the independent auditors
and
about significant business, political, financial and
- compliance with listing regulations and other
control risks or exposure to such risks;
statutory and regulatory requirements.
• Oversee and monitor management’s documentation
• Facilitating the external audit and discussion with
of the material risks that the Company is exposed to
external auditors of major observations arising from
and update as events change and risks shift;
interim and final audits and any matter that the auditors
• Assess the steps management has implemented to
may wish to highlight (in the absence of management,
manage and mitigate identifiable risk, including the
where necessary);

• Review of management letter issued by external auditors • Approval of Exploration Licenses and related work
and management’s response thereto; programmes within budgetary provision;
• Ensuring coordination between the internal and • Recommendations for Farm-in and Farm-out in
external auditors of the Company; concessions;
• Review the scope and extent of internal audit and • Recommendations for participation in off shore and
ensuring that the internal audit function has adequate overseas opportunities;
resources and is appropriately placed within the • Recommend/review the physical targets;
Company; • Formulation of Technical Policies required under
• Consideration of major findings of internal investigations the Code of Corporate Governance and Public Sector
and management’s response thereto; Companies (Corporate Governance) Rules, 2013;
• Ascertaining that the internal control system including • Business Development;
financial and operational controls, accounting system • Field operations;
and reporting structure are adequate and effective; • Drilling operations;
• Review of the Company’s statement on internal control • Business Plan;
systems prior to endorsement by the Board of Directors; • Formation of subsidiaries, acquisition etc.; and
• Instituting special projects, value for money studies • Consider any other issue or matter as may be assigned
or other investigations on any matter specified by by the Board of Directors.
the Board of Directors, in consultation with the Chief
Executive Officer and to consider remittance of any Corporate Social Responsibility
matter to the external auditors or to any other external
Committee
body;
Prince Ahmed Omar Ahmedzai Chairman
• Determination of compliance with relevant statutory
requirements; Mr. Hamid Farooq Member
• Monitoring compliance with the best practices of Mr. Zafar Masud Member
corporate governance and identification of significant Sayed Shafqat Ali Shah Member
violations thereof; and Mr. Rahmat Salam Khattak Member
• Consideration of any other issue or matter as may be Company Secretary Secretary
assigned by the Board of Directors.
Terms of Reference
Procurement, Operations and • To meet all obligatory requirements as prescribed
Finance Committee under the Petroleum Concession Agreement (PCA);
Mr. Rahmat Salam Khattak Chairman • To meet non-obligatory projects under OGDCL’s
Mr. Zahid Muzaffar Member Corporate Social Responsibility (CSR) Policy viz.,
education, health, water supply and sanitation, supply
Mr. Arshad Mirza Member
of gas, infrastructure, sports etc., as prescribed under
Mr. Hamid Farooq Member the Company’s CSR policy;
Sayed Shafqat Ali Shah Member • The Committee will recommend the annual budget
Company Secretary Secretary of CSR (along with a detailed list of all CSR related
initiatives), at the beginning of each financial year, to
Terms of Reference the Board of Directors. Any deviation from this budget
• To ensure transparency in procurement transactions and can only be made after approval from the Board of
in dealing with the suppliers and financial institutions; Directors;
• Procurement of plant machinery and store items etc., • In the event of an emergency/natural calamity, such
exceeding the powers delegated to Managing Director; as earthquakes, floods etc., the CSR Council may
• Approval/recommendation for award of contracts for recommend to the MD & CEO to approve a donation
civil works, development of fields etc., exceeding the up to Rs 1,000,000/- (Rupees one million). However,
powers delegated to Managing Director; this must be in line with the approved CSR policy of
• Review and recommend Business and Strategic Plans the Company. The Board of Directors shall be informed
of the Company for approval by the Board of Directors; of this by circular, to be ratified at its next meeting;
• Formulation of Technical and Financial Policies and • The Committee will review and monitor the progress
Controls including the policies required under the of ongoing CSR projects on a quarterly basis. A
Code of Corporate Governance; detailed report will be provided by Manager CSR to
• Review and recommend policies for investment of the Committee and the Board of Directors;
surplus funds of the Company and opening/closing • All activities carried out under the head CSR will be
of bank accounts; audited by an external auditor (each financial year)
• Review and recommend financing plans for Company’s and the audit report will be circulated to the Board of
projects/operations including borrowing limits, loans Directors; and
from banks/financial institutions and other credit lines • Consider any other issue or matter as may be assigned
for approval by the Board of Directors; by the Board of Directors.
• Review and recommend write-off cases involving the
Company assets;

22
Attendance of the Board and Committee Meetings
Human Resource and Nomination Risk Management
Board
Name of Director Committee Committee
Member Meetings 1 Attendance Member Meetings 1 Attendance Member Meetings 1 Attendance
Mr. Zahid Muzaffar * 8 8 * 4 4 SI 1 1
Mr. Arshad Mirza * 8 5 * 2 1 - - -
Mr. Saif Ullah Chattha * 8 5 * 4 3 - 1 1
Oil & Gas Development Company Limited

Mr. Iskander Mohammed Khan * 8 8 SI 1 1 * 2 2
Mr. Hamid Farooq * 8 7 * 3 3 * 2 2
Mr. Muhammad Ali Tabba * 8 - - 3 1 - - -
Mr. Zafar Masud * 8 7 * 4 4 * 2 2
Prince Ahmed Omar Ahmedzai * 8 8 - 4 4 - 2 2
Sayed Shafqat Ali Shah * 8 2 - - - * 1 1
Mr. Rahmat Salam Khattak * 8 7 * 4 4 - 1 1
Mr. Muhammad Yawar Irfan Khan * 8 4 - - - * 2 -
Mr. Zahid Mir * 8 7 SI 2 2 - - -

Procurement, Operations & Finance Corporate Social Responsibility
Audit Committee
Name of Director Committee Committee
Member Meetings 1 Attendance Member Meetings 1 Attendance Member Meetings 1 Attendance
Mr. Zahid Muzaffar - - - * 4 4 - 1 1
Mr. Arshad Mirza - - - * - - - - -
Mr. Saif Ullah Chattha * 2 1 - - - - - -
Mr. Iskander Mohammed Khan * 4 4 - - - - - -
Mr. Hamid Farooq * 4 3 * 4 3 * 1 1
Mr. Muhammad Ali Tabba * 2 - - - - - - -
Mr. Zafar Masud SI 1 1 - 4 4 * 1 1
Prince Ahmed Omar Ahmedzai * 4 4 SI 4 4 * 1 1
Sayed Shafqat Ali Shah - - - * 4 1 * - -
Mr. Rahmat Salam Khattak - 2 2 * 4 4 * 1 1
Mr. Muhammad Yawar Irfan Khan - - - - - - - - -
Mr. Zahid Mir - - - SI 2 2 SI 1 1
Notes:
1 Held during the period concerned Directors were on the Board
* Member of the Board/respective Committee
SI Special Invitation

24
Board of Directors
Audit Committee of the Board
Managing Director/
Chief Executive Officer
Company Secretary/ General Manager (Internal Audit)/

General Manager (Legal Services) Chief Internal Auditor

Chief Operating Officer Chief Financial Officer
(COO) (CFO)
ED ED ED ED ED ED
ED (BD/JV)
(Production) (Exploration) (Petroserv) (Finance) (Services) (HR/Admin)
GM GM GM
GM GM GM GM GM GM GM GM
(Prospect (Information (Corporate
(P&P) (DO) (JV) (RMD) (Finance) (HSEQ) (CSR) (HR)
Generation) System) Affairs)
GM
Organizational Chart
GM GM GM GM GM GM
(Geophysical
(PE&FD) (DS) (BD) (Accounts) (Security) (Admin)
Services)
GM GM
GM GM GM GM
(Geological (Health
(Projects) (C&ESS) (Treasury) (SCM)
Services) Services)
GM GM GM
(Commercial) (Material) (OGTI)
GM GM
(Production) (RM)
BD Business Development HSEQ Health, Safety, Environment & Quality

C&ESS Civil and Engineering Support Services JV Joint Venture
CSR Corporate Social Responsibility OGTI Oil & Gas Training Institute
DO Drilling Operations PE&FD Petroleum Engineering and Facilities Department
DS Drilling Services P&P Process & Plants
ED Executive Director RMD Reservoir Management Department
GM General Manager RM Risk Management
HR Human Resource SCM Supply Chain Management
Management Objectives
and Strategies
Management objectives and strategies are tasked at improving the corporate performance and creating
material value for shareholders in the future. These objectives and strategies are in line with OGDCL’s
strategic plan and may change/alter depending upon change(s) in the internal and external environment.
Management objectives and strategies are summarized as follows:
• Seek production growth from owned and operated

joint venture fields through expediting efforts
for completion of ongoing development projects,
fast track development of newly discovered fields
and utilizing latest production techniques and
innovative technologies to maximize hydrocarbon
recovery;
• In carrying out intensified E&P activities to maintain

market leadership status, ensure adherence to
high safety standards coupled with respecting
the environment and local communities that may
be affected by the business operations. Being a
socially responsible entity, carry on CSR activities
through investment in areas; education, health,
water supply, infrastructure development and
providing generous donations in the case of
natural calamities;
• Pursue investment choices that play to the • Based on suppressed international oil prices
business strengths and deemed financially viable impacting the business financials, a trend witness
for the purpose of reserve building, production across the entire E&P industry, maintain a rigorous
enhancement and growth in distributions to approach to capital allocation and concentrate on
shareholders in the coming years; efficiency and competitiveness in carrying out
business activities;
• Formulate value driven joint ventures with leading
E&P companies both locally and internationally • Improve efficiency and output of the employees
to introduce new partners with complementary by continuing to provide training in the form of
skills and to carry out exploration, development workshops, seminars and conferences alongside
and production operations cost effectively; building and maintaining strong relationships
with the stakeholders to ensure business growth
• Ensure the existence of a mixed exploration and success;
portfolio constituting exploration concessions in
the established, promising and unexplored areas • In line with the business vision, focus on establishing
alongside keeping a balance between enhancing foot prints abroad by undertaking suitable farm-in/
exploratory endeavors and mitigating risk with farm-out opportunities as well as acquisition of
acceptable drilling success leading to reserves concessions in domestic and international market.
accretion and sustainable long term business In this respect, grab and exploit such overseas
growth; opportunities which can be monetized quickly
and deliver immediate production boost; and
• Maintain and accelerate the exploratory endeavors
including fast track seismic data acquisition, data • To exploit unconventional sources of energy like
processing/interpretation and active drilling shale gas and coal bed methane, carry on the
campaigns to tap additional reserves and optimize study initiated in the business operated blocks to
hydrocarbon production to address energy evaluate shale and tight gas potential and define
challenges in the Country; development strategy for operated reservoirs.

Core Management Team
Mr. Zahid Mir

Managing Director & CEO
Mr. Irteza Ali Qureshi

Chief Financial Officer
Mr. Masood Nabi

Executive Director (Business Develoment and Joint Venture)
Dr. Mohammad Saeed Khan Jadoon

Acting Executive Director (Exploration)
Mr. Muhammad Aslam Khan Niazi

Acting Executive Director (Services)
Mr. Khan Alam

Acting Executive Director (Petroserv)
Mr. Malik Muhammad Arshad

Acting Executive Director (HR/Administration)
Dr. Naseem Ahmad

Acting Executive Director (Production)
Mr. Ahmed Hayat Lak

Company Secretary/General Manager (Legal Services)

Sitting from left to right:
Mr. Muhammad Aslam Khan Niazi, Mr. Irteza Ali Qureshi, Mr. Zahid Mir, Dr. Mohammad Saeed Khan Jadoon,
Mr. Masood Nabi
Standing from left to right:

Dr. Naseem Ahmad, Mr. Khan Alam, Mr. Ahmed Hayat Lak, Mr. Malik Muhammad Arshad

Exploration Licenses
Held by OGDCL as on 30 June 2016
Sr. Area Date of Working Interest
Exploration License Districts
No. (sq. km) Grant (%)
OGDCL’s 100% Owned Exploration Licenses
1 Fateh Jang Islamabad, Rawalpindi & Attock 1,080.43 05.11.2002 OGDCL 100%
2 Jandaran Barkhan, Kohlu & Loralai 408.00 20.09.1989 OGDCL 100%
3 Saruna Khuzdar & Lasbella 2,431.62 17.02.2004 OGDCL 100%
4 Shahana Kharan & Panjgur 2,445.06 29.12.2004 OGDCL 100%
5 Samandar Awaran & Uthal 2,495.33 06.07.2005 OGDCL 100%
6 Latamber Bannu & Tribal area adjacent to Bannu 331.47 24.10.2005 OGDCL 100%
7 Tegani Shikarpur, Sukkur, Kandhkot & Kashmore 270.60 13.02.2006 OGDCL 100%
8 Thano Beg Lasbela, Jamshoro & Karachi 2,404.73 13.02.2006 OGDCL 100%
9 Thal Khairpur, Sukkur & Ghotki 1,622.67 13.02.2006 OGDCL 100%
10 Wali South Waziristan Agency, Bannu, Lakki Marwat & Tribal area 2,179.26 31.05.2006 OGDCL 100%
adjacent to Tank
11 Mianwali Mianwali, Chakwal, Khushab & Lakki Marwat 2,280.91 31.05.2006 OGDCL 100%
12 Soghri Kohat & Attock 410.36 31.05.2006 OGDCL 100%
13 Shaan Zhob, Qila Saifullah & Musakhel Bazar 2,489.80 13.07.2007 OGDCL 100%
14 Mari East Ghotki, Rahim Yar Khan & Rajanpur 1,399.44 21.01.2010 OGDCL 100%
15 Lakhi Rud Loralai, Musakhel, Barkhan & Kohlu 2,488.78 21.01.2010 OGDCL 100%
16 Jandran West Kohlu & Barkhan 759.46 16.02.2010 OGDCL 100%
17 Eastern Offshore Indus-A Offshore Area 2,500.00 05.07.2007 OGDCL 100%
18 Offshore Indus-R Offshore Area 1,492.23 19.04.2007 OGDCL 100%
19 Ladhana Muzaffargarh, Layyah & Multan 2,409.05 10.02.2014 OGDCL 100%
20 Fatehpur Layyah, Muzaffargarh, Khanewal & Multan 2,430.84 10.02.2014 OGDCL 100%
21 Rasmalan Gwadar, Awaran & Lasbela 1,463.74 10.02.2014 OGDCL 100%
22 Alipur Multan, Bahawalpur, Rahim Yar Khan & Muzaffargarh 2,425.55 21.02.2014 OGDCL 100%
23 Parkani Block-B Awaran & Gwadar 1,908.31 10.02.2014 OGDCL 100%
24 Parkini Block-A Awaran & Kech 1,892.10 21.03.2014 OGDCL 100%
25 Rasmalan West Awaran & Pasni 1,639.69 21.03.2014 OGDCL 100%
26 Bostan Ziarat, Pishin, Killah Abdullah & Quetta 2,337.50 21.03.2014 OGDCL 100%
27 Kharan-3 Kharan & Noshki 2,487.46 21.03.2014 OGDCL 100%
28 Bela North Khuzdar, Awaran & Lasbela 2,045.73 21.03.2014 OGDCL 100%
29 Khiu Bhakkar & Khushab 2,395.64 21.03.2014 OGDCL 100%
30 Layyah Layyah, D.G. Khan & Muzaffargarh 2,459.20 21.03.2014 OGDCL 100%
Sub Total 55,384.96
OGDCL Operated JV Exploration Licenses (with GHPL, KPOGCL & SEHCL)
1. Ranipur Khairpur, Larkana & Naushahro Feroz 2,379.52 10.02.2014 OGDCL 95.00%, SEHCL 2.50%, GHPL 2.50%
2. Armala Tharparkar 2,488.98 10.02.2014 OGDCL 97.50%, SEHCL 2.50%
3. Zorgarh Ghotki, Jaffarabad, Kashmore, Dera Bugti & Rajanpur 2,402.48 28.02.2014 OGDCL 95.80%, SEHCL 1.70%, GHPL 2.50%
4. Baratai Kohat 38.92 10.02.2014 OGDCL 97.50%, KPOGCL 2.50%
5. Orakzai Kurram, Orakzai Agency & Hangu 1,708.04 28.02.2014 OGDCL 97.16%, KPOGCL 0.34%, GHPL 2.50%
6. Tirah Khyber, Kurram & Orakzai Agencies. 1,945.64 21.03.2014 OGDCL 97.50%, GHPL 2.50%
7. Pezu D.G. Khan, Lakki Marwat, Tank, D.I. Khan & Tribal area of D.I. Khan 2,430.73 21.02.2014 OGDCL 95.88%, KPOGCL 1.62%, GHPL 2.50%
8. Hetu Bhakkar, Mianwali & D.I. Khan 2,432.37 28.02.2014 OGDCL 97.14%, KPOGCL 0.36%, GHPL 2.50%
9. Zhob Zhob, Musa Khail Bazar & Tribal area of D.I. Khan 2,473.45 21.03.2014 OGDCL 97.50%, GHPL 2.50%
10. Pasni West Gwadar & Kech 2,293.40 21.02.2014 OGDCL 97.50%, GHPL 2.50%
11. Khanpur Rahim Yar Khan 2,494.92 21.02.2014 OGDCL 97.50%, GHPL 2.50%
12. Plantak Washuk & Panjgur 2,457.01 21.03.2014 OGDCL 97.50%, GHPL 2.50%
13. Gawadar Gwadar & Kech 2,407.01 21.03.2014 OGDCL 97.50%, GHPL 2.50%
14. Rakhshan Washuk 2,459.17 21.03.2014 OGDCL 97.50%, GHPL 2.50%
15. South Kharan Kharan 2,187.48 21.03.2014 OGDCL 97.50%, GHPL 2.50%
16. Khuzdar North Khuzdar 2,451.44 21.03.2014 OGDCL 97.50%, GHPL 2.50%
17. Warnali Chakwal, Jhelum & Rawalpindi 718.57 21.03.2014 OGDCL 97.50%, GHPL 2.50%
18. Kulachi D.I. Khan, D.G. Khan & Bhakkar 2,494.89 07.01.2015 OGDCL 95.45%, KPOGCL 2.05%, GHPL 2.50%
Sub Total 38,264.02
OGDCL Operated JV Exploration Licenses (with GHPL)
1 Bitrisim Nawabshah, Khairpur & Sanghar 1,445.11 27.09.1997 OGDCL 95%, GHPL 5%
2 Khewari Khairpur & Nawabshah 1,276.40 29.12.1999 OGDCL 95%, GHPL 5%
3 Nim Hyderabad & Tando Muhammad Khan 229.58 29.12.1999 OGDCL 95%, GHPL 5%
4 Tando Allah Yar Hyderabad & Matiari 403.34 27.09.1997 OGDCL 95%, GHPL 5%
5 Zin Dera Bugti, Nasirabad, Kohlu & Bolan 5,559.74 15.08.1996 OGDCL 95%, GHPL 5%
Sub Total 8,914.17
OGDCL Operated JV Exploration Licenses (with other E&P companies)
1 Gurgalot Kohat & Attock 346.92 28.06.2000 OGDCL 75%, POL 20%, GHPL 5%
2 Nashpa Kohat, Karak, Mianwali & Tribal area adjacent to Bannu 531.16 16.04.2002 OGDCL 65%, PPL 30%, GHPL 5%
3 Kohat Kohat, Naushera, Orakzai Agency, Hangu, Peshawar, Tribal area 1,107.21 03.02.2009 OGDCL 30%, Tullow 40%, MPCL 20%, Saif
adjacent to Kohat & Tribal area adjacent to Peshawar Energy 10%
4 Sinjhoro Sanghar & Khairpur 1,283.43 29.12.1999 OGDCL 76%, OPL 19%, GHPL 5%
5 Kalchas Kohlu, Dera Bugti & Rajanpur 2,068.32 29.12.2004 OGDCL 50%, MPCL 20%, Tullow 30%
6 Kohlu Kohlu, Dera Bugti & Barkhan 2,459.11 29.12.2004 OGDCL 40%, MPCL 30%, Tullow 30%
7 Guddu Rajanpur, Rahim Yar Khan, Ghotki & Kashmore 2,093.40 04.12.2006 OGDCL 70%, IPRTOC 11.50%, SEPL 13.50%,
GHPL 5%
Sub Total 9,889.55
Total Operated 112,452.70
OGDCLs Non-Operated JV Exploration Licenses
1 Block-28 Sibbi, Kohlu & Loralai 5,856.71 14.01.1991 Tullow 95%, OGDCL 5%
2 Bunnu West Bannu & North Waziristan Agency 1,229.57 27.04.2005 Tullow 40%, OGDCL 40%, MPCL 10%, SEL 10%
3 Tal Block Kohat, Karak, Bannu & Tribal area adjacent to Bannu 3,224.58 11.02.1999 MOL 10%, OGDCL 30%, PPL 30%, POL 25%,
GHPL 5%
4 Offshore Indus-U Offshore Area 6,294.28 21.07.2006 UEPL 72.50%, OGDCL 27.50%
5 Offshore Indus-S Offshore Area 2,129.91 22.03.2007 UEPL 50%, OGDCL 50%
6 Offshore Indus-G Offshore Area 5,972.82 12.12.2012 ENI 33.34%, OGDCL 33.33%, PPL 33.33%
Total Non-Operated 24,707.87

Concession Portfolio (Exploration Licenses)
As on 30 June 2016
Summary of Exploration Licenses

Province/Area Operated Non-Operated
Punjab 12 -
Sindh 12 -
Balochistan 24 1
KPK 10 2
Offshore 2 3
Total 60 6
CHINA
GILGIT
SKARDU
KPK
FRONTIER UNDEFINED
MUZAFFER ABAD
SRINAGAR
PESHAWAR
JAMMU & KASHMIR
ISLAMABAD (DISPUTED TERRITORY)
Bhal Syedan Sadkal

Mela Dakhni Missakeswal
Fimkassar
Nashpa Chanda
Toot Rajian
Chak Naurang Kal
LAHORE
PUNJAB
Bahu
Dhodak Panjpir
Nandpur
QUETTA
AFGHANISTAN
Pirkoh (Add)
Pirkoh
Loti
Uch
Jhal Magsi South
Sinjhoro, T.Alam Complex,
BALOCHISTAN Maru Nim & Tando Allahyar Fields
Maru South
Reti
Qadirpur
IRAN Chak-7A Chak-2
Sara West
Resham Chak-63
Chak-63 SE
Chak-66 Lala Jamali
INDIA Hakeem Daho
Chak-5 Dim & Dim South
Jakhro
RESHAM CHAK-2
Dars West
CHAK-7A
CHAK-63 LALA JAMALI
Dars
CHAK-66
CHAK63-SE
2568-5
(SINJHORO)
(JAKHRO)
HAKEEM DAHO
CHAK-5 DIM SOUTH
OGDCL
Chandio T.Y. North
Pasakhi East
Bobi & Dhamarki Pasakhi & Pasakhi North Pasakhi Deep Tando Allah Yar Misan
Palli Shah
Kunnar
Unnar Buzdar/Buzdar North
PASAKHI & PASAKHI NORTH
OGDCL
DARS
DARS WEST
Thora & Thora East Kunnar Deep
Hundi
TANDO ALLAH YAR
OGDCL MISAN
OGDCL
TANDO ALLAH YAR
Kunnar West
THORA & THORA EAST OGDCL BUZDAR
OGDCL OGDCL
KUNAR
OGDCL
TANDO ALAM LASHARI CENTREL & SOUTH
OGDCL
GAWADAR
2468-12
KOTRI
PPL
DARU
NORAI JAGIR
OGDCL
OGDCL
NIM WEST
OGDCL
SONO
OGDCL
Kunnar South
Tando Alam
KARACHI
Sari Singh Sono Lashari Centre & South
BAGLA
Nim West Nim
OGDCL
NUR
OGDCL
SINDH Daru
Norai Jagir
Gopang
3200 3100 Pakhro
1100
1600
2700
2600 2700
2800 2700
2700
2700
3700
3700
3700
Bagla
2000
3600
2000
3100 2000
Nur
3200 3700
100
1800
3200 2700
1700
3600
2100 1600
2000 2600
3200 E
F IN
DE
3100 UN 100
RY 1700
1700 1800 3300 1100 100
DA 600
3200 UN 2100
BO
E
IM
IT 50
AR
M
2700
50

Development & Production/Mining Leases
Held by OGDCL as on 30 June 2016
Sr. Area Date of Working Interest
Lease Name Districts/Province
No. (sq. km) Grant (%)
OGDCL’s 100% Owned Leases
1 Bagla Thatta & Badin, Sindh 29.70 27.02.1995 OGDCL 100%
2 Bahu Jhang, Punjab 11.22 19.05.2008 OGDCL 100%
3 Bhal Syedan Attock, Punjab 16.41 11.04.1994 OGDCL 100%
4 Bobi/Dhamrakhi (ML) Sanghar, Sindh 128.93 23.01.1990 OGDCL 100%
5 Buzdar Hyderabad, Sindh 6.58 13.12.1999 OGDCL 100%
6 Chak 5 Dim South Sanghar, Sindh 15.92 18.03.1996 OGDCL 100%
7 Dakhni (ML) Attock, Punjab & Kohat, KPK 267.83 23.04.1984 OGDCL 100%
8 Daru Thatta, Sindh 10.26 07.04.1990 OGDCL 100%
9 Dhodak Dera Ghazi Khan,Punjab 41.92 01.02.1995 OGDCL 100%
10 Fimkassar Chakwal, Punjab 27.98 19.12.1992 OGDCL 100%
11 Hundi Dadu, Sindh 15.04 21.09.2002 OGDCL 100%
12 Kal Chakwal, Punjab 41.96 13.08.1996 OGDCL 100%
13 Kunnar Deep (ML) Hyderabad, Sindh 16.07 17.05.2008 OGDCL 100%
14 Kunnar (ML) Hyderabad, Sindh 34.21 23.01.1990 OGDCL 100%
15 Kunnar West (ML) Hyderabad, Sindh 3.13 17.05.2008 OGDCL 100%
16 Lashari Centre & South Hyderabad, Sindh 23.15 25.06.1989 OGDCL 100%
17 Loti (ML) Dera Bugti Agency, Balochistan 204.11 14.11.1986 OGDCL 100%
18 Misan Hyderabad, Sindh 2.50 12.07.1999 OGDCL 100%
19 Missa Keswal Rawalpindi, Punjab 23.43 11.04.1994 OGDCL 100%
20 Nandpur Multan & Jhang, Punjab 45.05 12.03.1996 OGDCL 100%
21 Nur Thatta & Badin, Sindh 30.64 27.02.1995 OGDCL 100%
22 Pali Hyderabad, Sindh 16.43 17.11.2001 OGDCL 100%
23 Panjpir Multan & Jhang, Punjab 45.18 12.03.1996 OGDCL 100%
24 Pasakhi & Pasakhi North Hyderabad, Sindh 27.95 27.01.1990 OGDCL 100%
25 Pasakhi Deep Hyderabad, Sindh 18.08 17.05.2008 OGDCL 100%
26 Pirkoh Sibi (Bugti Tribal Territory), Balochistan 141.69 14.07.1988 OGDCL 100%
27 Pirkoh (Additional) Dera Bugti Agency, Balochistan 13.57 08.08.1977 OGDCL 100%
28 Rajian Chakwal & Jehlum, Punjab 39.09 28.02.1996 OGDCL 100%
29 Sadkal Attock, Punjab 26.77 24.01.1994 OGDCL 100%
30 Sara West Ghotki, Sindh 168.41 08.06.2001 OGDCL 100%
31 Sari Sing Dadu, Sindh 25.89 30.07.2008 OGDCL 100%
32 Sono Hyderabad, Sindh 25.08 23.07.1989 OGDCL 100%
33 Tando Alam (ML) Hyderabad, Sindh 38.62 30.07.1985 OGDCL 100%
34 Thora/Thora East & Thora Add. (ML) Hyderabad, Sindh 15.20 23.01.1990 OGDCL 100%
35 Toot (ML) Attock, Punjab 67.97 02.11.1968 OGDCL 100%
36 Uch Dera Bugti, Balochistan 121.00 01.07.1996 OGDCL 100%
OGDCL’s Operated JV Leases
1 Baloch Sanghar, Sindh 9.78 16.09.2013 OGDCL 62.5%, OPL 15%, GHPL 22.5%
2 Chak Naurang (ML) (28.07Sq.Miles) Chakwal, Punjab 72.70 14.11.1988 OGDCL 85%, POL 15%
3 Chak-63 Sanghar, Sindh 50.95 06.05.2013 OGDCL 62.5%, OPL 15%, GHPL 22.5%
4 Chak-63 South East Sanghar, Sindh 9.60 23.05.2013 OGDCL 62.5%, OPL 15%, GHPL 22.5%
5 Chak-66 Sanghar/Khairpur, Sindh 11.13 16.09.2013 OGDCL 62.5%, OPL 15%, GHPL 22.5%
6 Chak-7A Sanghar, Sindh 6.12 05.12.2012 OGDCL 62.5%, OPL 15%, GHPL 22.5%
7 Chanda Kohat, KPK 32.32 01.06.2002 OGDCL 72%, GHPL 17.5%, ZPCL 10.5%
8 Chandio Hyderabad, Sindh 8.11 07.02.2014 OGDCL 77.5%, GHPL 22.5%
9 Chak-2 Sanghar, Sindh 43.57 13.09.2013 OGDCL 62.5%, OPL 15%, GHPL 22.5%
10 Dars Hyderabad, Sindh 6.02 24.01.2005 OGDCL 77.5%, GHPL 22.5%
11 Dars Deep Hyderabad, Sindh 20.27 16.05.2014 OGDCL 77.5%, GHPL 22.5%
12 Dars West Hyderabad, Sindh 5.20 24.01.2005 OGDCL 77.5%, GHPL 22.5%
13 Gopang Hyderabad, Sindh 2.88 27.01.2014 OGDCL 77.5%, GHPL 22.5%
14 Hakeem Dahu Sanghar/Khairpur, Sindh 23.46 13.09.2013 OGDCL 62.5%, OPL 15%, GHPL 22.5%
15 Jakhro Sanghar, Sindh 35.05 13.02.2002 OGDCL 77.5%, GHPL 22.5%
16 Jhal Magsi South & additional area Jhal Magsi, Balochistan 17.71 24.07.2009 OGDCL 56%, POL 24%, GHPL 20%
17 Kunnar South Hyderabad, Sindh 6.90 16.07.2013 OGDCL 77.5%, GHPL 22.5%
18 Lala Jamali Sanghar, Sindh 13.57 23.05.2013 OGDCL 62.5%, OPL 15%, GHPL 22.5%
19 Maru Ghotki, Sindh 15.41 28.06.2013 OGDCL 57.76%, SPEL 10.66%, IPRTOC 9.08 %, GHPL 22.5%
20 Maru South Ghotki, Sindh 6.64 18.06.2013 OGDCL 57.76%, SPEL 10.66%, IPRTOC 9.08 %, GHPL 22.5%
21 Mela Kohat, KPK 77.57 02.04.2013 OGDCL 56.45%, PPL 28.55%, GHPL 15%
22 Nashpa Karak, KPK 170.21 19.06.2013 OGDCL 56.45%, PPL 28.55%, GHPL 15%
23 Nim Hyderabad, Sindh 2.14 01.01.2013 OGDCL 77.5%, GHPL 22.5%
24 Nim West Hyderabad, Sindh 3.25 21.05.2012 OGDCL 77.5%, GHPL 22.5%
25 Norai Jagir Hyderabad, Sindh 2.43 16.08.2008 OGDCL 77.5%, GHPL 22.5%
26 Pasahki East Hyderabad, Sindh 4.16 12.12.2013 OGDCL 77.5%, GHPL 22.5%
27 Qadirpur Ghotki & Kashmore, Sindh 389.16 18.08.1992 OGDCL 75%, PPL 7%, KUFPEC 8.5%, PKPEL-I 4.75%,
PKPEL-II 4.75%
28 Resham Sanghar, Sindh 9.37 23.05.2013 OGDCL 62.5%, OPL 15%, GHPL 22.5%
29 Reti Ghotki,Sindh 8.60 25.06.2013 OGDCL 57.76%, SPEL 10.66%, IPRTOC 9.08 %, GHPL 22.5%
30 Shah Hyderabad, Sindh 2.37 16.09.2013 OGDCL 77.5%, GHPL 22.5%
31 Tando Allah Yar Hyderabad, Sindh 3.35 24.01.2005 OGDCL 77.5%, GHPL 22.5%
32 Tando Allah Yar North Hyderabad, Sindh 1.43 07.05.2014 OGDCL 77.5%, GHPL 22.5%
33 Unnar Hyderabad, Sindh 1.88 01.10.2014 OGDCL 77.5%, GHPL 22.5%
Sr. Area Working Interest
Lease Name Districts/Province Operator
No. (sq. km) (%)
OGDCL’s Non-Operated JV Leases
1 Jabo Golarchi & Badin, Sindh 16.13 UEPL 51% OGDCL 49%
2 Kato Tando Muhammed Alam & Badin, Sindh 20.40 UEPL 51% OGDCL 49%
3 Paniro Matli & Badin, Sindh 10.00 UEPL 51% OGDCL 49%
4 Pir Golarchi & Badin, Sindh 43.84 UEPL 51% OGDCL 49%
5 Rind Tando Muhammed Alam & Badin, Sindh 17.00 UEPL 51% OGDCL 49%
6 Jalal Hyderabad, Sindh 34.25 UEPL 51% OGDCL 49%
7 Zaur Badin, Sindh 15.71 UEPL 51% OGDCL 49%
8 Meyun Ismail Hyderabad, Sindh 3.59 UEPL 51% OGDCL 49%
9 Buzdar South Badin, Sindh 25.13 UEPL 51% OGDCL 49%
10 Jagir Badin, Sindh 1.36 UEPL 76% OGDCL 24%
11 Raj Hyderabad, Sindh 21.70 UEPL 76% OGDCL 24%
12 Muban Hyderabad, Sindh 1.91 UEPL 76% OGDCL 24%
13 Sakhi Deep Tando Muhammad Khan, Sindh 4.71 UEPL 76% OGDCL 24%
14 Jhaberi South Badin, Sindh 4.13 UEPL 60% OGDCL 15%, GHPL 25%
15 Ali Zaur Badin, Sindh 6.23 UEPL 60% OGDCL 15%, GHPL 25%
16 Shah Dino Badin, Sindh 1.46 UEPL 60% OGDCL 15%, GHPL 25%
17 Fateh Shah North Thatta, Sindh 23.81 UEPL 60% OGDCL 15%, GHPL 25%

Sr. Area Working Interest
Lease Name Districts/Province Operator
No. (sq. km) (%)
OGDCL’s Non-Operated JV Leases
18 Manzalai Karak, Kohat & Bannu, KPK 382.89 MOL 8.421%
OGDCL 27.7632%, PPL 27.7632%, GHPL 15%, POL 21.0526%
19 Makori Karak, KPK 50.70 MOL 8.421%
20 Makori East Karak, KPK 30.66 MOL 8.421%
21 Maramzai Kohat & Hangu, KPK 110.83 MOL 8.421%
22 Mamikhel Kohat, KPK 95.86 MOL 8.421%
23 Adhi Rawalpindi & Jehlum, Punjab 199.88 PPL 39% OGDCL 50%, POL 11%
24 Ratana Attock, Punjab 214.50 OPL 65.91%
OGDCL 25%, AOC 4.545%, POL 4.545%
25 Dhurnal Attock, Punjab 24.76 OPL 70% OGDCL 20%, AOC 5%, POL 5%
26 Bhangali Gujjar Khan, Punjab 45.30 OPL 40% OGDCL 50%, AOC 3%, POL 7%
27 Bhit Dadu, Sindh 250.08 ENI 40% OGDCL 20%, PKP KPBV 28%, PKP KIR B.V 6%, Premier Oil
Pakistan Kirthar B.V 6%
28 Badhra Dadu, Sindh 36.72 ENI 40% OGDCL 20%, PKP KPBV 28%, PKP KIR B.V 6%, Premier Oil
Pakistan Kirthar B.V 6%
29 Kadanwari Khairpur, Sindh 457.82 ENI 18.42% OGDCL 50%, PKP-Kad Ltd 15.79%, Premier Oil Pakistan
Kadanwari Ltd 15.79%
30 Miano Sukkur, Sindh 814.02 OMV 17.68% OGDCL 52%, PPL 15.16%, ENI 15.16%
31 Pindori Chakwal, Punjab 86.58 POL 35% OGDCL 50%, AOC 15%
32 Badar Kashmor, Sukkur & Ghotki, Sindh 122.00 PEL 26.32% OGDCL 50%, SHERRITT 15.79%, SEPL 7.89%
33 Sara Ghotki, Sindh 82.72 SEPL 60% OGDCL 40%
34 Suri Ghotki, Sindh 23.82 SEPL 60% OGDCL 40%
Lease Map
As on 30 June 2016
Summary of Leases
Province Operated Non-Operated
Punjab 13 5
Sindh 48 24
Balochistan 5 -
KPK 3 5
Total 69 34

Six Years Performance
2010-11 2011-12 2012-13 2013-14 2014-15 2015-16
Operational Performance
Seismic Survey - 2D Line km 1,500 2,589 1,584 1,807 5,430 5,336
- 3D sq. km 660 654 1,121 867 1,918 3,459
Wells Drilled Numbers 21 17 24 17 25 26
Oil & Gas Discoveries Numbers 2 2 3 2 4 6
Quantity Sold
Crude Oil Thousand barrels 13,224 13,713 14,183 14,734 14,591 14,461
Gas MMcf 362,924 381,863 392,513 416,238 404,128 386,637
LPG Tons 71,061 75,005 41,003 64,088 95,629 125,241
Sulphur Tons 34,400 21,400 14,493 27,707 23,600 15,800
White Petroleum Products Thousand barrels 30 19 - - - -
Financial Results
Net Sales Rs in billion 155.63 197.84 223.37 257.01 210.62 162.87
Other Revenues 3.38 9.75 15.80 19.24 20.23 16.89
Profit before Taxation 90.98 133.08 146.81 172.35 127.03 80.51
Profit for the Year 63.53 96.91 91.27 123.91 87.25 59.97
Balance Sheet
Share Capital Rs in billion 43.01 43.01 43.01 43.01 43.01 43.01
Reserves and Unappropriated Profit 158.56 220.37 269.26 352.66 399.51 435.62
Non-Current Liabilities 38.44 42.69 43.29 52.52 49.37 51.96
Current Liabilities 21.78 32.21 58.38 48.05 61.90 58.97
Total Equity and Liabilities 261.78 338.29 413.93 496.23 553.79 589.57
Fixed Assets 106.03 116.04 134.53 155.77 196.38 215.37
Long Term Investments, Loans, Receivables & Prepayments 6.14 7.40 145.15 146.30 137.63 119.40
Current Assets 149.60 214.85 134.25 194.16 219.78 254.80
Total Assets 261.78 338.29 413.93 496.23 553.79 589.57
Cash Flow Summary

Net Cash from Operating Activities Rs in billion 67.88 48.58 185.68 50.39 74.01 55.85
Net Cash used in Investing Activities (15.92) (14.66) (164.80) (25.47) (53.65) (35.59)
Net Cash used in Financing Activities (18.66) (30.61) (33.92) (27.22) (37.95) (23.76)
Increase/(Decrease) in Cash and Cash Equivalents 33.30 3.31 (13.04) (2.30) (17.59) (3.49)
Cash and Cash Equivalents at beginning of the Year 18.84 52.14 55.45 42.41 40.11 22.53
Cash and Cash Equivalents at end of the Year 52.14 55.45 42.41 40.11 22.53 19.03
Key Indicators
Profitability Ratios
Gross Profit Margin % 66 70 71 69 63 54
Net Profit Margin % 41 49 41 48 41 37
EBITDA Margin to Sales % 71 74 69 73 67 58
Return on Average Capital Employed % 35 42 32 35 21 13
Liquidity Ratios
Current Ratio Times 6.87 6.67 2.30 4.04 3.55 4.32
Acid Test/Quick Ratio Times 6.22 6.26 2.01 3.65 3.27 4.01
Cash to Current Liabilities Times 2.40 1.73 0.73 0.84 0.37 0.33
Cash Flow from Operations to Sales % 87 59 125 63 79 74
Activity/Turnover Ratios
Debtor Turnover in Days (1) Numbers 189 200 158 111 192 261
Total Assets Turnover Ratio % 63 66 59 56 40 28
Investment/Market Ratios
Earnings per Share Rupees 14.77 22.53 21.22 28.81 20.29 13.94
Price Earning Ratio Times 10.36 7.12 10.78 9.07 8.84 9.90
Dividend Yield Ratio % 4 5 4 4 4 4
Dividend Payout Ratio % 37 32 39 32 38 37
Dividend Coverage Ratio Times 2.69 3.11 2.57 3.11 2.62 2.68
Cash Dividend per Share Rupees 5.50 7.25 8.25 9.25 7.75 5.20
Market Price per Share (2) - As on June 30 Rupees 153.00 160.44 228.75 261.28 179.24 138.07
- High during the Year 180.66 170.70 254.81 287.84 277.52 183.50
- Low during the Year 129.13 120.29 167.41 229.47 172.44 95.58
Break-up Value per Share Rupees 46.87 61.24 72.60 92.00 102.89 111.29
Contribution to National Exchequer Rs in billion 76.84 100.55 129.62 132.26 123.70 81.64
Notes:
Previous year figures have been rearranged and/or reclassified, wherever, necessary for the purpose of comparison
1. 366 days have been used for the year 2011-12 and 2015-16
2. Source: Pakistan Stock Exchange

Graphical Presentation
Six Years Operational and Financial Performance
Quantity Sold - Crude Oil/Condensate Quantity Sold - Gas

(Thousand Barrels) (MMcf)
16000 450000
14000 400000
350000
12000
300000
10000
250000
8000
200000
6000
150000
4000
100000
2000 50000
0 0
2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16
Own Fields Operated JVs Non-Operated JVs Own Fields Operated JVs Non-Operated JVs
Net Sales Vs Profit for the Year Earnings and Dividend per Share
(Rs in billion) (Rupees)
300.00 35.00
30.00
250.00
25.00
200.00
20.00
150.00
15.00
100.00
10.00
50.00
5.00
0.00 0.00
2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16
Net Sales Revenue Profit for the Year Earnings per Share Dividend
Return on Average Capital Employed Assets and Liabilities

(Rs in billion)
45% 250.00
40%
200.00
35%
30%
150.00
25%
x 4.427
20%
100.00
15%
10%
50.00
5%
0% -
2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16
Non-Current Assets Long Term Investments, Loans, Receivables & Prepayments

Net Current Assets Long Term Liabilities

Comments on Six Years Performance
OGDCL in an effort to seek sustainability and growth of its business operations is determined to carry on
vigorous exploratory activities and deliver stable operational performance leading to production enhancement
and improved operational cash flows in the future. This is testified by the Company’s operational results
recorded in the past many years while on the financial front slump in international oil prices impacted
the business profitability during the fiscal years 2014-15 and 2015-16.
OGDCL’s operational and financial snapshot during the fiscal years 2010-11 to 2015-16 is as follows:
• 2D and 3D seismic survey acquired in 2015-16 • Profit after tax for 2015-16 stood at Rs 59.97
is 5,336 Line km and 3,459 sq. km respectively billion compared to Rs 63.53 billion for 2010-11
against 1,500 Line km and 660 sq. km in 2010-11 primarily due to low oil price environment and
portraying fast track seismic data acquisition increased operating, exploration and prospecting
carried out with the aim to tap additional oil expenditures partially offset by higher other
and gas reserves and further enrich the reserves income;
portfolio; • Total Assets as on 30 June 2016 are Rs 589.57
• Twenty six (26) exploratory/appraisal and billion against Rs 261.78 billion as on 30 June
development wells are drilled during 2015-16 2011 showing a healthy surge of Rs 327.79 billion
against twenty one (21) wells during 2010-11 which is attributable to increase in fixed assets
representing active drilling campaigns carried including property, plant and equipment and
out to locate new hydrocarbon reserves; development and production assets coupled
• Intensified exploratory activities, particularly with higher long term investment, mainly due
in the last two fiscal years, led the business to to investment in Privately Placed Term Finance
witness a total of nineteen (19) new oil and gas Certificates and Pakistan Investment Bonds.
discoveries during the last six (6) fiscal years, Moreover, rise in current assets largely due to
which effectively contributed in maintaining trade debts outstanding against oil refineries
and enhancing oil and gas production; and gas distribution companies contributed to
• Quantity sold with respect to crude oil, gas and increased total assets;
LPG in 2015-16 were higher in comparison to • Cash and cash equivalents at the end of 2015-16
2010-11, mainly owing to extensive exploration, were Rs 19.03 billion in comparison to Rs 52.14
development and production activities coupled billion at the end of 2010-11 primarily owing to
with increase in production from non-operated rise in trade debts and higher dividends and taxes
fields; payments coupled with increase in expenditures;
• Net Sales in 2015-16 were Rs 162.87 billion operating, capital, exploration and prospecting;
against Rs 155.63 billion in 2010-11 showing an and
increase of Rs 7.24 billion mainly on account of • Being the largest exploration and production
higher realized prices of gas, enhancement in Company of Pakistan, OGDCL made a significant
oil and gas production and favorable exchange contribution of Rs 644.61 billion in national
rate. However, dramatic fall in international oil exchequer during 2010-11 to 2015-16 on account
prices impacted the business net sales in the last of corporate tax, dividend, royalty, general sales
two fiscal years; tax, gas infrastructure development cess, excise
duty and development surcharge.
Targets for the Fiscal Year 2016-17

During the fiscal year 2016-17, OGDCL seeks to carry out 6,253 Line km and 1,130 sq. km of 2D and 3D
seismic survey respectively. Twenty six (26) new wells including sixteen (16) exploratory/appraisal wells
and ten (10) development wells are planned to be drilled. Net capital expenditure is estimated at Rs 65.8
billion; Rs 29.2 billion on exploratory, appraisal and development wells (net of estimated dry hole cost of
Rs 10.6 billion) and Rs 36.6 billion on development projects and property, plant & equipment.

Vertical and Horizontal Analysis
2010-11 2011-12 2012-13 2013-14 2014-15 2015-16
Vertical Analysis
Profit and Loss Account
Net Sales 100.0 100.0 100.0 100.0 100.0 100.0
Royalty (11.4) (11.7) (11.6) (11.6) (11.3) (11.1)

Operating Expenses (21.2) (17.4) (16.5) (19.0) (25.1) (33.8)
Transportation Charges (1.4) (1.0) (1.0) (0.9) (0.9) (1.2)
Gross Profit 66.0 69.9 70.9 68.5 62.7 54.0
Other Income 2.1 4.9 7.0 7.4 9.1 9.0

Exploration and Prospecting Expenditure (4.3) (2.0) (6.7) (3.4) (5.5) (8.9)
General and Administration Expenses (1.4) (1.1) (1.1) (1.2) (2.0) (2.3)
Finance Cost (1.0) (0.9) (1.0) (0.9) (1.2) (1.1)
Workers' Profit Participation Fund (3.1) (3.5) (3.5) (3.5) (3.2) (2.6)
Share of Profit in Associate 0.1 0.0 0.0 0.0 0.5 1.3
Taxation (17.6) (18.3) (24.9) (18.8) (18.9) (12.6)
Balance Sheet
Share Capital and Reserves 77.0 77.9 75.4 79.7 79.9 81.2
Non-Current Assets 42.9 36.5 67.6 60.9 60.3 56.8

Current Assets 57.1 63.5 32.4 39.1 39.7 43.2
Total Assets 100.0 100.0 100.0 100.0 100.0 100.0
Horizontal Analysis
Net Sales 100.0 127.1 143.5 165.1 135.3 104.6
Royalty 100.0 130.6 146.3 167.9 134.1 102.1

Operating Expenses 100.0 104.2 111.5 148.0 160.4 166.6
Transportation Charges 100.0 92.2 102.2 108.5 90.2 86.9
Gross Profit 100.0 134.6 154.2 171.4 128.5 85.6
Other Income 100.0 292.4 475.0 578.9 580.7 445.0

Exploration and Prospecting Expenditure 100.0 61.1 226.2 131.7 175.6 219.7
General and Administration Expenses 100.0 98.5 107.5 132.7 192.9 168.8
Finance Cost 100.0 115.8 155.9 148.5 171.7 115.7
Workers' Profit Participation Fund 100.0 146.3 161.4 189.4 139.6 88.5
Share of Profit in Associate 100.0 111.2 133.7 145.2 1,330.7 2,790.6
Taxation 100.0 131.8 202.3 176.4 144.9 74.8
Balance Sheet
Share Capital and Reserves 100.0 130.7 154.9 196.3 219.5 237.5
Non-Current Assets 100.0 110.0 249.3 269.3 297.8 298.4

Current Assets 100.0 143.6 89.7 129.8 146.9 170.3
Total Assets 100.0 129.2 158.1 189.6 211.6 225.2

Statement of Value Addition
(Rs in Million)
2015-16 2014-15
Gross Revenue 190,736 240,987

Less:
Operating, General & Administration, Transportation and Exploration Expenses 30,565 28,787
160,171 212,200
Add:
Income from Financial Assets 12,909 18,000
Income from Non-Financial Assets 1,794 1,187
Other 2,189 1,044
Less:
Other Expenses 1,718 2,550
Total Value Added 175,345 229,880
Distribution to:
Employees as
Remuneration 20,180 18,775
Contribution to Employees' Benefits (Pension & Medical) 3,643 616
23,823 19,391
Government as
Corporate Tax 20,537 39,776
Dividends 15,155 29,827
Levies - Sales Tax 19,133 21,311
Excise Duty 3,157 3,316
Gas Infrastructure Development Cess (GIDC)/Development Surcharge 5,579 5,735
Royalty 18,079 23,737
Workers' Profit Participation Fund 4,237 6,686
85,877 130,387
Shareholders other than the Government as

Dividends 5,059 9,957
Society 2,107 1,290
Business as
Reserves 3,075 850
Depreciation 7,099 5,724
Amortization 15,267 16,281
Unappropriated Profit 33,038 46,000
58,479 68,855
Total Value Added 175,345 229,880
Distribution of Value Added

2015-16 2014-15
Retained in
Employees
Retained in Employees Business
8.44%
Business 13.59% 29.95%
33.34%
Society
0.56%
Society
1.20%
Shareholders
4.33%
Shareholders Government
Government 56.72%
2.89% 48.98%

DuPont Analysis
DuPont Analysis shows that OGDCL’s Return on Equity coupled with increase in operating, exploration and
during the fiscal year 2015-16 is impacted in comparison prospecting expenditures and reduced other income
to the preceding year. This is due to fall in average which influenced the Company’s Total Assets Turnover
basket price of crude oil to US$ 42.50/barrel from US$ and Net Profit Margin. Equity Multiplier is slightly
74.45/barrel in the preceding year leading the business lower on account of greater increase in equity in
to witness lower realized prices for crude oil and gas comparison to increase in total assets.
Total Assets Net Profit Equity Return on

Turnover
x Margin
x Multiplier
= Equity
FY 2015-16 28% 37% 1.23 13%
Analysis of Variation in Results

Reported in Interim Reports
Item wise Quarterly Analysis
Quarter wise variations and commentary on the financial results of OGDCL during the fiscal year 2015-16
are as follows:
--------------------------------------Rupees in billion -------------------------------------- Rupees
Quarter Net Sales Gross Profit Profit before Tax Profit after Tax Earnings per Share
First Quarter 44.513 26.397 26.228 18.260 4.25
Second Quarter 41.673 22.659 21.848 15.946 3.71
Third Quarter 36.525 18.615 13.848 9.294 2.16
Fourth Quarter 40.155 20.220 18.583 16.471 3.83
Total 2015-16 162.867 87.890 80.507 59.971 13.94
Net sales for the first quarter in comparison to the Profit before tax (PBT) recorded for the first quarter
remaining quarters is greater mainly due to higher in comparison to the remaining quarters is more
realized prices of crude oil and gas. Significant fall in largerly attributable to higher net sales and lower
international oil prices impacted sales revenue in the exploration and prospecting expenditures. In the
remaining quarters, while oil prices recovered partially subsequent quarters, lower gross profit accompanied
in the fourth quarter resulting in increased net sales with increased exploration and prospecting expenditures
in comparison to the third quarter. Lowest net sales on account of enhanced geophysical survey (3D)
are observed in the third quarter which apart from partially offset by surge in share of profit in associate
the suppressed oil price is due to reduced gas intake in the fourth quarter affected PBT.
from Uch field by Uch-II Power (Private) Limited and
Qadirpur field by Engro Powergen Qadirpur Limited Profit after tax (PAT) posted for the first quarter in
and Liberty Power Limited coupled with SSGCL’s comparison with the remaining quarters is greater due
increased pipeline pressure which also affected gas to increased profit before tax. In the other quarters,
production at KPD field. decline in the PBT led to reduced profitability,
while slight recovery of PAT in the fourth quarter is
Gross profit reported for the first quarter in comparison attributable to partial price rebound in conjunction
to the remaining quarters is higher primarily owing with surge in share of profit in associate and lower
to increased net sales. In the following quarters, taxation on account of advance tax adjustment .
lower net sales coupled with increased operating
expenses influenced gross profit. Earnings per share variations in the four (4) quarters
follow the same trend as evident in the results of PAT
and owing to the same reasons as well.

Managing Director’s Review
Against the backdrop of steep decline in international oil prices having impacted the earnings of global oil
and gas industry, Oil & Gas Development Company Limited (OGDCL) remained committed to serve the
national cause of meeting oil and gas demands and in this connection delivered yet another steady
operational performance during the fiscal year 2015-16. Moreover, the Company leveraging on robust
exploration portfolio, business strategy, financial strength and dedicated employees continued to maintain
its position as an industry leader in terms of highest share in exploration acreage, seismic data acquisition,
oil and gas reserves and production contribution in E&P sector of Pakistan.
OGDCL’s solid operational performance rendered during the In addition to the above, OGDCL during the period under
period July 2015 to June 2016 is primarily attributable to review carried on its track record of exploration success
exploration, which has been once again a driver of value striking six (6) new oil and gas discoveries having cumulative
creation for the business. This is witnessed by the fact that daily production potential of 50 MMcf of gas and 1,500 barrels
the Company’s intensified exploratory efforts continued of oil. These discoveries comprise Nashpa X-5 in district
during the year resulting in 3D and 2D seismic data acquisition Karak, Khyber Pakhtunkhwa province, Thal East-1 & Thal
of 3,459 sq. km and 5,336 Line km in comparison to 1,918 West-1 in district Sukkur, Bitrism West-1A in district Sanghar,
sq. km and 5,430 Line km respectively in the last year. Aradin-1 in district Khairpur, Sindh province and Chak
Moreover, the Company drilled a total of twenty six (26) new Naurang South-1 in district Chakwal, Punjab province.
wells including twelve (12) exploratory/appraisal wells and Reserves addition through new discoveries is 171.27 billion
fourteen (14) development wells against twenty five (25) wells cubic feet of gas and 9.20 million barrels of oil combined 35.13
drilled in the previous year. million barrels of oil equivalent, which will contribute to
further bolster reserves base of the Company.

Being the national flagship of the Country’s E&P sector, business financial results leading the Company to register
OGDCL is striving to augment oil and gas production from Sales Revenue and Profit after Tax of Rs 162.867 billion and
owned and operated joint venture fields. In this regard, the Rs 59.971 billion respectively translating into Earnings per
Company during the year under review added 4,150 barrels Share of Rs 13.94 for the year ended 30 June 2016. In order to
per day of crude oil and 43 MMcf per day of gas through successfully navigate through this era of low oil prices and
addition of new wells in the existing gathering system, which volatility, the Company has maintained vigilance on its
contributed towards narrowing down the impact of natural operational and capital spending while adapting to the
decline and operational problems encountered at certain changing conditions and position for an eventual recovery.
fields. Moreover, the Company during the year contributed
around 48% and 28% of the Country’s total oil and natural gas Moving on, OGDCL with the aim to carry out exploration,
production respectively (source: Pakistan Petroleum development and production operations efficiently and cost
Information Services). Apart from this, a sum of Rs 81.640 effectively will continue formulation of value driven joint
billion is contributed to the national exchequer on account of ventures with leading E&P companies, both locally and
corporate tax, dividend, royalty, general sales tax, gas internationally. While acting as a low cost operator, the
infrastructure development cess and excise duty. Company also seeks to acquire concessions in domestic and
international market and evaluate suitable farm-in/farm-out
Despite the natural decline observed in the mature opportunities to enhance reserves and production base
hydrocarbon producing fields, OGDCL’s daily net saleable resulting in improved operational cash flows. In addition, the
crude oil and gas production remained steady during the Company is focused on locating alternate sources of energy
reporting period averaging 40,609 barrels and 1,056 MMcf by carrying out a comprehensive study through an
respectively. Moving forward, the Company envisages international consultant to evaluate shale gas/oil and tight
production growth from its owned and operated joint venture gas/oil potential in its operated blocks.
fields based on aggressive exploratory endeavors, expediting
pace of bringing new discoveries on production and As we enter the fiscal year 2016-17, OGDCL is confident that
completion of ongoing development projects including its fast track exploration, development and production
Kunnar Pasakhi Deep-Tando Allah Yar (KPD-TAY), Sinjhoro, activities coupled with concentration on rigorous financial
Uch-II, Nashpa and Mela. In this regard, phase-II of the spending and capital discipline will pave the way to discover
Sinjhoro development project upon completion of new oil and gas reserves and optimize production on
commissioning activities has been brought into production competitive basis. While doing so, the Company stands firm
during the month of July 2015. At present, cumulative daily in utilizing latest production techniques and innovative
production from phases I and II is around 2,600 barrels of technologies to drive functional excellence across E&P
crude oil, 30 MMcf of gas and 140 Tons of LPG. Likewise, operations and maximize hydrocarbon recovery from mature
concerted efforts are underway at phase-II of the KPD-TAY fields. In pursuit to meet the stated commitments, the
development project which is expected to be completed Company will continue to bank on the support and patronage
during September 2016 leading to an average daily of all its stakeholders particularly Government of Pakistan,
incremental production of 4,000 barrels of oil, 105 MMcf of Ministry of Petroleum & Natural Resources, Directorate
gas and 400 tons of LPG. Development work at Nashpa-Mela General of Petroleum Concessions, joint venture partners,
fields is also in full swing as the EPCC contract is awarded, Board of Directors, shareholders and employees as we look
pipeline to be laid from Mela to Nashpa field is procured and ahead to embrace new business challenges and accept
the contractor is mobilized at site with activities including courageous tasks to carry on our track record of delivering
construction of temporary site facilities and leveling and industry leading performance, safely and responsibly.
grading process of plant area and LPG bullet area under
progress. This development project will be brought on stream
by June 2017 to deliver an incremental daily production of
1,200 barrels of crude oil, 10 MMcf of gas and 380 Tons of LPG.
On the financial front, slump in oil prices owing to crude 24 August 2016 (Zahid Mir)
supply glut in the international market continues to impact Islamabad Managing Director & CEO
OGDCL’s financial performance. This is reflected in the
standings of average basket price which during the year
under review plummeted to US$ 42.50/barrel against US$
74.45/barrel in the comparative period. Resultantly, the
Company recorded lower realized prices for crude oil and gas
averaging US$ 39.07/barrel and Rs 253.77/Mcf compared with
US$ 63.29/barrel and Rs 272.61/Mcf respectively in the
preceding year. This decrease in oil prices has influenced the

Directors’ Report
Dear Shareholders,
On behalf of the Board of Directors of the Company, I am pleased to present OGDCL’s

operational and financial performance together with the audited financial statements
and Auditors’ Report for the year ended 30 June 2016.
Fiscal year 2015-16 is marked as a year of both challenges and

achievements in the Company’s history. Despite the tough market
conditions, existent due to low oil price environment influencing the
oil and gas sector across the globe, OGDCL being the national
flagship of Pakistan’s E&P sector remained steadfast in its resolve to
carry on vigorous exploratory endeavors and continue playing a
pivotal role in enhancing the Country’s energy security. Pursuit to
this ambition led the Company to report yet another industry leading
performance in the Country while preserving its coveted status as a
market leader in E&P sector in terms of exploration acreage, seismic
data acquisition, oil and gas reserves and production volumes.

Exploration and Development Activities
OGDCL’s exploration strategy is to maintain a balanced
portfolio of exploratory assets in the established,
promising and unexplored areas and focus on
accelerating exploration activities leading to
hydrocarbon reserves accretion. As of 30 June 2016, the
Company’s exploratory assets covered an area of
112,453 sq. km which is the largest exploration acreage
held by any E&P Company in Pakistan. These exploratory
licenses are spread across all four (4) provinces of the
Country and the portfolio constitutes sixty (60) owned
and operated joint venture exploration licenses along
with holding working interest in six (6) blocks operated
by other exploration and production companies.
In line with its exploration-led growth strategy to

enhance oil and gas reserves and embark upon new
growth opportunities, OGDCL’s fast track seismic data
acquisition continued during the year under review.
These exploratory efforts culminated in 3D and 2D
seismic data acquisition of 3,459 sq. km (2014-15: 1,918
sq. km) and 5,336 Line km (2014-15: 5,430 Line km)
respectively in various exploratory blocks including
Armala, Dakhni, Fatehpur, Khanpur, Khiu, Ladhana,
Layyah, Mari East, Pezu, Kulachi, Ranipur, Thal, Tegani,
Zorgarh, Baratai, Rakshan, Plantak, Shahana, Kohat, evaluate shale gas/oil and tight gas/oil potential in
Khewari and Warnali. The Company also carried out OGDCL’s operated blocks is completed while second and
geological field work of 182 Line km in Bostan exploration third phases of the study are underway. Moreover to
license. Moreover to identify prospective areas offering measure and evaluate shale gas potential at the well-site
the potential for commercial oil and gas reserves, 8,054 during the drilling phase, services including Well-site
Line km of 2D seismic data and 2,061 sq. km of 3D Geosciences and Canister Gas Analysis are being utilized
seismic data of various blocks were processed using at Kunnar Deep-10 and Suleman-2. Moving forward with
in-house resources. this study, shale/tight gas evaluation program
comprising additional drilling, stress testing, analyzing
In a suppressed oil price market where some of the E&P cores and special logs is incorporated in wells under
companies have resorted to scale back their capital drilling and to be drilled in the future. Furthermore,
expenditures, OGDCL carried on its active drilling efforts are in progress to formulate joint exploration
campaigns to replenish and augment the hydrocarbon strategy in collaboration with Pakistan Petroleum
reserves and ensure business sustainability. In this Limited for shale/tight gas evaluation.
pursuit, the Company spud twenty six (26) wells
(2014-15: 25 wells) including twelve (12) exploratory/ Apart from the above, OGDCL being a low cost operator
appraisal wells viz., Bachani-1, Bitrism West-1A, Thal is focused on establishing foot prints abroad by
West-1, Pirkoh Deep-1, Barkatwala-1, Daru Deep-1, undertaking farm-in/farm-out opportunities as wells as
Mithri-1, Dhodak Rubbly X-1, Khamiso-1, Chhutto-1, Thal acquisition of concessions in domestic and international
East-2 and Jand-2 and fourteen (14) development wells market. In this respect, the Company is making all out
viz., Buzdar North-2, Pirkoh-54, Pasakhi Deep-6, Palli-2, efforts to seek suitable opportunities that play to the
Rajian-9, Dhachrapur-3, Kunnar Deep-11, Kunnar-10 & business strengths and deemed financially viable.
11, Qadirpur-54 & 55 and Qadirpur HRL-9, 10 & 11 during Moving forward, OGDCL is determined to carry on its
the reporting period. In addition, drilling and testing of extensive exploration program including fast track
nine (9) wells spud in the previous fiscal year were seismic data acquisition, data processing/interpretation
completed. and active drilling campaigns to replenish and augment
hydrocarbon reserves, ramp up oil and gas production
In order to exploit unconventional oil and gas resources and contribute in the economic development of the
like shale gas and coal bed methane, first phase of the Country.
study carried out by an international consultant to

Production
OGDCL’s production strategy is to maintain and enhance
hydrocarbon production profile by expediting
connectivity of newly discovered exploratory, appraisal
and development wells in the system, employing latest
production techniques and innovative technologies to
curtail natural decline and undertaking/completing
ongoing development projects on seamless track to
meet the growing demands of oil and gas in Pakistan.
In this pursuit, the Company during the period under
review injected new wells; Chak 63-3, Chak 2-3, Mela-4,
Loti Deep-1, Kunnar-10, Pirkoh-54, Palli-2, Nashpa X-5,
Loti-19 & 20, Qadirpur-54 & 55 and Qadirpur HRL-9 & 10
in the existing gathering system which at present are
cumulatively producing 4,150 barrels per day of crude
oil and 43 MMcf per day of gas. This addition of oil and
gas to the production base contributed towards
narrowing down the impact of natural decline and
operational problems encountered at certain fields.
Moreover, the Company contributed around 48% and
28% of the Country’s total oil and natural gas production
respectively during July 2015 to June 2016 (source:
Pakistan Petroleum Information Services).
In order to revive and enhance production from the

mature wells, OGDCL during the reporting period
Discoveries carried out workover jobs with rig at Kal-3,
OGDCL’s aggressive exploratory efforts to locate new Missakeswal-3, Sono-7, Pasakhi North-1, Nim West-1,
hydrocarbon reserves bear fruit during the period Thora Deep-1, Chak 2-2, Kunnar-6 & 8, Rajian 1 & 2 and
under review resulting in six (6) new oil and gas Thora-1, 3 & 4. Likewise, rig-less workover jobs were
discoveries having cumulative daily production carried out at various wells to boost oil and gas
potential of 50 MMcf of gas and 1,500 barrels of oil. production. Moreover to induce improvement in current
These discoveries were witnessed at Nashpa X-5 in well flow parameters, pressure build-up survey jobs
district Karak, Khyber Pakhtunkhwa province, Thal
East-1 & Thal West-1 in district Sukkur, Bitrism West-1A
in district Sanghar, Aradin-1 in district Khairpur, Sindh
province and Chak Naurang South-1 in district Chakwal,
Punjab province. Reserves addition attributable to the
aforesaid discoveries is 171.27 billion cubic feet of gas
and 9.20 million barrels of oil combined 35.13 million
barrels of oil equivalent.
Oil and Gas Reserves

OGDCL’s total gross remaining recoverable 3P reserves
as of 30 June 2016 stood at 498.50 million barrels of oil
and 11,689.20 billion cubic feet of gas. These reported
reserves are in accordance with the Reserves Evaluation
Study-2014 carried out by an independent consultant
namely Bayphase Limited, UK for all OGDCL fields.
Original reserves by Bayphase Limited, UK have been
revised/updated during the reporting period based
on the production performance, workovers and
development wells result of individual fields.

were completed at various wells of Qadirpur, Sinjhoro, SSGCL’s increased pipeline pressure, gas production is
Kunnar, Kunnar Pasakhi Deep, Maru Reti, Uch, Bobi, affected at Qadirpur and KPD fields. Regarding LPG
Chanda, Mela and Nashpa fields. production, the Company witnessed surge mainly
owing to startup of production from Sinjhoro and
During the period under review, OGDCL as part of Jakhro fields.
preventive maintenance plan carried out Annual Turn
Around of plants at Bobi, Qadirpur, Kunnar, Kunnar The average daily net saleable production of crude oil,
Pasakhi Deep, Dakhni, Chanda, Uch and Sinjhoro fields. gas and LPG during the period under review, including
In addition, production testing has been completed at share in both operated and non-operated joint venture
wells; Suleman-2, Thal East-1, Thal West-1, Bitrism fields is as under:
West-1A, Kunnar-11, Pasakhi Deep-6 and Kunnar Deep-10
& 11. The commissioning of cathodic protection system Unit of FY FY
Products
at twenty four (24) wells of Kunnar Pasakhi Deep and Measurement 2015-16 2014-15
fifteen (15) wells of Uch-II project has also been Crude oil Barrels per day 40,609 40,818
completed.
Gas MMcf per day 1,056 1,107
LPG Tons per day 342 260
Against the backdrop of natural decline in some of the
mature hydrocarbon producing fields, OGDCL during
the fiscal year 2015-16 recorded stable crude oil Going forward, OGDCL is confident that its vigorous
production while gas production is impacted in exploratory endeavors accompanied with the expedited
comparison to the corresponding year. The Company’s efforts for completion of ongoing development projects
gas production is influenced by less gas intake from will lay a solid foundation to reap the reward of
Uch-I & II fields by Uch-II Power (Private) Limited during augmented oil and gas output in the future. In doing so,
the months of January, February and March 2016 due to utilizing advanced technology, pursuing latest
its Annual Turn Around and tripping of turbines and production techniques and enhancing engineering
Qadirpur field by Engro Powergen Qadirpur Limited and design and simulation capabilities will remain part and
Liberty Power Limited owing to their shut-in from parcel of the Company’s production strategy leading to
22 January 2016 to 30 April 2016 and 17 February 2016 to growth in production and distribution to the
14 March 2016 respectively. Moreover on account of shareholders in the coming years.

Production Sesimic Data Acquisition
Crude Oil 2D
32%
48% 52%
68%
Gas 3D
28%
47%
53%
72%
OGDCL Other E&P companies
Market Share Information from an crude oil, gas and LPG production is expected upon their
Independent Source completion in the near future.
Being an industry leader in E&P sector, OGDCL boasts
the highest share in exploration acreage, seismic data OGDCL’s progressive efforts for completion of its
acquisition, oil and gas reserves and production ongoing development projects during the fiscal year
volumes in comparison to other E&P companies 2015-16 are as follows:
operating in Pakistan. The Company’s exploration
portfolio comprises sixty (60) owned and operated joint KPD-TAY Development Project
venture exploration licenses covering an area of KPD-TAY integrated development project is located
112,453 sq. km, which represents 31% of the Country’s adjacent to existing Kunnar LPG plant in district
total exploration acreage awarded as of 30 June 2016. Its Hyderabad, Sindh province. OGDCL through use of
2D and 3D seismic data acquisition were 68% and 53% in-house resources is engaged in completion of this
respectively of the total seismic data acquired in the project in two (2) phases. In this regard, phase-I of the
Country during the year. Moreover, hydrocarbon project has already been completed, currently supplying
reserves of the business were 59% of oil and 36% of total around 1,000 barrels per day of condensate and 120
natural gas reserves in the Country as at 30 June 2015. MMcf per day of dehydrated gas.
Furthermore, the Company contributed around 48%
and 28% of the Country’s total oil and natural gas Under phase-II of the project, OGDCL has carried out
production respectively during the period July 2015- installation of well head facilities, gas gathering system,
June 2016. CO2 removal unit, LPG extraction feed/sales gas
(Source: Pakistan Petroleum Information Services) compressors, power generation and allied utilities.
Moreover, work on 21 kilometer trunk line and EPCC
Development Projects installation coupled with mechanical and piping
OGDCL in line with its business strategy to augment activities relating to sales gas compressors is completed
hydrocarbon production and improve operational cash and pre-commissioning activities have started. Phase-II
flows continued to make all out efforts for completion of the project is expected to be completed during
of its ongoing development projects including Kunnar September 2016 upon which production from combined
Pasakhi Deep-Tando Allah Yar (KPD-TAY), Sinjhoro, phases I and II will be around 5,000 barrels per day of
Uch-II and Nashpa-Mela. These development projects oil/condensate/NGL, 225 MMcf per day of gas and 400
are of significant importance as sizeable increase in Tons per day of LPG.

Sinjhoro Development Project LPG recovery plant and allied facilities at Nashpa field
Sinjhoro development project is located near district and respective evaluation has been completed and the
Sanghar, Sindh province. This project is a joint venture contract is awarded to Hong Kong Huihua Global
among OGDCL, OPL and GHPL having 62.5%, 15% and Technology Limited.
22.5% working interest respectively with OGDCL acting
as the operator. By using in-house resources, the At present, the contractor has been mobilized at site and
Company has carried out development of this field in activities including construction of temporary site
two (2) phases. Phase-I of the project has already been facilities and leveling and grading process of plant area
completed and is currently supplying around 1,000 and LPG bullet area are under progress. Moreover,
barrels per day of oil and 16 MMcf per day of gas. pipeline to be laid from Mela to Nashpa field has been
procured and tender to hire the services of contractor
During the month of July 2015, OGDCL upon completion for laying, construction and commissioning of pipeline
of commissioning activities has brought phase-II of the is under preparation. Currently, Nashpa-Mela fields are
project into production. At present, total production cumulatively contributing around 22,400 barrels per
from combined phases I and II is around 2,600 barrels day of oil and 90 MMcf per day of gas. This development
per day of crude oil, 30 MMcf per day of gas and 140 Tons project is expected to be completed by June 2017 leading
per day of LPG. to an incremental production of 1,200 barrels per day of
crude oil, 10 MMcf per day of gas and 380 Tons per day
Uch-II Development Project of LPG.
Uch gas field is located about 67 kilometers South East
of Dera Bugti in Balochistan province. OGDCL is working
to complete this project by employing in-house
resources. The contractor has already been mobilized
at site and development activities are in the final stages
of completion. At present, 130 MMcf per day of gas under
interim arrangement is being supplied to Uch-II Power
(Private) Limited from one amine unit as per demand.
Expected completion of the project during the month of
September 2016 will enable the Company to exhibit
operational excellence in supply of 160 MMcf per day of
gas to Uch-II Power (Private) Limited.
Nashpa-Mela Development Project

Nashpa-Mela fields are located in Karak and Kohat
districts of Khyber Pakhtunkhwa province. OGDCL is the
operator of these fields with 56.45% share while joint
venture partners include PPL and GHPL with 28.55% and
15% working interest respectively. The scope of this
project involves the installation of well head
compressors, crude stabilization unit and laying of 22
kilometers gas transport pipeline from Mela to Nashpa
field. The tendering relating to EPCC for gas processing,

Non Operated Joint Ventures interest of 50% in Kadanwari field and 20% each in Bhit
OGDCL holds working interest in various blocks and Badhra fields. In order to enhance the production
operated by other exploration and production from Bhit and Badhra fields, phase-II of compression
companies. The detail of the activities carried out in the project has been completed under which ten (10) booster
Company’s non-operated joint ventures during the compressors have been commissioned resulting in
fiscal year 2015-16 is as follows: cumulative gain of 38 MMcf per day of gas. Moreover,
drilling of a development well with potential of 25 MMcf
TAL Concession per day of gas at Badhra field has been completed.
TAL block is located in Khyber Pakhtunkhwa province During the year, average daily gas production for
and spreads over Karak, Kohat, Hangu, Bannu, North Kadanwari and Badhra fields is 45 MMcf and 112 MMcf
Waziristan and Orakzai agency areas. The concession is respectively while Bhit field is contributing around 151
operated by MOL Pakistan with OGDCL, PPL and GHPL MMcf per day of gas and 262 barrels per day of
as joint venture partners. OGDCL has 27.76% working condensate.
interest in TAL concession. To date, discoveries
accredited to TAL concession include Manzalai, Makori, Badar Field
Mamikhel, Maramzai, Makori East, Tolanj and Mardan Badar gas field is located in Kashmore, Sukkur and
Khel. During the period under review, drilling at Tolanj Ghotki, Sindh province and is operated by PEL with
West-1 and production testing at Makori Deep-1 OGDCL holding 50% working interest. During the year
continued while drilling at Makori East-5 has been under review, Badar-2 has been put on regular
completed. Moreover, civil work activities at Mardan production and currently the field is producing on
Khel-2 & 3 and Maramzai-4 along with tie-in of Mardan average 16 MMcf per day of gas.
Khel-1 with the production facilities remained under
progress. At present, average daily production is Miano Field
20,207 barrels of crude oil/condensate, 263 MMcf of gas Miano gas field is located in district Sukkur, Sindh
and 432 Tons of LPG. province and is operated by OMV Pakistan with OGDCL,
ENI and PPL as joint venture partners. OGDCL holds 52%
Adhi Field working interest in Miano field. During the period
Adhi oil field is located in district Rawalpindi, Punjab under review, drilling at Miano-19 has been completed
province and is operated by PPL with OGDCL and POL and well is under production testing. Moreover, Miano
as joint venture partners. OGDCL holds 50% working TG-16 horizontal well has also been completed and
interest in Adhi oil field. During the reporting period, feasibility study for tie-in possibility of the well is under
drilling at Adhi-23, 24 & 25 has been completed while progress. At present, there are eight (8) producing wells
drilling at Adhi-27 remained under way. Moreover, Adhi with average daily production of 83 MMcf of gas and
reservoir simulation study along with 3D seismic data 37 barrels of condensate.
and petro-physical interpretation continued during the
year. The erection of Adhi plant-III is also completed and Dhurnal, Bhangali and Ratana Fields
is in operation since November 2015. Currently, average Dhurnal, Bhangali and Ratana fields are located in
daily production is 4,650 barrels of crude oil, 50 MMcf district Attock and Rawalpindi in Punjab province. These
of gas, 1,950 barrels of NGL and 160 Tons of LPG. fields are operated by OPL with OGDCL holding 20%,
50% and 25% working interest in these fields
Pindori Field respectively. During the year, reprocessing of 119 sq. km
Pindori field is located in district Chakwal, Punjab of 3D seismic data and installation of jet pump at
province and is operated by POL while OGDCL holds 50% Dhurnal-2 remained under progress. The current
working interest. The main productive reservoirs are average daily production of Dhurnal field is 200 barrels
fractured carbonates of the Eocene Sakesar formation of oil and 1 MMcf of gas and Ratana field is producing
and the Paleocene Lockhart formation. To date, eleven 250 barrels of condensate, 6 MMcf of gas and 8 Tons of
(11) wells are drilled including two (2) water injectors LPG.
wells. Presently, two (2) wells are on production and
contributing average daily production of 242 barrels of Badin-II, Badin-IIR and Badin-III Fields
crude oil and 0.13 MMcf of gas. Badin fields are located in district Badin, Sindh province
and are operated by UEPL. OGDCL’s working interest in
Kadanwari, Bhit and Badhra Fields Badin-II, Badin-IIR and Badin-III fields is 49%, 24% and
Kadanwari gas field is located in district Khairpur, Sindh 15% respectively. During the year, drilling of two (2)
province while Bhit and Badhra fields are located in wells has been completed and average daily gross
district Dadu, Sindh province. ENI Pakistan is the production from the Badin fields is around 1,063 barrels
operator of these fields and OGDCL possess a working of oil/condensate and 8 MMcf of gas.

Sara and Suri Gas Fields Additionally, higher operating expenses reflecting an
Sara and Suri gas fields are located in district Ghotki, increase in depreciation of property, plant & equipment
Sindh province and are operated by SEPL with OGDCL and training and welfare cost contributed to lower
holding 40% working interest in each field. In order to financial results thus making the Company to register
commence production from shut-in wells, activities to Profit after Tax of Rs 59.971 billion translating into
tie-in Sara-4 with gas transmission facilities are in Earnings per Share of Rs 13.94.
progress while arrangements are being made to procure
and install compression facilities at Suri-1 & 2. Moreover, Against the backdrop of the challenging times faced by
contract for reinterpretation of Sara-Suri 3D seismic the E&P companies due to collapse in international oil
data has also been awarded. prices leading the companies to witness squeeze in their
profit margins, OGDCL has reset its business strategy
Indus-Offshore Blocks - S and U whereby concentration on prudent investment selection
OGDCL holds 50% and 27.5% working interest in blocks and capital allocation remained the cornerstone in
S and U respectively. As of 30 June 2016, operator UEPL’s competitively carrying out the exploration, development
request for an extension in the grant period of these and production operations and efficiently meet the
exploration licenses remained pending with DGPC. business challenges ahead. Going on, the Company on
the account of exhibiting stable operational performance
Offshore Block G coupled with the financial strength to support ongoing
Block-G is located in the Deep Offshore Indus Basin development projects and activities will continue to
about 250 km from the coast of Karachi with water exploit profitable opportunities to sustain business long
depths between 1,800 and 2,800 meters. The block is term growth and create material value for the
operated by ENI while joint venture partners include shareholders in the years to come.
OGDCL and PPL. OGDCL holds a working interest of
33.33% in this block. Liquidity and Cash flow Analysis
During the fiscal year 2015-16, OGDCL’s cash flow from
Within the Block-G, Kekra structure has been evaluated operations after working capital changes and payment
as “high risk-high reward”, a promising carbonate of income tax of Rs 35.076 billion and royalty of Rs 19.339
buildup with more than 425 sq. km area. Currently, billion was Rs 55.852 billion. After adjusting investment
activities to spud-in exploratory well Kekra-1 have been and financing activities of Rs 35.586 billion and Rs 23.759
deferred due to current slump in oil prices. billion respectively (cash outflows), the Company’s cash
and cash equivalents at the end of the year were
Financial Performance Review Rs 19.035 billion.
Persistent slump in international oil prices owing to
crude supply glut in the market, albeit a mild price The prevailing inter-corporate circular debt issue in the
recovery observed in last quarter of the year, continues energy sector is hampering the business performance
to influence OGDCL’s financial performance. The same as OGDCL’s overdue receivables stood at Rs 78.704
is evident in the shape of average basket price of crude billion as on 30 June 2016, outstanding against oil
oil which during the fiscal year 2015-16 plunged to US$ refineries and gas distribution companies. Out of
42.50/barrel from US$ 74.45/barrel in the corresponding outstanding receivables, Rs 59.395 billion and Rs 16.525
year. This suppressed oil price environment led the billion are overdue from related parties namely SSGCL
Company to report lower realized prices for crude oil and SNGPL respectively. In this respect, Company’s
and gas averaging US$ 39.07/barrel and Rs 253.77/Mcf Management with the aim to expedite the payment of
compared with US$ 63.29/barrel and Rs 272.61/Mcf outstanding receivable amount is carrying out vigorous
respectively in the preceding year. In addition, the follow-ups through personal visits, telephonic calls and
Company’s Sales which have been affected by decrease written letters directed towards oil refineries and gas
in saleable oil and gas production were partially offset distribution companies alongside keeping Ministry of
by increase in exchange rate to Rs 104.56 per US$ from Finance and Ministry of Petroleum & Natural Resources
Rs 102.14 per US$ during the comparative period leading apprised of all such steps coupled with reporting
the business to register Sales Revenue of Rs 162.867 position of receivables to the aforesaid institutes on
billion (2014-15: Rs 210.625 billion). daily basis. The Government of Pakistan is also pursuing
for satisfactory settlement of inter-corporate circular
During July 2015 - June 2016, reduced other income debt issue on account of which the Company considers
mainly due to interest income on investment and bank the receivable amount to be fully recoverable.
deposits coupled with increased exploration and
prospecting expenditure on account of enhanced As on 30 June 2016, OGDCL’s current and acid test/quick
geophysical survey impacted OGDCL’s profitability. ratio were 4.32 and 4.01 respectively reflecting the

Company’s sound financial position and adequate concern aspect is confident that its core activities will
liquidity to meet day to day business requirements. continue to generate sufficient cash flows to fund the
Going on, the Company in validation of its going exploration, development and production operations.
Financial results for the year ended 30 June 2016 are summarized below:
(Rs in billion)
Profit before taxation 80.507
Taxation (20.536)
Profit for the year 59.971
Unappropriated profit brought forward 392.056
Other comprehensive loss (3.643)
Profit available for appropriations 448.384
Appropriations
Transfer to reserves (3.076)
Distribution through Dividends

Final Dividend 2014-15 @ Rs 1.50 per share (15.00%) (6.451)
First Interim Dividend 2015-16 @ Rs 1.50 per share (15.00%) (6.451)
Second Interim Dividend 2015-16 @ Rs 1.20 per share (12.00%) (5.161)
Third Interim Dividend 2015-16 @ Rs 0.50 per share (5.00%) (2.151)
(20.214)
Unappropriated profit carried forward 425.094
Final Dividend Contribution to National Exchequer

The Board of Directors has recommended the final cash OGDCL being the leading E&P Company of Pakistan
dividend of Rs 2.00 per share in addition to three (3) made a significant contribution of Rs 81.640 billion to
cumulative interim cash dividends of Rs 3.20 per share the national exchequer on account of corporate tax,
already declared and paid during the year. This makes dividend, royalty, general sales tax, gas infrastructure
a total dividend of Rs 5.20 per share (52%) for the year development cess and excise duty during the fiscal year
ended 30 June 2016. 2015-16. In addition, the Company’s oil and gas
production continues to render significant foreign
exchange savings as import substitution.
Source of Net Income 2015-16 Utilization of Net Income 2015-16

Share of Profit Royalty
in Associate LPG Corporate Tax 10.06%
1.22% 2.98% 11.42%
Operating
Other Income Crude Oil Exploration Expenses
8.18% 32.87% Expenses 30.59%
8.09%
Gas Processing
0.03% Transportation
Charges
1.06%
Reserves
1.71%
WPPF
2.36%
Gas
54.58% G & A Expenses Finance Cost
2.10% 0.96%
Sulphur
0.14%
Dividend Retained Profit
11.25% 20.41%
Total Rs 179.76 billion Total Rs 179.76 billion

Performance Measures and excellence in annual corporate reporting. BCR Award
Indicators 2014 was received by Mr. Irteza Ali Qureshi, CFO on
OGDCL has a wide range of key performance indicators behalf of OGDCL.
which are used to measure business operational and
financial performance. These indicators are in the form Other Awards
of Six Years Performance given at page 32 of the Annual OGDCL in recognition of its activities relating to
Report 2016. social responsibilities won the 5th Corporate Social
Responsibility Award 2016. Apart from this, the Company
Awards Conferred on the basis of its contributions and implementations
in the field of fire and safety won the 6th Fire and Safety
Corporate Excellence Award Award 2016.
OGDCL won the 31st Corporate Excellence Award (CEA)
and was ranked first by the Management Association of Board of Directors
Pakistan (MAP) in oil and gas sector for the third OGDCL Board of Directors comprises twelve (12)
consecutive year. This award is given in recognition of directors including Chairman and Managing Director &
the Company’s outstanding performance and CEO. Mr. Zahid Muzaffar serves as Chairman Board of
demonstrating progress and enlightened management Directors since 20 May 2014 while Mr. Zahid Mir is
practices during the fiscal year 2014-15. Chief Minister, fulfilling responsibilities as Managing Director & CEO
Sindh then Senior Minister of Finance, P&D, Energy and since 15 April 2015.
Irrigation, Government of Sindh, Mr. Murad Ali Shah
presided over the MAP’s 31st CEA ceremony and The present Board of Directors comprises the following:
presented the award to Mr. Masood Nabi, Executive
Director (Business Development and Joint Venture), Mr. Zahid Muzaffar Chairman
OGDCL. Mr. Arshad Mirza Director
Mr. Saif Ullah Chattha Director
Mr. Iskander Mohammed Khan Director
Mr. Hamid Farooq Director
Mr. Muhammad Ali Tabba Director
Mr. Zafar Masud Director
Prince Ahmed Omar Ahmedzai Director
Sayed Shafqat Ali Shah Director
Mr. Rahmat Salam Khattak Director
Mr. Muhammad Yawar Irfan Khan Director
Mr. Zahid Mir Managing Director
& CEO
Board Structure and Committees

OGDCL’s Board structure is in accordance with the Code
of Corporate Governance and Public Sector Companies
(Corporate Governance) Rules, 2013 issued by the
Securities and Exchange Commission of Pakistan.
Presently, the Company’s Board comprises twelve
Directors; nine (9) Independent Directors, two (2)
Non-Executive Directors and an Executive Director. The
profile of the Board of Directors is given on page 16 of
the Annual Report 2016.
In order to ensure effective implementation of sound

internal control system and compliance with the Code
Best Corporate Report Award of Corporate Governance, the Board has constituted
OGDCL won the Best Corporate Report Award (BCR) for various committees including Human Resource &
its Annual Report 2014 was ranked second in fuel and Nomination, Risk Management, Audit and Procurement,
energy sector by the Joint Committee of the Institute of Operations & Finance. The composition of the Board
Chartered Accountants of Pakistan and Institute of Cost committees and their Terms of Reference are given on
and Management Accountants of Pakistan. The aim of page 20 of the Annual Report 2016.
BCR awards is to encourage and give recognition to

Role of Chairman and Managing Corporate Governance
Director & CEO OGDCL being a listed Company adheres to the Code of
Positions of Chairman and Managing Director & CEO in Corporate Governance and all listing regulations to
OGDCL are headed by two separate individuals. ensure business integrity and upholding confidence of
Chairman is primarily responsible for running the all the stakeholders. Moreover, the Company is a public
Board and all matters relevant to governance of the sector enterprise and operates under the framework
Company where superintendence of the Board is enshrined in the Public Sector Companies (Corporate
necessary. Moreover, Chairman in consultation with the Governance) Rules, 2013. Overall superintendence of the
Board members formulate business policies and Company vests with the Board of Directors which are
strategies and heads Board meetings including fixing accountable to the shareholders for good corporate
the agenda of the meetings and overseeing Board governance while the management is responsible for
evaluation. day to day operations, implementation of policies and
disclosure requirements as envisaged in the Companies
Managing Director & CEO is involved in the management Ordinance, Rules, Regulations and the Code.
of day to day operations and procedures relating to
operational, financial and other matters of the Company. Specific statements to comply with the requirements of
Managing Director & CEO is also responsible for the Code of Corporate Governance are as follows:
implementation of strategies and policies approved by
the Board and making appropriate arrangements to • The financial statements prepared by the
ensure that the business resources are properly management present fairly its state of affairs, the
safeguarded and used economically, efficiently and result of its operations, cash flows and changes in
effectively in accordance with the statutory obligations. equity.
• Proper books of accounts of the Company have been
Performance Evaluation: maintained.
Board, Managing Director & CEO and • Appropriate accounting policies have been
Senior Management consistently applied in preparation of the financial
OGDCL’s Board in accordance with the requirements laid statements and accounting estimates are based on
down in the Code of Corporate Governance and Public reasonable and prudent judgment.
Sector Companies (Corporate Governance) Rules, 2013 • International Financial Reporting Standards, as
carried out self-evaluation of the performance, applicable in Pakistan, have been followed in the
capabilities and competencies. This evaluation exercise preparation of financial statements and any
is undertaken on annual basis with the aim to enhance departure there from has been adequately disclosed.
the efficiency and effectiveness of the Board. Moreover, • The Board has complied with the relevant principles
performance evaluation of Managing Director & CEO of corporate governance and has identified the rules
and senior management is done by the Board against that have not been complied with, the period in
their targets and responsibilities. which such non-compliance continued and reasons
for such non-compliance.
Formal Orientation and Continuous • The sound system of internal control is established
Professional Development Programs and maintained which is regularly reviewed and
Orientation and briefing sessions remained a regular monitored with ongoing efforts to improve it further.
feature at OGDCL during the fiscal year 2015-16. • There are no doubts upon the Company’s ability to
Moreover, the Company continued its focus on continue as a going concern.
imparting external training through professional • The appointment of the Chairman and other
institutions both local and foreign. During the reporting members of the Board and terms of their appointment
period, directors; Mr. Iskander Mohammed Khan and along with the remuneration policy adopted are in
Mr. Rahmat Salam Khattak attended Directors’ training the best interests of the Company as well as in line
program viz., Corporate Governance Leadership Skills with the best practices.
organized by Pakistan Institute of Corporate Governance • Disclosure on remuneration of Chief Executives,
(PICG). Additionally, Mr. Zahid Muzaffar and Mr. Hamid Directors and Executives is given on page 129 of the
Farooq are certified directors from SECP approved Annual Report 2016.
institutions. Furthermore, a workshop on Board • There has been no material departure from the best
Effectiveness organized by PICG is attended by the practices of corporate governance, as detailed in the
Company directors; Mr. Zahid Muzaffar, Mr. Iskander listing regulations.
Mohammed Khan, Mr. Hamid Farooq, Mr. Zafar Masud, • Information about outstanding taxes and levies is
Prince Ahmed Omar Ahmedzai and Mr. Muhammad given in the notes to the financial statements.
Yawar Irfan Khan.

• Value of investments, including bank deposits, of In line with the international best practices, OGDCL
various funds based on the latest audited accounts maintains a regular dialogue with local and foreign
as of 30 June 2015 are as follows: institutional investors/fund managers and research
- Pension Fund Rs 58,605 million analysts through meetings, presentations and
- General Provident Fund Rs 3,613 million conference calls on full and half year financial results.
Personal communication is done through Annual
Auditors General Meeting (AGM) and on dates of the presentation
The present auditors KPMG Taseer Hadi & Co., Chartered of annual results and half year results, whereby
Accountants and A.F. Ferguson & Co., Chartered shareholders and research analysts interface with the
Accountants have completed their assignment for the executive management through conference calls. In
year ended 30 June 2016 and shall retire on the addition, notice of AGM is circulated at least twenty one
conclusion of 19th Annual General Meeting scheduled (21) days prior to the meeting along with dispatch of the
to be held on 26 October 2016. In accordance with the Annual Report to all the shareholders within the
Code of Corporate Governance, Audit Committee stipulated timeframe.
considered and recommended the reappointment of
KPMG Taseer Hadi & Co., Chartered Accountants and Handling Investor Grievances
A.F. Ferguson & Co., Chartered Accountants, as joint In pursuance to OGDCL’s mission of meeting
statutory auditors for the fiscal year 2016-17. The expectations of the stakeholders through best
recommendations of the Audit Committee are endorsed management practices, enquiries from shareholders
by the Board of Directors. and analysts relating to OGDCL’s operational and
financial activities are welcomed and in response IR
Internal Control and Audit function strives to provide a prompt reply to those
Internal audit function serves as an effective appraisal queries. Moreover, investor grievances are aptly
of internal controls which ensure that methods and handled and all out efforts are made to swiftly address
measures are in place to safeguard the business assets, their concerns, if any.
monitoring compliance with the best practices of
Corporate Governance, check the accuracy and Relationship and Engagement with
reliability of accounting data and encourage adherence Stakeholders
to prescribed rules and policies. In line with this OGDCL in adherence to highest standards of corporate
function, OGDCL has an independent Internal Audit governance and ethical consideration maintains strong
Department. The scope and role of the Internal Audit and healthy relations with its stakeholders including
Department has been duly approved by the Company’s shareholders, Ministries, Divisions and Departments/
Board. The role corresponds to the responsibilities Directorates of Federal and Provincial Governments, JV
envisaged for the internal audit function under the partners, customers, suppliers, employees and local
Public Sector Companies (Corporate Governance) Rules, communities. The Company endeavors to build durable
2013. Head of the Internal Audit Department functionally bonds with these stakeholders to stay connected,
reports directly to the Audit Committee of the Board. informed and engaged as a group.
Investor Relations (IR) OGDCL regulators include MP&NR, DGPC and other
OGDCL is aware of the fact that both its existing and divisions and departments of Federal and Provincial
potential stakeholders are interested in having access Governments. The Company fully complies with their
to strategic and operational information which could directives/guidelines relating to gas pricing, crude oil
help them charter how the Company might perform and gas allocation to refineries and gas distribution
going forward. In this regard, the Company’s IR program companies, concession management, etc. Regarding
serves to keep the investors and market participants shareholders, the Company fully respects their
informed of all the material information which could confidence and trust reposed in the business and carries
have an influence on the Company’s share price. This out regular dialogue with them through active Investor
information is simultaneously broadcasted to Pakistan Relations, maintaining and updating material
Stock Exchange and London Stock Exchange, accurately information on the organization’s website and timely
and timely. Moreover, all such material information is dissemination of the information to the stock exchanges.
regularly posted and updated on OGDCL’s website
(www.ogdcl.com) including share price related data OGDCL’s workforce through its contributions and
with graphical representations, financial reports, relentless efforts has played a pivotal role in making the
conference call presentations with transcript, financial organization a leading E&P Company of Pakistan. In this
calendar and other important notices to keep regard, the business is focused on safety and satisfaction
shareholders abreast of all material developments of of its employees in addition to ensuring that their hard
the Company. work is recognized and valued. Moreover, the Company

enjoys amicable relations with its joint venture partners untapped hydrocarbon reservoirs. This creates future
and works alongside a number of E&P companies growth opportunities and positively impacts the share
through production sharing contracts to explore, price.
develop and produce oil and gas cost effectively in the
Country. Likewise, the Company maintains positive Pattern of Shareholding
relationships with its customers including crude oil The pattern of shareholding as on 30 June 2016 is given
refineries and gas distribution companies, suppliers on page 135 of the Annual Report 2016.
and local communities with the aim to create long term
sustainable value for mutual benefits of all the Human Resource (HR)
stakeholders. OGDCL’s coveted status as a “market leader in E&P sector
of Pakistan” is attributable to its employees dedicated
Share Price Sensitivity Analysis and consistent endeavors, extending over a span of many
By the very nature of E&P business, OGDCL is exposed years. On this account, the Company highly values the
to various risks inherent in its core business of finding importance of its human capital and regards it as a key
and developing oil and gas resources. Such risk factors business resource. During the year under review, the
may potentially impact the business share price and Company’s prime focus remained on building
results of operations. In this regard, the key factors are productivity and capacity enhancement of its workers to
as follows: seek operational excellence and accomplish
organizational objectives in line with the business vision
Commodity Prices (Crude oil and HSFO) and mission statement. In addition, the Company’s HR
Changes in the international crude oil/HSFO price strategy continues to play a proactive role in embedding
impact business revenue thus influencing the share high performing culture in the organization hinging on
price. The same is witnessed by the slump in business core values namely merit, teamwork,
international oil price which has impacted the business dedication, integrity, safety and innovation.
sales revenue and profitability.
In order to carry on delivering performance with higher
Operational Activities productivity, OGDCL focuses on maintaining
Share price responds positively to success achieved on transparency and meritocracy pertaining to its HR
operational fronts especially as a result of new oil and activities including employee induction, development,
gas discoveries, enhancement of hydrocarbon compensation, evaluation and promotion. Moreover to
production from owned and operated joint venture instill a sense of achievement and enhance motivation
fields and completion of development projects. Failures of the workers, the Company has brought effective
such as dry and abandoned wells and operational changes and innovation in the system of performance
catastrophes may create a contrary effect on the share management. Performance based awards are granted
price. to inculcate competition and motivate the employees to
take on further challenges in the years to come.
Macroeconomic, Political and Security
Environment Apart from the above, OGDCL continues to promote
Changes in macroeconomic factors such as growth in diversity and equal employment opportunity coupled
economy, low inflation and stable interest/exchange with providing a safe workplace free from discrimination,
rates have a positive bearing on the business share price hostility and harassment, where rights to freedom of
and vice versa. Moreover, political stability reduces the association and collective bargaining are respected. Any
Country’s risk premium and favorably affects the share discrimination against or harassment of an employee
price. Likewise, improvement in security situation based on age, gender, race, religion, creed, marital
enhances the E&P activities and reduces security related status, ethnic group, etc., is regarded as violation of the
expenditures thus increasing the share price. business regulations and will result in disciplinary
action as per the Company’s rules.
Regulatory and Licensing Regimes
Improvement and stability in the regulatory regime and As of 30 June 2016, OGDCL’s manpower strength
better pricing policies positively influence future comprised a total of 9,376 employees working at Head
earnings leading to a favorable effect on the share price. Office, regional offices, field locations and other
operational areas of the business. This strength is also
Infrastructure and Technology inclusive of minorities, women and disabled employees
Improvement in existing infrastructure and introduction working in the organization. Going forward, the
of latest E&P technologies make it possible to reduce Company is confident that its employees have the
exploration and production costs and provide access to requisite skills to meet the challenges of the current

business environment and continue rendering enhance their skills and knowledge and to keep them
improved operational performance to register new abreast of technological changes in oil and gas industry.
milestones and boost nation’s energy supply. Moreover, the Company’s Oil & Gas Training Institute
(OGTI) established in 1979 is equipped with well
Succession Planning established laboratories and other complimentary
OGDCL is focused on career growth and development of facilities thus effectively contributing in carrying out
employees by ensuring that effective succession the training programs in a planned and organized
planning exists in the organization. This culture is manner.
preserved on account of making persistent efforts for
development of a professional team and succession OGTI provides basic training to the petroleum industry
plans both short and long term for all critical positions graduates and technicians enabling them to start their
coupled with imparting training to the successors. Skill career in addition to arranging refresher courses and
enhancement workshops and appropriate management advanced training programs for experienced
courses are regularly designed to train the successors professionals in all streams of the petroleum industry in
to share the higher responsibilities. general and upstream in particular. Training programs
are being offered ranging from technician to
Industrial Relations management level in the fields of Exploration, Reservoir
Management relations with the Collective Bargaining Management, Drilling, Production and Processing
Agent continued to be friendly and industrial peace activities. In addition, the institute imparts education
prevailed at all locations during the reporting period. and training with respect to Health, Safety and
Measures such as settlement of disputes and differences Environment, Information Technology and Management.
through bilateral negotiations, ensuring security of These training programs are developed and delivered by
employment, provision of safe working environment renowned trainers both from within OGDCL and other
and job satisfaction and maintaining continuous companies - indigenous and foreign.
sympathy and understanding along with prompt
dealing of cases relating to individual grievances During the fiscal year 2015-16, a batch comprising
preserved to ensure that relations between the workers Geophysicists, Geologists, Data Acquisition Engineers,
and management remain cordial and conducive poised Wire Line Logging Engineers and Mud Logging
towards meeting business goals and objectives. Engineers has successfully completed one (1) year
training program at OGTI. This program was a delicate
Code of Conduct: Business Ethics & mix of classroom and on-job training which included
Anti-Corruption Measures and course work and on-job attachments to provide practical
Conflict of Interest exposure to the trainees. Additionally, OGTI successfully
OGDCL’s Code of Conduct aims to ensure that the conducted 68 refresher training programs in the form
business operations are conducted in accordance with of technical courses and workshops. Most of these
highest business ethical consideration complying with training programs were arranged at the institute and
all statutory regulations and standards of good some at field locations to facilitate the participants.
corporate governance. The code provides guidelines on About 1,200 professionals from OGDCL and other E&P
fair employment practices, equitable treatment of the companies participated in these programs. Furthermore,
employees and procedures to report any failure to OGTI processed cases of 128 professionals relating to
comply with the business regulations, financial foreign training and visit and provided summer
malpractices, damage to business assets and actions internships to more than 600 students from various
which are likely to harm the reputation of the Company. universities. Besides this, attachments were offered to
The Code of Conduct promotes a culture of openness in fresh graduates, who recently completed their
which employees report legitimate concerns without education.
the fear of any retaliation or punishment. The directors
and employees adhere in letter and spirit to all laws and
avoid conflict of interest, which if any (real or perceived)
are to be notified to the Company immediately.
Training and Development

OGDCL is cognizant of the role played by its skilled
manpower in rendering industry leading performance
in E&P sector of Pakistan. In this regard, the Company
strives to provide regular training and professional
development courses to its workforce with an aim to

Corporate Social Responsibility (CSR) grant of scholarships to the special students of Deaf
In line with its mission to be a socially responsible Reach School Sukkur, Sindh province;
corporate citizen, OGDCL not only deems community • Provided scholarship worth Rs 7.5 million to local
development as an ethical, moral and social students for completion of three (3) years diploma
responsibility but the same is also reflected in the program at Technical Training College Daharki,
conduct of business operations. The Company’s district Ghotki, Sindh province;
extensive social welfare program tasks at supporting • Construction of two (2) class rooms at Government
and sustaining the communities residing in the business Primary School Alwargi Banda Nashpa, district
operational areas by way of making investment in the Karak, Khyber Pakhtunkhwa province costing Rs 1.13
domains of education, health care, water supply, million and construction of one (1) class room
infrastructure development and generous donations. coupled with providing computers at Higher
While undertaking such poverty alleviation efforts Secondary School Chanda Khuram, district Karak,
among the marginalized communities, the Company Khyber Pakhtunkhwa province;
continues to discharge its social welfare obligations • Provided financial assistance for construction of
under respective Petroleum Concession Agreement. class room and school furniture totaling Rs 1.4
million to Jarwar Bridge School Uch, district Dera
A brief of CSR activities carried out during the fiscal year Bugti, Balochistan province; and
2015-16 is as follows: • Provided uniform and necessary school items to the
poor students of Government Primary School Maru/
Reti, district Ghotki, Sindh province and furniture,
computers and other school items for Boys and Girls
School Dhudial, district Chakwal, Punjab province.
Education Health
OGDCL during the year carried on with its role to uplift OGDCL’s CSR activities in relation to health and medical
the educational level among the most deprived facilities during the reporting period are as follows:
communities. In this regard, the Company’s CSR
activities include: • Provided fully equipped ambulances amounting
Rs 8 million to Tehsil Head Quarter Hospital Jand,
• In collaboration with the Institute of Business district Attock, Punjab and Civil Hospital
Administration (IBA) Karachi and Sukkur launched Shakardara, district Kohat, Khyber Pakhtunkhwa
its first National Talent Hunt Program for the province;
students hailing from the backward areas. This • Organized free medical camps relating to skin
program offered free scholarships to the students diseases for the local communities residing in
selected on merit and in this respect the Company Kunnar, Bobi, Sinjhoro, Qadirpur and Tando Alam
plans to contribute Rs 111.23 million to IBA Karachi Oil Complex fields;
and Rs 77.72 million to IBA Sukkur in a period of five • Established mobile medical setup to provide health
(5) years and four (4) years respectively; care facilities to the patients of remote villages at
• Introduced National Internship Program under Qadirpur field, district Ghotki, Sindh province;
which 300 graduates for one (1) year internship were • Donated X-ray machine to Basic Health Unit
selected from all four provinces of the Country; Halepota, district Hyderabad, Sindh province;
• Provided financial support to the Family Education • Provided donation to Al-Shifa Eye Trust Hospital
Services Foundation amounting to Rs 3 million for Rawalpindi, Punjab province for its outreach

program in the areas of Khyber Pakhtunkhwa and province by providing medicines, food hampers and
Southern Punjab; and drinking water to the flood affectees at a total cost of
• Provided financial support for countering dengue Rs 1.65 million.
to the locals of Kohat district, Khyber Pakhtunkhwa
province and non food item kits to Pakistan Red
Crescent Society at district Nasirabad, Balochistan
province.
Empowering Women
As a goodwill gesture towards empowering the
community particularly women, OGDCL distributed
sewing machines among the poor and needy women in
Supply of Clean Drinking Water the areas of Toba Tek Singh, Tona Nokhani, Zin, Dera
OGDCL continued to supply clean drinking water Bugti and Maru Reti. The Company believes that this
through water tankers and bouzers to the locals of Loti, donation will contribute to self-employment of women
Pirkoh, Tando Alam, Daru, Sari/Hundi, Rajian, Chak enabling them to earn their livelihood.
Naurang, Dhodak, Chanda and Nashpa fields.
Installation of water hand pumps has also been carried Donations to promote Sport Activities
out at different villages near Kunnar, Pasakhi and OGDCL contributions towards promoting sport activities
Nashpa fields during the year. Moreover, the Company include:
by incurring a cost of Rs 2 million completed water
supply scheme at Killi Kalli, district Dera Bugti, • Provided financial support for Centre for Advanced
Balochistan province. In order to check availability of Studies School Karachi for participation in Rowing
water in the areas of Loti and Pirkoh, water resistivity International Championship, Singapore;
survey has also been carried out. • Donated Rs 5 million and Rs 2.45 million to the
Frontier Corp, Quetta and Frontier Constabulary for
Donations and Financial Assistance organizing T20 Ramzan-ul-Mubarak cricket
Being the national oil and gas Company, OGDCL has tournament and Golf Championship respectively;
always played a proactive role to provide relief activities • Sponsored 1st Flood Light Hockey tournament
to the victims of national calamities in addition to organized by Pakistan Hockey Federation, football
making significant contributions for the national cause tournament at Jand, district Attock, Punjab province,
purpose. In this connection, steps taken by the Company 3rd Prime Minister Blind T20 cricket tournament
during the year under review include: and 3rd football tournament at district Kohat,
Khyber Pakhtunkhwa province with an amount of
Flood Relief Rs 10 million, Rs 2.50 million, Rs 1.60 million and
OGDCL timely moved to provide relief to the flood Rs 0.88 million respectively; and
affected people in the areas of Ghotki and Khairpur • Also sponsored, National Motorsports Desert
districts of Sindh province. The Company donated an Challenge Rally at Jhal Magsi, Balochistan province
amount of Rs 2 million and distributed medicines and and spring and cultural sports festivals at Sibi and
food hampers/dry rations to the needy people. Moreover, Qadirpur.
flood relief activities were carried out in the areas of Kot
Addu, Muzaffargarh and Garh Maharaja, Punjab

Health, Safety, Environment the remaining traces of gases are burnt in accordance
and Quality (HSEQ) with the international practice in the controlled-flare.
Occupational Health, Safety and Environment HSE - key activities

Initiatives OGDCL key HSE activities during the reporting year are
On account of being a safe operator and responsible as follows:
corporate citizen, OGDCL attaches great importance to
HSE Management System with a view to foster a culture I. Promulgated Risk Management Policy and
of compliance towards safety and wellbeing of the Framework and launched a comprehensive
manpower, community and environment. The Company program to train and aware employees of the key
resolutely believes that responsibility for health, safety, business risks. Moreover, risk management
and environment cannot be delegated but is in fact a exercise has been conducted at all fields and major
shared responsibility ultimately leading to business risks have been identified at grass root level. Top
growth. While carrying out E&P activities, the Company ten (10) corporate risks have been presented to the
ensures that welfare of the local communities, protection Board of Directors which are being controlled/
of ecosystems and safety of workforce remains a managed as per directions of the Risk Management
business priority. Committee;
II. To ensure top level commitment with respect to
In pursuance to sustainable mechanisms for safeguard health, safety and environment, a meeting to devise
of environment, OGDCL complies with Pakistan a framework for implementation of HSE SOPs
Environment Protection Act 1997 and strictly adheres to guidelines and bring cultural change is held
the rules and regulations promulgated for protection of between Managing Director & CEO and all the HSE
the environment. Initial Environment Examination and engineers at OGDCL House;
Environmental Impact Assessment are part and parcel III. In addition to ISO certifications for its Dhodak and
of the business operations and no project is initiated Qadirpur fields, the Company has achieved ISO
without acquiring No Objection Certificates (NOCs) 14001 and OHSAS 18001 certifications for Dakhni
from the respective Environmental Protection Agency and Chanda fields;
(EPA). IV. Became the first Company in Pakistan to introduce
a newly emerged technology namely Floating
During the year under review, OGDCL participated in Treatment Island/Wetland (FTW) which is used to
2nd International Summit on Environment, Health, treat waste water in an environment friendly, cost
Safety and Security and in recognition for its remarkable effective and efficient manner. This is done through
efforts in HSE activities has been awarded with a soil-less plantation by integrating agronomy and
souvenir. Moreover, the Company in recognition of the ecological engineering, whereby regionally
arrangements for fire prevention and safety received suitable vegetation is trapped in self-buoyant mats
Fire and Safety Award 2016 by National Forum for to construct artificial floating wetlands;
Environment and Health. V. Acquired more than 40 NOCs from all the four
provincial EPAs after fulfilling the requirements
Consumer Protection Measures and submission of comprehensive environmental
OGDCL continues to ensure that its business products reports;
supplied to the markets, consumers and other VI. Distribution of safety bulletin amongst the
stakeholders are properly processed and bear minimum employees and stakeholders to keep them well
(allowable) potential for pollution. In order to mitigate versed with HSE activities and new techniques.
unwanted and hazardous impact of gases, absorbents, Incidents along with their detailed reports were
scrubbers and desiccants/molecular sieves are utilized also shared through safety bulletin to avoid the
to guarantee continuous quality conscious operations recurrence of same nature of incidents in the
at the fields and plants. In addition, it is ascertained that future;

VII. Safety Audit of OGDCL House has been carried out and chemical usage and preemptively addressing and
in accordance with the Capital Development troubleshooting heating/cooling systems, whereby
Authority bye laws for high rise buildings and all energy conservation and saving opportunities are
international applicable laws pertaining to fire and directly or indirectly linked with the results of the heat
safety, electricity, etc. Safety Audits of different volume balance. Extensive pragmatic plants have also
fields were also conducted using in-house been developed to ensure prudent utilization of energy
competency of HSE professionals; resources at key installations like Dakhni, Nashpa,
VIII. To create awareness through involvement of Sinjhoro, KPD-TAY and Uch fields. Furthermore, in view
employees and local community, HSE awareness of the increasing oil and gas requirements in the
events were organized at field locations. In view of Country, the Company is working to install solar systems
the fact that health, safety and environment to meet the energy deficiency and conserve oil reserves
protection is a shared responsibility, all the workers of the business.
participated in these events; and
IX. Officials from various operational departments of Energy Saving Measures
the Company received training in the following Energy saving measures carried out at fields and offices
areas: through application of 4Rs philosophies; Reduce, Reuse,
Recycle and Repair are as follows:
a. Hazard Identification, Risk Assessment and
Risk Control I. Replacement of conventional lighting with LED
b. HSE Auditing – based on ISO 14001 and OHSAS lights;
18001 standards II. Installation of solar systems;
c. Accident prevention and Investigation through III. Timely maintenance of engines and turbines to
Root Cause and Failure Analysis avoid incomplete combustion and wastage of fuel;
d. Firefighting and Rescue Techniques IV. Predictive maintenance of machines based on
condition monitoring to avoid efficiency drop;
Major Energy Conservation/Emissions Control V. Proper insulation of pipelines and air ducts and use
Project of heat tracing cables;
With an aim to monitor the impact of OGDCL operations VI. Decanting and secondary containment systems for
on the environment, Ambient Air Monitoring of the condensate/crude oil, diesel and chemicals;
major fields has been carried out during the year. While VII. Replacing lights with low energy lamps or solar
emissions at most of the locations were within the lights where feasible and using intelligent lighting
range, required modifications were made where the controls;
results were beyond National Environment Quality VIII. Reuse of oil based mud during drilling operations;
Standard limits. Carrying out Ambient Air Monitoring IX. Bioremediation of oil spills, oil based drill cuttings
has now become a permanent feature at the Company’s and oily sludge to rehabilitate soil; and
fields/locations, which is done on quarterly basis. X. Use of FTW technology to treat waste water in an
environment friendly and cost effective manner.
Moreover, optimization of process parameters has been
achieved at Qadirpur field through monitoring of fuel

Information Technology addition, blade servers have been re-configured as per
OGDCL as part of its technology modernization plan requirement.
continued to undertake system development activities
to carry out the business processes efficiently and Integration of Tape Library with Microsoft
effectively. Steps taken during the fiscal year 2015-16 Exchange Infrastructure and Revision of Backup
include: Policy
Integration of existing TS3200 Tape Library has been
Deployment of Wi-Fi solution made with Microsoft Exchange Infrastructure along
Existing cable networking has been replaced by an with revising the backup policy. Moreover, off-site
enterprise grade secure Wi-Fi solution at Head Office backups on IBM LTO Ultrium cartridges are being
offering high network connectivity for business maintained for email databases and archive databases.
applications. This system has true mobility and is
protected through an inbuilt robust firewall. Computerized Maintenance Management System
Computerized Maintenance Management System has
Information Security Management System Audit been implemented at the Company’s two (2) major fields
An internal security assessment of the Company’s data namely Qadirpur and Dakhni. It is an IBM Maximo Asset
center has been carried out by Solutions Tech Pakistan Management solution that manages physical assets on
to ensure that the data center is established and common platform allowing organizations to share and
implemented in accordance with international best enforce best practices. Moreover, it is helpful for
practices and standards. A comprehensive report in this reducing corrective maintenance. Moving on, the
regard is submitted by the consultant highlighting Company plans to implement this system at Sinjhoro,
critical, medium and low level vulnerabilities. KPD and Uch fields.
Responding to the high level vulnerabilities, remedial
actions have been performed by the Company. Medical Management System
Medical Management System integrated with ERP
Revamping of Data Center system has been successfully implemented in the
As a result of Information Security Management System Company. Its main features include maintenance of
audit, revamping of data center has been carried out by employee/pensioner medical history and monitoring of
installing Internet Protocol based cameras, smoke medical expenses.
detectors, Access Control System and centralized system
for monitoring humidity and fire. Similarly, expansion Document Management System
for storage related to Microsoft Exchange and Microsoft The Company has developed its own Document
SharePoint Infrastructure is added in the data center by Management System using the SharePoint Portal. This
increasing its capacity from 12 to 24 terabyte. system has the capability for archiving of important
digital data including policies, procedures, SOPs
Deployment of Infrastructure for Applications contracts, etc. Moreover, training session has been
Infrastructure for applications including Maximo arranged to equip the employees with basic knowledge
(Maintenance Management System), Medical of the system and enable them to carry out the routine
Management System and Fund Management System has functions; upload, retrieve and access the documents.
been successfully configured coupled with providing
data center facilities for running these applications. In

Production Database Management System to identify and mitigate the potential impact of the risks
The Company is carrying out up gradation of the and ensure quality decision making by timely assessing,
existing Production Data Management System for treating and monitoring the broad spectrum of the risks
efficient management of the production data and sales which may occur while carrying out E&P activities.
record of oil, gas, LPG, NGL and sulphur. This system is
planned to be integrated with different reservoir OGDCL’s business risks are likely to change subject to
management software in addition to fulfilling the modification in the business strategy and changes in the
function of information dissemination to the concerned external environment. At present, risks and
personnel, departments, joint venture partners and uncertainties which are believed to be material in nature
government bodies including Ministry of Petroleum coupled with their mitigation techniques are as follows:
and Natural Resources and Directorate General of
Petroleum Concessions. Strategic Risk
OGDCL’s strategy aims at optimization of business
Up-gradation of Oracle ERP portfolio and sustaining production growth in a cost
The Company implemented ERP system in 2003, which effective manner leading to improved profit margins.
at present requires up-gradation in order to meet the Going forward, the Company in an effort to find and
future business requirements. In this regard, review develop oil and gas prospects cannot guarantee
and revamp exercise of the current ERP business maintenance of high drilling success and effective
processes is planned by carrying out an extensive review execution of low cost strategy. Responding to the risk of
of installed processes, identification of gaps and detailed strategic failure, the Company focuses on utilizing latest
requirement analysis. production techniques, advance reservoir management
practices and modern technology to exploit new
reserves and boost production while ensuring its low
cost operator status. Additionally, the Company renews
and repositions its exploration portfolio to embark upon
future growth opportunities and increase shareholders
value.
Commercial Risk
On account of operating in an energy deficient Country,
OGDCL’s hydrocarbon production is readily absorbed in
the indigenous market thus bearing no risk relating to
sale of products. However, following factors may
unfavorably influence the Company’s financial stature:
Commodity Price Risk

Crude prices in Pakistan are linked to a basket of Middle
East crude oil prices which are calculated by taking into
Business Risks and Mitigation account average prices of Oman, Dubai and Das Blend.
Measures Any volatility in the prices of the crude oil has a
OGDCL’s core business activities task at locating, significant influence on OGDCL’s financial performance.
acquiring, developing and commercially producing oil In this respect, financial results witnessed across the
and gas reserves. However, such activities are speculative sector during the year under review were sobering
in nature and are characterized by inherent reminders of the challenges low commodity prices pose
uncertainties, geological surprises and complexities to sales revenue and profit margins.
which may have a potential impact on the business
financial conditions and results of exploration, However, OGDCL’s gas sale is less prone to price risk as
production and development operations. the gas prices of major fields are capped at fixed crude
oil/HSFO prices and sales revenue is only affected
In order to cope up with business risks, OGDCL has in provided international crude oil prices fall below the
hand effective risk management strategies and proactive capped price. Against the backdrop of decline in the
risk mitigation techniques which play an imperative role international oil prices, the Company will continue
to accomplish the strategic objectives and protect the managing its costs and preserving capital flexibility
business assets, personnel and reputation. Moreover, while stepping up the exploratory efforts to discover
the Company’s Risk Management Committee functions new hydrocarbon reserves and augment oil and gas

production leading to increased operational cash flows development wells results of individual fields. Also for
in the coming years. verification/up-dation of the reserves status, the
Company arranges reserves evaluation study in all its
Foreign Currency Risk fields which is carried out by an independent
As OGDCL’s functional and reporting currency is Pak international expert after every three (3) years.
rupees, the business is exposed to foreign currency risk
with respect to crude oil and gas prices which are Operational Risk
determined in US dollars and translated into Pak rupees OGDCL operational activities may be exposed to the
using exchange rate established by the regulatory following risks:
authority. Therefore, any decline in the value of Pak
rupee against US dollar has a positive impact on the Exploration, Drilling and Production Risk
Company’s earnings and vice versa. While currency risk The risks and hazards inherent in OGDCL’s operational
arising due to foreign currency payments made for activities include well blowouts, explosions,
purchase of material, equipment and hiring of third uncontrollable leaks, down hole fires, oil spills,
party services is neutralized by natural hedging mechanical failures, adverse weather conditions, etc.
provided by the Company’s pricing mechanism. Such risks may result in substantial losses in the form
of injury to workers, loss of life, severe damage to
Credit Risk property, plant and equipment, production loss,
Against supply of crude oil and natural gas products, pollution and suspension of operations thus adversely
significant trade debts are payable to OGDCL by crude affecting the business earnings and growth. In order to
oil refineries and natural gas distribution companies mitigate these risks, OGDCL focuses on routine check
respectively. Settlement of such debts has been slow ups and repair and maintenance of plant and machinery
which resulted in the creation of Inter Corporate in addition to maintaining an insurance coverage in line
Circular Debt issue in the energy industry. Against this with the customary industry practices against some of
risk, OGDCL’s management during the year under the potential operational risks.
review continued to undertake all possible measures
including vigorous follow-ups and constant liaison with In addition to the above, drilling of exploratory wells
Government of Pakistan to recover outstanding involve the risk that no commercially productive oil or
receivables and avert liquidity problems. Moreover, gas reservoirs will be encountered. Moreover,
Government of Pakistan is also pursuing for satisfactory exploration and production activities are often
settlement of Inter Corporate Circular Debt issue and on conducted in extremely challenging environments
this account the Company considers this amount to be which heighten the risks of technical integrity failure
fully recoverable. and natural disasters. Furthermore, exploring and
developing oil and gas fields is a capital intensive
Financial Risk activity requiring sufficient cash flows to finance the
OGDCL’s debt free balance sheet is reflection of the fact operations. The Company counters such risks by
that currently the business is not exposed to any maintaining a strong financial discipline and
financial risk. However, delay in settlement of trade formulation of strategic alliances with other E&P
debts can put the business cash position and financial companies having technical expertise and
standing in jeopardy. Prolonged nonpayment of trade complementary skills to carry out the operations cost
debts by crude oil refineries and gas distribution effectively and skillfully.
companies may trigger the need for borrowing in order
to carry out planned exploration, production and Environmental Risk
development activities/projects alongside ensuring Environmental risks relate to natural disasters in shape
timely discharge of statutory obligations including of earthquakes, cyclones, floods and other such events
royalty, taxes/duties, dividend, etc. which cause the business operations to disrupt or be
curtailed. OGDCL in this regard covers all insurable
Reserves Risk risks through insurance besides maintaining a
Crude oil and gas reserves data are only estimates and contingency fund to cover uninsured damages.
the actual quantity of recoverable reserves may differ
from the estimated proven and probable reserves. In Security Risk
order to cope up with this risk, OGDCL internally Security risk is in shape of insurgency and political
evaluates and update reserves on quarterly basis based instability which adversely influence the business
on the production performance, workover jobs and operations causing threat to lives of the workers in

affected operational areas, suspension of business reporting and compliance activities. The Audit and Risk
activities, production limitations, etc. OGDCL is exposed Management Committees assist the Board in fulfilling
to such risks particularly in the provinces of KPK and its responsibilities by reviewing and monitoring
Balochistan. In this respect, the Company relies on a well financial and reporting matters and the Company’s risk
thought-out plan for curbing or neutralizing potential management and internal control processes.
security threats and collaborates with law enforcement
agencies to deploy security personnel in the sensitive Management will be responsible for implementation of
areas for protection of the workers and operational this policy through the following:
facilities.
• Formulation of Risk Management SOPs;
Competitive Risk • Identification of risks and recording of these risks on
While award of the exploration licenses is done on a risk register;
competitive basis in the Country, OGDCL being a public • Use of appropriate and relevant risk management
sector entity does not enjoy any preferential treatment techniques and methodologies to analyze and
or relaxation of any sort in bidding for new exploration quantify risks;
areas. Moving on, the Company may face increased • Determination of mitigation/or action plan for
competition in gaining access to new exploration identified risks;
licenses and utilization of advance equipment and • Regular assessment of risks by Risk Management
technology by the competitors to more efficiently Committee of the Board; and
explore and develop oil and gas fields. To cope up with • Allocation of necessary and appropriate resources in
this risk, the Company based on its quality asset base, support of risk management.
capable workforce and commitment to utilize innovative
technology and latest production techniques will Identification and communication of vulnerabilities and
continue to compete on merit for acquiring new changes to OGDCL’s risk profile are an integral part of
concessions and successfully discharge agreed work day-to-day management. In addition, all personnel are
commitments as per respective petroleum concession encouraged to identify and manage risks on a continual
agreement. basis so as to develop a “risk aware” culture and an
environment of continuous improvement.
Risk Management Policy and
Business Continuity Plan Business Continuity Plan
OGDCL’s risk management policy and steps taken to OGDCL’s risk management policy ensures business
ensure business continuity are given below: continuity and sustainability thus endorsing the
business going concern. The objective of risk
Risk Management Policy management policy is to identify hazards, assess the
OGDCL recognizes that an effective system of risk risks and implement effective control measures to
management and internal control is critical for its prevent or reduce the likelihood of their occurrence to
business success. The Company is committed to as low as reasonably practicable. In line with this policy,
managing risks in a manner consistent with the the Company has a well-defined and extensive
business practices in order to: Emergency Response Procedures in place at all field
locations and operational areas to avoid business
• Protect its people, communities, environment, assets disruptions in worst case scenarios. The Company has
and reputation; also established a Disaster Recovery Site for ERP
• Ensure good governance and legal compliance; and applications at National Telecommunication datacenter,
• Enable it to realize opportunities and create long Islamabad to retrieve the data in the case of catastrophic
term shareholder value. consequences. Moreover, strengthening of business
contingency plans through arranging training sessions,
OGDCL’s Board of Directors oversee the risk management mock exercises and HSEQ awareness events are a regular
and control framework of the Company to ensure an feature at the Company.
appropriate control environment is established and
maintained, spanning business operations, financial

exhibition of such efforts during the year under review
led the Company to report; injection of various new
wells in the existing gathering system which are
currently producing 4,150 barrels per day of crude oil
and 43 MMcf per day of gas leading to narrowing down
the impact of natural decline and operational problems
faced at certain fields, completion of phase-II of Sinjhoro
development project and record the largest contribution
of 48% and 28% in the Country’s total oil and natural gas
Future Outlook production respectively.
In the wake of dramatic fall in the oil prices which has
made a massive impact on profitability of the oil and gas In order to cope with the suppressed oil price
sector resulting in many upstream companies scaling environment, the Company will continue formulation
back their capital expenditures, OGDCL being the of joint ventures with leading E&P companies both
largest E&P Company in Pakistan believes that within the Country and abroad to introduce new
maintaining a conservative financial framework and partners with complementary skills and ensure ventures
exercising cost control will be cornerstone of the and projects remain value driven. Moving on, the
business long term strategy to optimize oil and gas Company deeming this low oil price trend to continue
reserves and remain competitive in the market. In for some time will carry on efficient deployment of
adherence to this, the Company will continue to exploit capital in all its operational areas and maintain prudent
its low cost operator status and take advantage of cost control strategy which will not only contribute in
reduced cost of suppliers and oilfield service companies carrying out exploration, development and production
to step up its intensified exploratory activities leading operations viably and competitively but would also
to production enhancement and increase in business enable the Company to encounter future business
value in the coming years. Going on with its ambitious challenges in a well-organized and proficient manner.
exploration plan, the business during the fiscal year In pursuance to these strategies, OGDCL despite the
2016-17 will spare no efforts to scale new heights in 2D uncertain oil price outlook is optimistic that its fast track
and 3D seismic data acquisition coupled with gearing exploration activities, solid financial structure and
up processing and reprocessing of the acquired data to robust pipeline of ongoing development projects would
locate new oil and gas reserves and exploit economically lay a strong foundation to reap the long term benefits
feasible growth opportunities. Moreover, active drilling of continued business sustainability and return
campaigns will also remain part of the core business maximum value to shareholders by embedding highest
strategy to replenish and boost the hydrocarbon safety standards and social responsibility in the core
reserves base. business operations.
On the production front, OGDCL is focused on ramping Acknowledgement

up its production operations with the aim to maintain The fiscal year 2015-16 posed a great challenge to oil and
and enhance oil and gas production from operated gas industry on account of plunge in the international
fields and address energy challenges in the Country. To oil prices. Although, oil prices recovered slightly at end
achieve production growth, the Company will continue of the year but were not enough to mark a significant
to focus on seamless development of new discoveries in contribution in the financial results of oil and gas
shortest possible time in tandem with utilizing advance companies. The takeaway message amid the prevailing
reservoir management practices and state of the art oil volatility in oil prices is that only those E&P companies
recovery methods to maximize hydrocarbon recovery will successfully sustain their business operations
from mature fields. Additionally, workover jobs at wells which are able to operate efficiently and smartly.
and Annual Turn Around of plants will remain part and Resultantly, the Company while exercising vigilance on
parcel of the business strategy to keep production costs and driving efficiencies in business operations has
operations effective. Also, vigorous endeavors will be stood up and taken this situation as a challenge to
made to expedite the activities pertaining to ongoing continue delivering industry leading performance
development projects, which upon completion in near alongside maximizing shareholders wealth and
future are expected to yield enhancement in crude oil, bridging the gap between hydrocarbon demand and
gas and LPG production. It is worth mentioning that supply in the Country. Remaining undeterred in our

resolve, we will continue to seek support of all our achievements. As we approach the fiscal year 2016-17, I
stakeholders in service of maintaining the Company’s assure you that we will collectively strive to stay ahead
balance sheet strength and building a more competitive by continuing to push boundaries in the industry’s new
OGDCL that can outperform through all industry cycles. realities and drive forward our business performance
in a commercially, environmentally and socially
With respect to the steady operational performance responsible manner.
rendered during the year, I am thankful for the trust and
confidence reposed by the shareholders in OGDCL along
with expressing my gratitude to Ministry of Petroleum On behalf of the Board
and Natural Resources, Ministry of Finance, Directorate
General of Petroleum Concessions and other divisions/
departments of federal and provincial governments for
their firm support and guidance. The Company’s
operational performance also reflects a strong focus on
execution from our employees for which I deeply
acknowledge their remarkable contributions displayed
at all levels. Nevertheless, I am thankful to Board of
Directors for their prudent role and valuable counsel in 24 August 2016 (Zahid Muzaffar)
steering the business to the path of new glories and Islamabad Chairman

Risk and Opportunity Report
Risks Opportunities
OGDCL’s core business activities including finding, OGDCL being the market leader in terms of exploration
developing and extracting of oil and gas resources are acreage, seismic data acquisition, hydrocarbons reserves
highly speculative in nature and characterized by inherent and oil and gas production in the Country is committed
uncertainties, geological surprises and complexities to carry on and maintain the growth momentum by
which may produce a material impact on the business capturing and exploiting such opportunities which arise
operational and financial results. A brief of the risks in the course of running the business and are deemed
faced by the Company in carrying out exploration, financially and commercially feasible. The Company with
development and production activities are as follows: the aim to ensure sustainability of E&P assets portfolio
is focused on the following opportunities:
• Crude oil and gas reserves data are estimates and
actual quantity of recoverable reserves may differ • Continue fast track seismic data acquisition, swift
from the estimated proven and probable reserves. processing/reprocessing of the seismic data and
This may impact the business reserves estimation, active drilling campaigns in the business robust
production levels and operational cash flows; exploration portfolio to replenish and increase
reserves in the coming years;
• Strategy to maintain a robust business portfolio and
drive production growth may not be sustainable on • Based on prevailing energy crisis in the Country,
a long term basis as the business moving on cannot carry on fast track exploration, development and
guarantee maintenance of high drilling success; production activities and expedite efforts for
completion of ongoing development projects to
• Crude prices are linked to a basket of Middle East deliver enhanced oil, gas and LPG production while
crude oil prices which are calculated taking into continuing to play a pivotal role in meeting energy
account average of Oman, Dubai and Das Blend demands of the nation;
prices. Fluctuation in these prices can significantly
influence the business sales revenue and profit • Exploit reduced cost of suppliers and oilfield service
margins; companies, existent due to low oil price era, to embark
upon new growth opportunities. This would be
• Crude oil and gas prices are determined in US dollars potentially beneficial for the business in the longer
and translated into Pak rupees using exchange rate run especially when the newly discovered reserves
established by the regulatory authority. Appreciation are monetized under a high oil price environment;
in the value of Pak rupee against US dollar has a
negative bearing on the business earnings and vice • Carry on formulation of value driven joint ventures
versa; with leading E&P companies, both within the
Country and abroad to introduce new partners
• Operational activities can expose business to well with complementary skills and ensure that core
blowouts, unplanned plant shutdowns, uncontrollable business activities are undertaken cost effectively;
leaks, oil spills, mechanical failures and adverse
weather conditions which may interrupt smooth • Favorable pricing regimes enable the business to
carrying out of E&P operations; fetch improved prices for sale of the hydrocarbon
products which in return positively influence the
• Changes in applicable laws and regulations business financial results;
pertaining to oil and gas sector may impact the
business operational and financial performance; • In pursuit to the business vision; to be a leading
and multinational exploration and production Company,
seek favorable farm-in/farm-out opportunities
• Security condition can adversely influence the and acquisition of concessions in domestic and
business activities causing threat to lives of the international markets; and
workers in affected operational areas, damage to
business assets and suspension of exploration, • Locate unconventional sources of energy like shale
development and production activities. gas and coal bed methane to boost reserves and
production base and sustain business long term
growth.

Review Report to the Members
on the Statement of Compliance with the Code of Corporate Governance
and Public Sector Companies (Corporate Governance) Rules, 2013
We have reviewed the enclosed Statement of Compliance with the best practices contained in the Code
of Corporate Governance and Public Sector Companies (Corporate Governance) Rules, 2013 (both
herein referred to as ‘Codes’) prepared by the Board of Directors of Oil and Gas Development Company
Limited for the year ended 30 June 2016 to comply with the requirements of Clause No. 5.19.23 of the
Pakistan Stock Exchange Limited Regulations where the Company is listed and provisions of Public
Sector Companies (Corporate Governance) Rules, 2013.
The responsibility for compliance with the Codes is that of the Board of Directors of the Company. Our
responsibility is to review, to the extent where such compliance can be objectively verified, whether
the Statement of Compliance reflects the status of the Company’s compliance with the provisions of
the Codes and report if it does not and to highlight any non-compliance with the requirements of the
Codes. A review is limited primarily to inquiries of the Company’s personnel and review of various
documents prepared by the Company to comply with the Codes.
As a part of our audit of the financial statements we are required to obtain an understanding of the
accounting and internal control systems sufficient to plan the audit and develop an effective audit
approach. We are not required to consider whether the Board of Directors’ statement on internal control
covers all risks and controls or to form an opinion on the effectiveness of such internal controls, the
Company’s corporate governance procedures and risks.
The Codes require the Company to place before the Audit Committee, and upon recommendation
of the Audit Committee, place before the Board of Directors for their review and approval its related
party transactions distinguishing between transactions carried out on terms equivalent to those that
prevail in arm’s length transactions and transactions which are not executed at arm’s length price
and recording proper justification for using such alternate pricing mechanism. We are only required
and have ensured compliance of this requirement to the extent of the approval of the related party
transactions by the Board of Directors upon recommendation of the Audit Committee. We have not
carried out any procedures to determine whether the related party transactions were undertaken at
arm’s length price or not.
Based on our review, nothing has come to our attention, which causes us to believe that the ‘Statement
of Compliance’ does not appropriately reflect the Company’s compliance, in all material aspects, with
the best practices contained in the Codes as applicable to the Company for the year ended 30 June
2016.
A. F. Ferguson & Co. KPMG Taseer Hadi & Co.

Chartered Accountants Chartered Accountants
Islamabad Islamabad
24 August 2016 24 August 2016

Engagement Partner: Asim Masood Iqbal Engagement Partner: Syed Bakhtiyar Kazmi

Statement of Compliance
with the Code of Corporate Governance and Public Sector Companies
(Corporate Governance) Rules, 2013
SCHEDULE I
[See paragraph 2(1)]
I. This statement is being presented to comply with Code of Corporate Governance (“CCG”) contained in the Clause
No. 5.19.23 of Pakistan Stock Exchange Limited Regulations and Public Sector Companies (Corporate Governance)
Rules, 2013 (hereinafter called “the Codes”) issued for the purpose of establishing a framework of good governance,
whereby a public sector company is managed in compliance with the best practices of public sector governance. In
case where there is inconsistency with the CCG, the provisions of Public Sector Companies (Corporate Governance)
Rules, 2013 (“Rules”) shall prevail.
II. The Company has complied with the provisions of the Codes in the following manner:
Sr. Rule Y N Remarks

Provision of the Rules
No. No. Tick the relevant box
1. The independent directors meet the criteria of independence as defined 2(d) ü
under the Rules.
2. The Board has the requisite percentage of independent directors. 3 (2) ü

At 30 June 2016 the Board includes:
Date of
Category Names
appointment
Independent  Mr. Zahid Muzaffar 24.10.14
Directors  Mr. Iskander Mohammed Khan 24.10.14
 Mr. Muhammad Ali Tabba 24.10.14
 Sayed Shafqat Ali Shah 24.10.14
 Mr. Rahmat Salam Khattak 24.10.14
 Mr. Hamid Farooq 24.10.14
 Mr. Zafar Masud 24.10.14
 Prince Ahmed Omar Ahmedzai 24.10.14
 Mr. Muhammad Yawar Irfan Khan 24.10.14
Executive  Mr. Zahid Mir 15.04.15
Director
Non-Executive  Mr. Saif Ullah Chattha 24.10.14
Directors  Mr. Arshad Mirza 13.04.15
(All Independent Directors are also Non-Executive
Directors)
3. All casual vacancies occurring on the Board were filled up by the 3(4) Not
Directors within 90 days. applicable.
No casual
vacancies
occurred
during the
year.
4. The Directors have confirmed that none of them is serving as a Director 3(5) ü
on more than five public sector companies and listed companies
simultaneously, except their subsidiaries.
5. The appointing authorities have applied the fit and proper criteria given 3(7) All the
in the Annexure to the Rules in making nominations of the persons nominations
for election as board members under the provisions of the Ordinance. on the Board
All the nominations on the Board of Directors have been made by the of Directors
Government of Pakistan (GoP). are made by
the GoP.
6. The Chairman of the Board is working separately from the Chief Executive 4(1) ü
of the Company.
7. The Chairman has been elected from amongst the Independent Directors. 4(4) ü

8. The Board has evaluated the candidates for the position of the Chief 5(2) ü During the
Executive on the basis of the fit and proper criteria as well as the year ended
guidelines specified by the Commission. 30 June
2015, acting
charge
of CEO
was given
to Chief
Operating
Officer.
However,
the process
to evaluate
the
candidates
for the
position of
the Chief
Executive
on the basis
of the fit
and proper
criteria as
well as the
guidelines
specified
by the
Commission
is in
process.
9. (a) The Company has prepared a “Code of Conduct” and has 5(4) ü
ensured that appropriate steps have been taken to disseminate
it throughout the Company along with its supporting policies
and procedures, including posting the same on the Company’s
website (www.ogdcl.com).
(b) The Board has set in place adequate systems and controls for the ü
identification and redressal of grievances arising from unethical
practices.
10. The Board has established a system of sound internal control to 5(5) ü
ensure compliance with the fundamental principles of probity and
propriety; objectivity, integrity and honesty; and relationship with
the stakeholders, in the manner prescribed in the Rules.
11. The Board has developed and enforced an appropriate conflict of 5(5) ü
interest policy to lay down circumstances or considerations when a (b)
person may be deemed to have actual or potential conflict of interests (ii)
and the procedure for disclosing such interests.
12. The Board has developed and implemented a policy on anti-corruption 5(5) ü
to minimize actual or perceived corruption in the Company. (b)
(vi)
13. (a) The Board has ensured equality of opportunity by establishing 5(5) ü
open and fair procedures for making appointments and for (c)
determining terms and conditions of service. (iii)
(b) A Committee has been formed to investigate deviations from the 5(4)& The
Company’s Code of Conduct. 5(5) Company
(c) has its own
(ii) service
regulation
and cases of
misconduct
or discipline
are governed

as per the
procedure
given in the
regulations.
These
regulations
have
statutory
protection.
Committees
are formed
depending
on the nature
and subject
matter of
the issue
involved.
14. The Board has ensured compliance with the law as well as the Company’s 5(5) ü
internal rules and procedures relating to public procurement, tender (c)
regulations and purchasing and technical standards, when dealing with (iii)
suppliers of goods and services.
15. The Board has developed a vision or mission statement, corporate 5(6) ü
strategy and significant policies of the Company. A complete record of
particulars of significant policies along with the dates on which they
were approved or amended has been maintained.
16. The Board has quantified the outlay of any action in respect of any service 5(8) None
delivered or goods sold by the Company as a public service obligation and
has submitted its request for appropriate compensation to the Government
for consideration.
17. (a) The Board has met at least four times during the year. 6(1) ü
(b) Written notices of the Board meetings, along with agenda and 6(2) ü
working papers, were circulated at least seven days before the
meetings.
(c) The minutes of the meetings were appropriately recorded and 6(3) ü
circulated.
18. The Board has carried out performance evaluation of its members, 8 ü The
including the Chairman and the Chief Executive, on the basis of a Board has
process, based on specified criteria, developed by it. The Board has also developed
monitored and assessed the performance of senior management on a self
annual basis. evaluation
mechanism.
Annual
review of the
Board, its
Committees,
members,
Chairman
and
Managing
Director was
conducted.
Performance
evaluation
was
discussed
and
concluded in
the meeting
held on 24
August 2016.
19. The Board has reviewed and approved the related party transactions 9 ü
placed before it after recommendations of the Audit Committee. A party
wise record of transactions entered into with the related parties during
the year has been maintained

20. The Board has approved the profit and loss account for, and balance sheet 10 ü
as at the end of, the first, second and third quarter of the year as well as the
financial year end, and has placed the annual financial statements on the
Company’s website. Monthly accounts were also prepared and circulated
amongst the Board members.
21. All the Board members underwent an orientation course arranged by the 11 ü As required
Company to appraise them of material developments and information as under the
specified in the Rules. Rule 11,
during
the year
Company
arranged an
orientation
course for
all of its
Directors
which was
attended
by six
Directors.
During the
year ended
30 June
2015, all
Directors
underwent
an
orientation
course.
22. (a) The Board has formed the requisite committees, as specified in the 12 ü
Rules.
(b) The Committees were provided with written term of reference defining ü
their duties, authority and composition.
(c) The minutes of the meetings of the Committees were circulated to all ü
the Board members.
(d) The Committees were chaired by the following Non-Executive Directors: ü
Committee No. of Name of Chair
Members
Audit Committee 5 Mr. Iskander Mohammed Khan
Risk Management 5 Mr. Zafar Masud
Committee
Human Resource & 6 Mr. Saif Ullah Chattha
Nomination Committee
Procurement, 5 Mr. Rehmat Salam Khattak
Operations & Finance
Committee
Corporate Social 5 Prince Ahmed Omar Ahmedzai
Responsibilities (CSR)
Committee
23. The Board has approved appointment of Chief Financial Officer, 13/14 ü
Company Secretary and Chief Internal Auditor, with their remuneration
and terms and conditions of employment, and as per their prescribed
qualifications.
24. The Company has adopted International Financial Reporting Standards 16 ü

notified by the Commission under clause (i) of sub-section (3) of section
234 of the Ordinance.

25. The Directors’ Report for this year has been prepared in compliance 17 ü
with the requirements of the Ordinance and the Rules and fully
describes the salient matters required to be disclosed.
26. The Directors, CEO and Executives do not hold any interest in the 18 ü
shares of the Company other than that disclosed in the pattern of
shareholding.
27. A formal and transparent procedure for fixing the remuneration 19 ü

packages of individual directors, who only includes one Executive
Director, has been set in place. The criteria and details of remuneration
of such director is adequately disclosed in Annual Report.
28. The financial statements of the Company were duly endorsed by the 20 ü
Chief Executive and Chief Financial Officer before approval of the
Board.
29. The Board has formed an Audit Committee, with defined and written 21 ü
terms of reference, and having the following members as at 30 June
2016:
Name of Member Category Professional
background
Mr. Iskander Independent Chartered Accountant
Mohammed Khan Director
Mr. Saif Ullah Non-Executive Government Service
Chattha Director
Mr. Mohammed Independent Business Executive
Ali Tabba Director
Mr. Hamid Farooq Independent Business Executive
Director
Prince Ahmed Independent Business Executive
Omar Ahmedzai Director
The Chief Executive and Chairman of the Board are not members of the
Audit Committee.
30. The Board has set up an effective internal audit function, which has an 22 ü
audit charter, duly approved by the Audit Committee and which worked in
accordance with the applicable standards.
31. The Company has appointed its external auditors in line with the 23 ü
requirements envisaged under the Rules.
32. The external joint auditors of the Company have confirmed that the firm 23(4) ü
and all its partners are in compliance with International Federation of
Accountants (IFAC) guidelines on Code of Ethics as applicable in Pakistan.
33. The external joint auditors have not been appointed to provide non-audit 23(5) ü
services except that one of the joint auditors provides Taxation Services to
the Company and the joint auditors have confirmed that they have observed
applicable guidelines issued by IFAC in this regard.
34. The Company has complied with all the corporate and financial reporting ü
requirements of the Rules.

Certain additional disclosures as required under Code of Corporate Governance (CCG) 2012
• All the resident Directors of the Company are registered as tax payers and none of them has defaulted in
payment of any loan to a banking company, a DFI or an NBFI or, being a member of a stock exchange, has been
declared as a defaulter by that stock exchange.
• All the powers of the Board have been duly exercised and decisions on material transactions including
appointment and determination of remuneration and terms and conditions of employment of the CEO, other
Executive and Non-Executive Directors have been taken by the Board/shareholders.
• Two Directors of the Company have obtained certification as required under Code of Corporate Governance
(CCG) during the year.
• The meetings of the Audit Committee were held at least once every quarter prior to approval of interim and
final results of the Company and as required by the CCG. The terms of reference of the Committee have been
formed and advised to the Committee for compliance.
• The ‘closed period’, prior to the announcement of interim/final results, and business decisions, which may
materially affect the market price of the Company’s securities was determined and intimated to Directors,
employees and stock exchange(s).
• Material/price sensitive information has been disseminated among all market participants at once through
stock exchange(s).
(Zahid Mir) (Zahid Muzaffar)

Chief Executive Officer Chairman
24 August 2016
Islamabad

Auditors’ Report to the Members
We have audited the annexed Balance Sheet of Oil and Gas Development Company Limited (“the Company”)
as at 30 June 2016 and the related Profit and Loss Account, Statement of Comprehensive Income, Cash Flow
Statement and Statement of Changes in Equity together with the Notes forming part thereof, for the year
then ended and we state that we have obtained all the information and explanations which, to the best of
our knowledge and belief, were necessary for the purposes of our audit.

It is the responsibility of the Company’s Management to establish and maintain a system of internal control,
and prepare and present the above said statements in conformity with the approved accounting standards
and the requirements of the Companies Ordinance, 1984. Our responsibility is to express an opinion on
these statements based on our audit.

We conducted our audit in accordance with the auditing standards as applicable in Pakistan. These standards
require that we plan and perform the audit to obtain reasonable assurance about whether the above said
statements are free of any material misstatement. An audit includes examining on a test basis, evidence
supporting the amounts and disclosures in the above said statements. An audit also includes assessing
the accounting policies and significant estimates made by management, as well as, evaluating the overall
presentation of the above said statements. We believe that our audit provides a reasonable basis for our
opinion and, after due verification, we report that:

(a) in our opinion, proper books of account have been kept by the Company as required by the Companies
Ordinance, 1984;

(b) in our opinion -

(i) the Balance Sheet and Profit and Loss Account together with the Notes thereon have been drawn
up in conformity with the Companies Ordinance, 1984, and are in agreement with the books of
account and are further in accordance with accounting policies consistently applied, except for
the changes as stated in Note 3 to the financial statements with which we concur;

(ii) the expenditure incurred during the year was for the purpose of the Company’s business; and

(iii) the business conducted, investments made and the expenditure incurred during the year were
in accordance with the objects of the Company.

(c) in our opinion and to the best of our information and according to the explanations given to us, the
Balance Sheet, Profit and Loss Account, Statement of Comprehensive Income, Cash Flow Statement
and Statement of Changes in Equity together with the Notes forming part thereof conform with the
approved accounting standards as applicable in Pakistan, and give the information required by the
Companies Ordinance, 1984, in the manner so required and respectively give a true and fair view of
the state of the Company’s affairs as at 30 June 2016 and of the profit, total comprehensive income,
its cash flows and changes in equity for the year then ended; and

(d) in our opinion, zakat deductible at source under the Zakat and Ushr Ordinance, 1980 (XVIII of
1980) was deducted by the Company and deposited in the Central Zakat Fund established under
section 7 of that Ordinance.
A. F. Ferguson & Co. KPMG Taseer Hadi & Co.

Chartered Accountants Chartered Accountants
Islamabad Islamabad
24 August 2016 24 August 2016

Engagement Partner: Asim Masood Iqbal Engagement Partner: Syed Bakhtiyar Kazmi

Financial Statements
Balance Sheet
As at 30 June 2016
2016 2015
Note --------------(Rupees ‘000)-------------
SHARE CAPITAL AND RESERVES
Share capital 4 43,009,284 43,009,284
Reserves 5 10,529,373 7,456,000
Unappropriated profit 425,093,910 392,055,684

478,632,567 442,520,968
NON CURRENT LIABILITIES

Deferred taxation 6 15,579,499 16,606,840
Deferred employee benefits 7 14,971,638 12,457,915
Provision for decommissioning cost 8 21,412,687 20,303,619
51,963,824 49,368,374
CURRENT LIABILITIES
Trade and other payables 9 58,969,148 61,901,977
589,565,539 553,791,319
CONTINGENCIES AND COMMITMENTS 10
The annexed notes 1 to 45 form an integral part of these financial statements.
Chief Executive

2016 2015
Note -------------(Rupees ‘000)-----------
NON CURRENT ASSETS
Fixed assets
Property, plant and equipment 11 120,542,404 109,983,739
Development and production assets - intangible 12 87,990,960 78,260,687
Exploration and evaluation assets 13 6,834,078 8,139,436
215,367,442 196,383,862
Long term investments 14 112,517,292 131,193,328
Long term loans and receivable 15 5,997,669 5,932,606
Long term prepayments 882,466 502,972
334,764,869 334,012,768
CURRENT ASSETS
Stores, spare parts and loose tools 16 18,251,184 16,847,032
Stock in trade 291,904 317,476
Trade debts 17 111,204,186 121,411,485
Loans and advances 18 10,459,609 8,043,768
Deposits and short term prepayments 19 1,646,777 1,414,433
Interest accrued 21,085,027 14,433,563
Other receivables 20 182,211 183,825
Income tax - advance 21 41,599,042 24,059,740
Current maturity of term finance certificates 14.2 30,750,000 10,250,000
Other financial assets 22 11,426,964 9,814,481
Cash and bank balances 23 7,903,766 13,002,748
254,800,670 219,778,551
589,565,539 553,791,319
Director

For the year ended 30 June 2016
2016 2015
Note -------------(Rupees ‘000)-------------
Sales - net 24 162,866,578 210,624,908
Royalty (18,078,772) (23,736,702)
Operating expenses 25 (54,986,250) (52,935,481)
Transportation charges (1,912,017) (1,985,814)
(74,977,039) (78,657,997)
Gross profit 87,889,539 131,966,911
Other income 26 14,702,971 19,186,191
Exploration and prospecting expenditure 27 (14,548,295) (11,627,518)
General and administration expenses 28 (3,770,607) (4,308,255)
Finance cost 29 (1,717,889) (2,550,067)
Workers' profit participation fund (4,237,231) (6,685,550)
Share of profit in associate - net of taxation 14.1 2,188,899 1,043,741
Profit before taxation 80,507,387 127,025,453

Taxation 30 (20,536,585) (39,776,421)
Profit for the year 59,970,802 87,249,032
Earnings per share - basic and diluted (Rupees) 31 13.94 20.29
Chief Executive Director

Statement of Comprehensive Income
2016 2015
--------------(Rupees ‘000)--------------
Other comprehensive income/(loss) for the year
Items that will not be reclassified to profit or loss:

Remeasurement loss on employee retirement benefit plans (7,652,528) (1,239,809)
Current tax credit related to remeasurement loss on employee
retirement benefit plans 4,026,760 624,129
Share of other comprehensive loss of the associate - net of taxation (17,125) -
(3,642,893) (615,680)
Total comprehensive income for the year 56,327,909 86,633,352

Cash Flow Statement
2016 2015
Note --------------(Rupees ‘000)--------------
Cash flows from operating activities
Profit before taxation 80,507,387 127,025,453
Adjustments for:
Depreciation 7,098,893 5,723,600
Amortization of development and production assets 15,266,568 16,281,337
Impairment on assets 1,886,551 2,611,044
Royalty 18,078,772 23,736,702
Workers' profit participation fund 4,237,231 6,685,550
Provision for employee benefits 2,932,900 5,083,172
Un-winding of discount on provision for decommissioning cost 1,700,742 2,536,838
Interest income (12,920,657) (16,923,990)
Un-realized gain on investments at fair value through profit or loss (6,356) (13,893)
Dividend income (19,296) (18,615)
Gain on disposal of property, plant and equipment (60,458) (18,320)
Provision for slow moving, obsolete and in transit stores 163,178 237,427
Share of profit in associate (2,188,899) (1,043,741)
Stores inventory written off 3,814 9,031
116,680,370 171,911,595
Changes in:
Stores, spare parts and loose tools (1,571,144) 1,409,432
Stock in trade 25,572 103,150
Trade debts 10,207,299 (20,900,490)
Deposits and prepayments (611,838) 155,825
Advances and other receivables (2,479,290) (765,878)
Trade and other payables (1,905,586) 15,284,139
Cash generated from operations 120,345,383 167,197,773
Royalty paid (19,338,668) (25,007,688)

Employee benefits paid (3,390,389) (13,967,782)
Payment from self insurance reserve (1,946) -
(Payments to)/receipt from workers' profit participation fund (6,685,550) 346,775
Income taxes paid (35,076,467) (54,556,568)
(64,493,020) (93,185,263)
Net cash from operating activities 55,852,363 74,012,510
Cash flows from investing activities

Capital expenditure (42,313,524) (66,317,675)
Interest received 6,960,084 13,093,552
Dividends received 199,058 36,990
Purchase of investments (522,843) (517,129)
Proceeds from disposal of property, plant and equipment 91,112 56,442
Net cash used in investing activities (35,586,113) (53,647,820)
Cash flows from financing activities

Dividends paid (23,759,105) (37,950,811)
Net cash used in financing activities (23,759,105) (37,950,811)
Net decrease in cash and cash equivalents (3,492,855) (17,586,121)

Cash and cash equivalents at beginning of the year 22,527,785 40,113,906
Cash and cash equivalents at end of the year 34 19,034,930 22,527,785

Reserves
Capital reserves Other reserves
Share capital Share of capital Share of self Share of undistributed Unappropriated Total equity
Self insurance redemption reserve insurance reserve percentage return profit
Capital reserve
reserve fund in associated in associated reserve in associated
company company company
------------------------------------------------------------------------------------(Rupees ‘000)------------------------------------------------------------------------------
Balance as at 1 July 2014 43,009,284 836,000 5,770,000 - - - 346,055,921 395,671,205
Total comprehensive income for the year
Profit for the year - - - - - - 87,249,032 87,249,032
Other comprehensive loss for the year - - - - - - (615,680) (615,680)
Total comprehensive income for the year - - - - - - 86,633,352 86,633,352
Transfer to self insurance reserve - - 853,421 - - - (853,421) -
Charged to self insurance reserve - - (3,421) - - - 3,421 -
Transactions with owners, recorded directly in equity
Final dividend 2014: Rs 3.00 per share - - - - - - (12,902,786) (12,902,786)
First interim dividend 2015: Rs 2.50 per share - - - - - - (10,752,321) (10,752,321)
Second interim dividend 2015: Rs 2.00 per share - - - - - - (8,601,857) (8,601,857)
Third interim dividend 2015: Rs 1.75 per share - - - - - - (7,526,625) (7,526,625)
Total distributions to owners - - - - - - (39,783,589) (39,783,589)
Balance as at 30 June 2015 43,009,284 836,000 6,620,000 - - - 392,055,684 442,520,968
Balance as at 1 July 2015 43,009,284 836,000 6,620,000 - - - 392,055,684 442,520,968

Total comprehensive income for the year
Profit for the year - - - - - - 59,970,802 59,970,802
Other comprehensive loss for the year - - - - - - (3,642,893) (3,642,893)
Total comprehensive income for the year - - - - - - 56,327,909 56,327,909
Transfer to self insurance reserve - - 851,946 - - - (851,946) -
Charged to self insurance reserve - - (1,946) - - - - (1,946)
Transfer to undistributed percentage return reserve by an associated company - - - - - 85,373 (85,373) -
Transfer to capital redemption reserve fund by an associated company - - - 2,118,000 - - (2,118,000) -
Transfer to self insurance reserve by an associated company - - - - 20,000 - (20,000) -
Transactions with owners, recorded directly in equity
Final dividend 2015: Rs 1.50 per share - - - - - - (6,451,393) (6,451,393)
First interim dividend 2016: Rs 1.50 per share - - - - - - (6,451,393) (6,451,393)
Second interim dividend 2016: Rs 1.20 per share - - - - - - (5,161,114) (5,161,114)
Third interim dividend 2016: Re 0.50 per share - - - - - - (2,150,464) (2,150,464)
Total distributions to owners - - - - - - (20,214,364) (20,214,364)
Balance as at 30 June 2016 43,009,284 836,000 7,470,000 2,118,000 20,000 85,373 425,093,910 478,632,567
Statement of Changes in Equity

Notes to and Forming Part of the Financial Statements
1 LEGAL STATUS AND OPERATIONS
Oil and Gas Development Company Limited (OGDCL), ‘the Company’, was incorporated on 23 October 1997 under
the Companies Ordinance, 1984. The Company was established to undertake exploration and development of oil
and gas resources, including production and sale of oil and gas and related activities formerly carried on by Oil and
Gas Development Corporation, which was established in 1961. The registered office of the Company is located at
OGDCL House, Plot No. 3, F-6/G-6, Blue Area, Islamabad, Pakistan. Previously, the shares of the Company were
quoted on Karachi, Lahore and Islamabad stock exchanges of Pakistan. However, due to integration of these stock
exchanges into Pakistan Stock Exchange effective 11 January 2016, the shares of the Company are now quoted
on Pakistan Stock Exchange Limited. The Global Depository Shares (1GDS = 10 ordinary shares of the Company)
of the Company are listed on the London Stock Exchange.
2 BASIS OF PREPARATION
2.1 STATEMENT OF COMPLIANCE
These financial statements have been prepared in accordance with the approved accounting standards as applicable
in Pakistan. Approved accounting standards comprise of such International Financial Reporting Standards (IFRS)
issued by the International Accounting Standards Board as are notified under the Companies Ordinance, 1984,
provisions of and directives issued under the Companies Ordinance, 1984. In case requirements differ, the provisions
or directives of the Companies Ordinance, 1984, shall prevail.
2.2 BASIS OF MEASUREMENT
These financial statements have been prepared on the historical cost basis except for the following material items
in the balance sheet;
- obligation under certain employee benefits and provision for decommissioning cost have been measured at
present value; and
- investments at fair value through profit or loss have been measured at fair value.
The methods used to measure fair values are described further in their respective policy notes.
2.3 FUNCTIONAL AND PRESENTATION CURRENCY
These financial statements are presented in Pakistan Rupee (PKR) which is the Company’s functional currency.
2.4 SIGNIFICANT ACCOUNTING ESTIMATES
The preparation of these financial statements in conformity with the approved accounting standards requires
management to make judgments, estimates and assumptions that affect the application of policies and reported
amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on
historical experience and various other factors that are believed to be reasonable under the circumstances, the
results of which form the basis of making judgment about carrying value of assets and liabilities that are not readily
apparent from other sources. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates
are recognized in the period in which estimates are revised if the revision affects only that year, or in the year of the
revision and any future year affected.
In the process of applying the Company’s accounting policies, the management has made the following estimates,
assumptions and judgments which are significant to these financial statements:
2.4.1 Property, plant and equipment
The Company reviews the useful lives and residual values of property, plant and equipment on the reporting date.
Any change in the estimates in future years might affect the carrying amounts of the respective items of property,
plant and equipment with a corresponding effect on the depreciation charge and impairment.

2.4.2 Exploration and evaluation expenditure
The Company’s accounting policy for exploration and evaluation expenditure results in certain items of expenditure
being capitalized for an area of interest where it is considered likely to be recoverable by future exploration or sale or
where the activities have not reached a stage which permits a reasonable assessment of the existence of reserves.
This policy requires management to make certain estimates and assumptions as to future events and circumstances,
in particular whether an economically viable extraction operation can be established. Any such estimates and
assumptions may change as new information becomes available. If, after having capitalized the expenditure under
the policy, a judgment is made that recovery of the expenditure is unlikely, the relevant capitalized amount is written
off to the profit and loss account.
2.4.3 Development and production expenditure
Development and production activities commence after project sanctioning by the appropriate level of management.
Judgment is applied by the management in determining when a project is economically viable. In exercising this
judgment, management is required to make certain estimates and assumptions similar to those described above
for capitalized exploration and evaluation expenditure. Any such estimates and assumptions may change as
new information becomes available. If, after having commenced development activity, a judgment is made that a
development and production asset is impaired, the appropriate amount is written off to the profit and loss account.
2.4.4 Estimation of oil and natural gas reserves
Oil and gas reserves are an important element in impairment testing for development and production assets of the
Company. Estimates of oil and natural gas reserves are inherently imprecise, require the application of judgment and
are subject to future revision. Proved reserves are estimated with reference to available reservoir and well information,
including production and pressure trends for producing reservoirs and, in some cases, subject to definitional limits,
to similar data from other producing reservoirs. All proved reserve estimates are subject to revision, either upward or
downward, based on new information, such as from development drilling and production activities or from changes
in economic factors, including product prices, contract terms or development plans.
Changes to the estimates of proved developed reserves, affect the amount of amortization recorded and impairment,
if any, in the financial statements for fixed assets related to hydrocarbon production activities.
2.4.5 Provision for decommissioning cost
Provision is recognized for the future decommissioning and restoration cost of oil and gas wells, production facilities
and pipelines at the end of their economic lives. The timing of recognition requires the application of judgment to
existing facts and circumstances, which can be subject to change. Estimates of the amount of provision recognized
are based on current legal and constructive requirements, technology and price levels. Provision is based on the
best estimates, however, the actual outflows can differ from estimated cash outflows due to changes in laws,
regulations, public expectations, technology, prices and conditions, and can take place many years in the future.
The carrying amount of provision is reviewed annually and adjusted to take account of such changes.
During the year, the Company revised its estimates of well cost, discount and inflation rates. This has been treated
as change in accounting estimates, applied prospectively, in accordance with IFRIC Interpretation 1, ‘Changes in
Existing Decommissioning, Restoration and Similar Liabilities’.
Following line items would have been effected had there been no change in estimates:
Rupees in million
Provision for decommissioning cost would have been higher by 1,693
Property, plant and equipment would have been lower by 206
Development and production assets would have been higher by 1,899
Amortization charge would have been higher by 1,394
Total comprehensive income would have been lower by 931

2.4.6 Employee benefits
Defined benefit plans are provided for permanent employees of the Company. The employees pension plan is
structured as separate legal entity managed by trustees. The Company recognizes deferred liability for post
retirement medical benefits, accumulating compensated absences and gratuity fund. These calculations require
assumptions to be made of future outcomes, the principal ones being in respect of increases in remuneration and
pension benefit levels, medical benefit rate and the discount rate used to convert future cash flows to current values.
The assumptions used vary for the different plans as they are determined by independent actuaries annually.
Pension or service cost primarily represents the increase in actuarial present value of the obligation for benefits
earned on employees service during the year and the interest on the net liability/(asset) in respect of employee’s
service in previous years. Calculations are sensitive to changes in the underlying assumptions.
2.4.7 Taxation
The Company takes into account the current income tax laws and decisions taken by appellate authorities. Instances
where the Company’s view differs from the view taken by the income tax department at the assessment stage and
the Company considers that its view on items of material nature is in accordance with law, the amounts are shown
as contingent liabilities.
2.4.8 Stores and spares
The Company reviews the stores and spares for possible impairment on an annual basis. Any change in the estimates
in future years might affect the carrying amounts of the respective items of stores and spares with a corresponding
affect on the provision.
2.4.9 Provision against trade debts, advances and other receivables
The Company reviews the recoverability of its trade debts, advances and other receivables to assess amount of
bad debts and provision required there against on annual basis.
2.5 NEW ACCOUNTING STANDARDS AND IFRIC INTERPRETATIONS THAT ARE NOT YET EFFECTIVE
The following standards, interpretations and the amendments are effective for accounting periods beginning from
the dates specified below and are either not relevant to the Company’s operations or are not expected to have
significant impact on the Company’s financial statements other than certain additional disclosures:
- Amendments to IAS 1, ‘Presentation of financial statements’ (effective for annual periods beginning on or
after 1 January 2016) provides clarification on a number of issues including:
Materiality- an entity should not aggregate or disaggregate information in a manner that obscures useful
information. Where items are material, sufficient information must be provided to explain the impact on the
financial position or performance.
Disaggregation and subtotals - line items specified in IAS 1 may need to be disaggregated where this is
relevant to an understanding of the entity’s financial position or performance. There is also new guidance on
the use of subtotals.
Notes - confirmation that the notes do not need to be presented in a particular order.
Other Comprehensive Income (OCI) arising from investments accounted for under the equity method - the
share of OCI arising from equity - accounted investments is grouped based on whether the items will or will
not subsequently be reclassified to profit or loss. Each group should then be presented as a single line item
in the statement of other comprehensive income.
- Amendments to IFRS 10, ‘Consolidated Financial Statements’ and IAS 28, ‘Investments in Associates and Joint
Ventures’ (effective for annual periods beginning on or after 1 January 2016) clarifies (a) which subsidiaries of
an investment entity are consolidated; (b) exemption to present consolidated financial statements is available
to a parent entity that is a subsidiary of an investment entity; and (c) how an entity that is not an investment
entity should apply the equity method of accounting for its investment in an associate or joint venture that is
an investment entity. The amendments are not likely to have an impact on Company’s financial statements.

- Amendments to IAS 38, ‘Intangible Assets’ and IAS 16 ‘Property, Plant and Equipment’ (effective for annual
periods beginning on or after 1 January 2016) introduce severe restrictions on the use of revenue-based
amortization for intangible assets and explicitly state that revenue-based methods of depreciation cannot
be used for property, plant and equipment. The rebuttable presumption that the use of revenue-based
amortization methods for intangible assets is inappropriate and can be overcome only when revenue and the
consumption of the economic benefits of the intangible asset are ‘highly correlated’, or when the intangible
asset is expressed as a measure of revenue.
- Agriculture: Bearer Plants [Amendment to IAS 16 and IAS 41] (effective for annual periods beginning on or
after 1 January 2016). Bearer plants are now in the scope of IAS 16 ‘Property, Plant and Equipment’ for
measurement and disclosure purposes. Therefore, a company can elect to measure bearer plants at cost.
However, the produce growing on bearer plants will continue to be measured at fair value less costs to sell
under IAS 41, ‘Agriculture’. A bearer plant is a plant that: is used in the supply of agricultural produce; is
expected to bear produce for more than one period; and has a remote likelihood of being sold as agricultural
produce. Before maturity, bearer plants are accounted for in the same way as self-constructed items of
property, plant and equipment during construction.
- Amendments to IAS 27, ‘Separate Financial Statements’ (effective for annual periods beginning on or after
1 January 2016). The amendments to IAS 27 will allow entities to use the equity method to account for
investments in subsidiaries, joint ventures and associates in their separate financial statements.
- Accounting for Acquisitions of Interests in Joint Operations – Amendments to IFRS 11, ‘Joint Arrangements’
(effective for annual periods beginning on or after 1 January 2016) clarify the accounting for the acquisition
of an interest in a joint operation where the activities of the operation constitute a business. They require an
investor to apply the principles of business combination accounting when it acquires an interest in a joint
operation that constitutes a business.
- Amendments to IAS 12, ‘Income Taxes’ are effective for annual periods beginning on or after 1 January
2017. The amendments clarify that the existence of a deductible temporary difference depends solely on a
comparison of the carrying amount of an asset and its tax base at the end of the reporting period, and is not
affected by possible future changes in the carrying amount or expected manner of recovery of the asset.
- Amendments to IAS 7, ‘Statement of Cash Flows’ are part of IASB’s broader disclosure initiative and are
effective for annual periods beginning on or after 1 January 2017. The amendments require disclosures that
enable users of financial statements to evaluate changes in liabilities arising from financing activities, including
both changes arising from cash flow and non-cash changes.
- Amendments to IFRS 2, ‘Share-based Payment’ clarify the accounting for certain types of arrangements
and are effective for annual periods beginning on or after 1 January 2018. The amendments cover three
accounting areas (a) measurement of cash-settled share-based payments; (b) classification of share-based
payments settled net of tax withholdings; and (c) accounting for a modification of a share-based payment from
cash-settled to equity-settled. The new requirements could affect the classification and/or measurement of
these arrangements and potentially the timing and amount of expense recognized for new and outstanding
awards.
- Annual Improvements 2012-2014 cycle (the amendments apply prospectively for annual period beginning on
or after 1 January 2016). The new cycle of improvements contain amendments to the following standards:
IAS 19, ‘Employee Benefits’. IAS 19 is amended to clarify that high quality corporate bonds or government
bonds used in determining the discount rate should be issued in the same currency in which the benefits
are to be paid.
IAS 34, ‘Interim Financial Reporting’. IAS 34 is amended to clarify that certain disclosures, if they are not
included in the notes to interim financial statements and disclosed elsewhere should be cross referred.
IFRS 5, ‘Non-current Assets Held for Sale and Discontinued Operations’. IFRS 5 is amended to clarify that if
an entity changes the method of disposal of an asset (or disposal group) i.e. reclassifies an asset from held
for distribution to owners to held for sale or vice versa without any time lag, then such change in classification
is considered as continuation of the original plan of disposal and if an entity determines that an asset (or
disposal group) no longer meets the criteria to be classified as held for distribution, then it ceases held for
distribution accounting in the same way as it would cease held for sale accounting.

IFRS 7, ‘Financial Instruments-Disclosures’. IFRS 7 is amended to clarify when servicing arrangements are
in the scope of its disclosure requirements on continuing involvement in transferred financial assets in cases
when they are derecognized in their entirety. IFRS 7 is also amended to clarify that additional disclosures
required by ‘Disclosures: Offsetting Financial Assets and Financial Liabilities (Amendments to IFRS 7)’ are
not specifically required for inclusion in condensed interim financial statements for all interim periods.
- IFRS 14, ‘Regulatory Deferral Accounts’ (effective for annual periods beginning on or after 1 January 2016)
specifies the financial reporting requirements for ‘regulatory deferral account balances’ that arise when an
entity provides goods or services to customers at a price or rate that is subject to rate regulation. IFRS 14 is
permitted, but not required, to be applied where an entity conducts rate-regulated activities and has recognized
amounts in its previous financial statements that meet the definition of ‘regulatory deferral account balances’
also referred as the ‘regulatory assets’ and ‘regulatory liabilities’.
- IFRS 15, ‘Revenue from Contracts with Customers’ (effective for annual periods beginning on or after
1 January 2018) specifies how and when an IFRS compliant entity will recognize revenue as well as requiring
such entities to provide users of financial statements with more informative and relevant disclosures. The
standard provides a single principle-based five-step model to be applied to all contracts with customers.
The objective of IFRS 15 is to establish the principles that an entity shall apply to report useful information to
users of financial statements about the nature, amount, timing, and uncertainty of revenue and cash flows
arising from a contract with a customer.
- IFRS 16, ‘Leases’ (effective for annual periods beginning on or after 1 January 2019) supersedes IAS 17,
‘Leases’ and related interpretations. IFRS 16 will affect primarily the accounting by lessees and will result in
the recognition of almost all leases on balance sheet. The standard removes the current distinction between
operating and financing leases and requires recognition of an asset (the right to use the leased item) and
a financial liability to pay rentals for virtually all lease contracts. An optional exemption exists for short-term
and low-value leases. The accounting by lessors will not significantly change. Some differences may arise
as a result of the new guidance on the definition of a lease. Under IFRS 16 a contract is, or contains, a lease
if the contract conveys the right to control the use of an identified asset for a period of time in exchange for
consideration.
Other than the aforesaid standards, interpretations and amendments, the International Accounting Standards Board
(IASB) has also issued the following standards which have not been notified locally by the Securities and Exchange
Commission of Pakistan (SECP) as at 30 June 2016:
- IFRS 1 – First Time Adoption of International Financial Reporting Standards
- IFRS 9 – Financial Instruments
The following interpretations issued by the IASB have been waived off by SECP effective 16 January 2012:
- IFRIC 4 – Determining Whether an Arrangement Contains a Lease. Also refer note 41 to the financial statements.
- IFRIC 12 – Service Concession Arrangements
3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies set out below have been applied consistently to all periods presented in these financial
statements, and have been applied consistently by the Company except for the following new standards adopted
by the Company during the year ended 30 June 2016:
a. IFRS 10 Consolidated Financial Statements

b. IFRS 11 Joint Arrangements
c. IFRS 12 Disclosure of Interest in Other Entities
d. IFRS 13 Fair Value Measurement
e. IAS 27 Separate Financial Statements
f. IAS 28 Investment in Associates and Joint Ventures

a. IFRS 10, ‘Consolidated Financial Statements’ became effective from financial periods beginning on or after
1 January 2015. As a result of IFRS 10, the Company has changed its accounting policy for determining whether it
has control over and consequently whether it consolidates its investees. IFRS 10 introduces a new control model
that focuses on whether the Company has power over an investee, exposure or rights to variable returns from its
involvement with the investee and ability to use its power to affect those returns. The Company reassessed the
control conclusion for its investees at 1 July 2015, however, there has been no change in the control conclusion.
b. IFRS 11, ‘Joint Arrangements’ is a replacement of IAS 31 ‘Interest in Joint Ventures’ and modifies the accounting
for joint arrangements:
Under IFRS 11, the Company classifies its interests in joint arrangements as either joint operations or joint ventures
depending on the Company’s rights to the assets and obligations for the liabilities of the arrangements. When making
this assessment, the Company considers the structure of the arrangements, the legal form of any separate vehicles,
the contractual terms of the arrangements and other facts and circumstances. The Company has assessed the
nature of its joint arrangements and determined them to be joint operations.
c. IFRS 12, ‘Disclosure of Interest in Other Entities’ became effective from financial periods beginning on or after
1 January 2015. The standard includes the disclosure requirements for all forms of interest in other entities, including
joint arrangements, associates, structured entities and other off-balance sheet vehicles. The adoption of standard
does not have any impact on the Company’s financial statements except for certain additional disclosures.
d. IFRS 13 ‘Fair Value Measurement’ became effective from financial periods beginning on or after 1 January 2015. IFRS
13 establishes a single framework for measuring fair value and making disclosures about fair value measurements
when such measurements are required or permitted by other IFRSs. It unifies the definition of fair value as a price that
would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date. It replaces and expands the disclosure requirements about fair value measurements in
other IFRSs, including IFRS 7. The application of IFRS 13 does not have any impact on the financial statements of
the Company except for certain additional disclosures.
e. IAS 27, ‘Separate Financial Statements’ (revised 2011) deals only with accounting for subsidiaries, associates and
joint ventures in separate financial statements of the parent company. Adoption of this standard does not have any
impact on the Company’s financial statements.
f. IAS 28, ‘Investments in associates and joint ventures’ (revised 2011) sets out the requirements of application of equity
method of accounting when accounting for investment in associates and joint ventures. Adoption of this standard
does not have any impact on the Company’s financial statements.
3.1 EMPLOYEE BENEFITS
Salaries, wages and benefits are accrued in the period in which the associated services are rendered by employees
of the Company. The accounting policy for pension, gratuity, post retirement medical benefits and accumulating
compensated absences is described below:
3.1.1 Pension, gratuity, post retirement medical benefits and accumulating compensated absences
The Company operates an approved funded pension scheme under an independent trust for its permanent
employees regularized before 1 January 2016, as a defined benefit plan. During the year, the Company changed
its policy for pension scheme and consequently, the employees regularized from 1 January 2016 and onwards will
be entitled to gratuity, a defined benefit plan and provident fund, a defined contributory plan instead of pension
benefit. In contributory provident fund, the Company shall match the contribution by employees upto one basic
salary annually. The contractual officers of the Company are also entitled to gratuity.
The Company also provides post retirement medical benefits to its permanent employees and their families as a
defined benefit plan.
The Company also has a policy whereby its regular/contractual officers and regular staff are eligible to encash
accumulated leave balance at the time of retirement in case of officers and at the time of retirement or during the
service in case of regular staff.

The Company makes contributions or record liability in respect of defined benefit plans on the basis of actuarial
valuations, carried out annually by independent actuaries. The latest actuarial valuations were carried out as of
30 June 2016. The calculations of actuaries are based on the Projected Unit Credit Method, net of the assets
guaranteeing the plan, if any, with the obligation increasing from year to year, in a manner that it is proportional to
the length of service of the employees.
The Company’s net obligation in respect of defined benefit plans is calculated separately for each plan by estimating
the present value of the future benefit that employees have earned in return for their service in the current and prior
periods; that benefit is discounted to determine its present value.
The interest element of the defined benefit cost represents the change in present value of scheme obligations resulting
from the passage of time, and is determined by applying the discount rate to the net defined benefit liability/(asset).
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged
or credited in other comprehensive income in the year in which they arise.
Past service costs are recognized immediately in profit and loss account.
3.2 TAXATION
Taxation for the year comprises current and deferred tax. Taxation is recognized in the profit and loss account except
to the extent that it relates to items recognized outside profit and loss account (whether in other comprehensive
income or directly in equity), if any, in which case the tax amounts are recognized outside profit and loss account.
3.2.1 Current tax
Provision for current taxation is based on taxable income at the current rate of tax after taking into account applicable
tax credits, rebates and exemptions available, if any, adjusted for payments to GoP for payments on account of
royalty and any adjustment to tax payable in respect of previous years.
3.2.2 Deferred tax
Deferred tax is accounted for using the balance sheet liability method in respect of all taxable temporary differences
arising from differences between the carrying amount of assets and liabilities in the financial statements and the
corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are recognized for all
taxable temporary differences and deferred tax assets are recognized for all deductible temporary differences to
the extent that it is probable that taxable profits will be available against which the deductible temporary differences,
unused tax losses and tax credits can be utilized. Deferred tax assets are reviewed at each reporting date and are
reduced to the extent that it is no longer probable that the related tax benefit will be realized.
Deferred tax is not recognized for the temporary differences arising from the initial recognition of assets or liabilities
in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss, and
differences relating to investments in associates and interest in joint arrangements to the extent that it is probable
that they will not reverse in a foreseeable future and the investor/joint operator is able to control the timing of the
reversal of the temporary difference. In addition, deferred tax is not recognized for taxable temporary differences
arising on the initial recognition of goodwill.
Deferred tax is calculated at the rates that are expected to apply to the period when the differences reverse, based
on tax rates that have been enacted or substantively enacted by the reporting date, adjusted for payments to GoP
on account of royalty.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and
assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different
tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities
will be realized simultaneously.
Deferred tax has been calculated at the tax rate of 28.17% (2015: 31.35%) after taking into account depletion
allowance and set offs, where available, in respect of royalty payment to the Government of Pakistan. The tax rate
is reviewed annually.

3.3 PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses,
if any except for freehold land and capital work in progress, which are stated at cost less impairment loss, if any.
Cost in relation to property, plant and equipment comprises acquisition and other directly attributable costs and
decommissioning cost as referred in the note 3.4.4 to the financial statements. The cost of self constructed assets
includes the cost of materials, direct labour and any other costs directly attributable to bringing the assets to working
condition for their intended use. Software that is integral to the functionality of the related equipment is capitalized
as part of that equipment.
Depreciation is provided on straight line method at rates specified in note 11 to the financial statements so as to write
off the cost of property, plant and equipment over their estimated useful life. Depreciation on additions to property,
plant and equipment is charged from the month in which property, plant and equipment is acquired or capitalized
while no depreciation is charged for the month in which property, plant and equipment is disposed off.
The cost of replacing part of an item of property, plant and equipment is recognized in the carrying amount of the
item if it is probable that the future economic benefits embodied within the part will flow to the Company and its cost
can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day
servicing of property, plant and equipment are recognized in profit and loss account as incurred.
Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds
from disposal with the carrying amount of property, plant and equipment, and are recognized net within “other
income” in profit or loss account.
Capital work in progress is stated at cost less accumulated impairment losses, if any, and is transferred to the
respective item of property, plant and equipment when available for intended use.
Impairment tests for property, plant and equipment are performed when there is an indication of impairment. At
each year end, an assessment is made to determine whether there are any indications of impairment. The Company
conducts annually an internal review of asset values which is used as a source of information to assess for any
indications of impairment. External factors such as changes in expected future prices, costs and other market
factors are also monitored to assess for indications of impairment. If any such indication exists, an estimate of the
asset’s recoverable amount is calculated being the higher of the fair value of the asset less cost to sell and the
asset’s value in use.
If the carrying amount of the asset exceeds its recoverable amount, the property, plant and equipment is impaired
and an impairment loss is charged to the profit and loss account so as to reduce the carrying amount of the property,
plant and equipment to its recoverable amount.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date.
Value in use is determined as the present value of the estimated future cash flows expected to arise from the
continued use of the property, plant and equipment in its present form and its eventual disposal. Value in use is
determined by applying assumptions specific to the Company’s continued use and does not take into account
future development.
In testing for indications of impairment and performing impairment calculations, assets are considered as collective
groups, referred to as cash generating units. Cash generating units are the smallest identifiable group of assets that
generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable
amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the
carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had
been recognized.

3.4 OIL AND GAS ASSETS
The Company applies the “Successful efforts” method of accounting for Exploration and Evaluation (E&E) costs.
3.4.1 Pre license costs
Costs incurred prior to having obtained the legal rights to explore an area are charged directly to the profit and loss
account as they are incurred.
3.4.2 Exploration and evaluation assets
Under the Successful efforts method of accounting, all property acquisitions, exploratory/evaluation drilling costs
are initially capitalized as intangible E&E assets in well, field or specific exploration cost centres as appropriate,
pending determination.
Costs directly associated with an exploratory well are capitalized as an intangible asset until the drilling of the well
is completed and results have been evaluated. Major costs include employee benefits, material, chemical, fuel,
well services and rig operational costs. All other exploration costs including cost of technical studies, seismic
acquisition and data processing, geological and geophysical activities are charged against income as exploration
and prospecting expenditure.
Tangible assets used in E&E activities, include the Company’s vehicles, drilling rigs, seismic equipment and other
property, plant and equipment used by the Company’s exploration function and are classified as property, plant and
equipment. However, to the extent that such a tangible asset is consumed in developing an intangible E&E asset,
the amount reflecting that consumption is recorded as part of the cost of the intangible asset. Such intangible costs
include directly attributable overheads, including the depreciation of property, plant and equipment utilized in E&E
activities, together with the cost of other materials consumed during the exploration and evaluation phases.
Intangible E&E assets relating to each exploration license/field are carried forward, until the existence or otherwise
of commercial reserves have been determined subject to certain limitations including review for indications of
impairment. If commercial reserves have been discovered, the carrying value after any impairment loss of the
relevant E&E assets is then reclassified as development and production assets and if commercial reserves are not
found, the capitalized costs are written off as dry and abandoned wells and charged to profit and loss account.
E&E assets are not amortized prior to the conclusion of appraisal activities.
3.4.3 Development and production assets - intangible
Development and production assets are accumulated on a field by field basis and represent the cost of developing the
discovered commercial reserves and bringing them into production, together with the capitalized E&E expenditures
incurred in finding commercial reserves transferred from intangible E&E assets as outlined in accounting policy 3.4.2
above. The cost of development and production assets also includes the cost of acquisition of such assets, directly
attributable overheads, and the cost of recognizing provisions for future site restoration and decommissioning.
Expenditure carried within each field is amortized from the commencement of production on a unit of production
basis, which is the ratio of oil and gas production in the year to the estimated quantities of proved developed reserves
at the end of the year plus the production during the year, on a field by field basis. Changes in the estimates of
commercial reserves or future field development costs are dealt with prospectively. Amortization is charged to profit
and loss account.
3.4.4 Decommissioning cost
The activities of the Company normally give rise to obligations for site restoration. Restoration activities may include
facility decommissioning and dismantling, removal or treatment of waste materials, land rehabilitation, and site
restoration.

Liabilities for decommissioning cost are recognized when the Company has an obligation to dismantle and remove
a facility or an item of plant and to restore the site on which it is located, and when a reliable estimate of that liability
can be made. The Company makes provision in full for the decommissioning cost on the declaration of commercial
discovery of the reserves, to fulfill the obligation of site restoration and rehabilitation. Where an obligation exists
for a new facility, such as oil and natural gas production or transportation facilities, this will be on construction or
installation. An obligation for decommissioning may also crystallize during the period of operation of a facility through
a change in legislation or through a decision to terminate operations. The amount recognized is the estimated cost
of decommissioning, discounted to its net present value and the expected outflow of economic resources to settle
this obligation is up to next twenty five years. Decommissioning cost, as appropriate, relating to producing/shut-in
fields and production facilities is capitalized to the cost of development and production assets and property, plant
and equipment as the case may be. The recognized amount of decommissioning cost is subsequently amortized/
depreciated as part of the capital cost of the development and production assets and property, plant and equipment.
While the provision is based on the best estimate of future costs and the economic life of the facilities and property,
plant and equipment there is uncertainty regarding both the amount and timing of incurring these costs. Any change
in the present value of the estimated expenditure is dealt with prospectively and reflected as an adjustment to the
provision and a corresponding adjustment to property, plant and equipment and development and production
assets. The unwinding of the discount on the decommissioning provision is recognized as finance cost in the profit
and loss account.
3.4.5 Impairment of oil and gas assets
E&E assets are assessed for impairment when facts and circumstances indicate that carrying amount may exceed
the recoverable amount of E&E assets. Such indicators include, the point at which a determination is made that as
to whether or not commercial reserves exist, the period for which the Company has right to explore has expired
or will expire in the near future and is not expected to be renewed, substantive expenditure on further exploration
and evaluation activities is not planned or budgeted and any other event that may give rise to indication that E&E
assets are impaired.
Impairment test of development and production assets is also performed whenever events and circumstances arising
during the development and production phase indicate that carrying amount of the development and production
assets may exceed its recoverable amount. Such circumstances depend on the interaction of a number of variables,
such as the recoverable quantities of hydrocarbons, the production profile of the hydrocarbons, the cost of the
development of the infrastructure necessary to recover the hydrocarbons, the production costs, the contractual
duration of the production field and the net selling price of the hydrocarbons produced.
The carrying value is compared against expected recoverable amount of the oil and gas assets, generally by
reference to the future net cash flows expected to be derived from such assets. The cash generating unit applied
for impairment test purpose is generally field by field basis, except that a number of fields may be grouped as a
single cash generating unit where the cash flows of each field are inter dependent.
Where conditions giving rise to impairment subsequently reverse, the effect of the impairment charge is also
reversed as a credit to the profit and loss account, net of any depreciation that would have been charged since the
impairment.
3.5 INVESTMENTS
All purchases and sale of investments are recognized using settlement date accounting. Settlement date is the
date on which investments are delivered to or by the Company. All investments are derecognized when the right
to receive economic benefits from the investments has expired or has been transferred and the Company has
transferred substantially all the risks and rewards of ownership.
3.5.1 Investments in associate
An associate is an entity over which the Company has significant influence and that is neither a subsidiary nor
an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy
decisions of the investee but is not control or joint control over those policies.

The results and assets and liabilities of the associate have been incorporated in these financial statements using
the equity method of accounting. Under the equity method, investments in associates are carried in the balance
sheet at cost as adjusted for post acquisition changes in the Company’s share of net assets of the associate,
less any impairment in the value of investment. Losses of an associate in excess of the Company’s interest in that
associate (which includes any long term interest that, in substance, form part of the Company’s net investment in
the associate) are recognized only to the extent that the Company has incurred legal or constructive obligation or
made payment on behalf of the associate.
3.5.2 Investments held to maturity
Investments with fixed or determinable payments and fixed maturity and where the Company has positive intent and
ability to hold investments to maturity are classified as investments held to maturity. These are initially recognized at
cost inclusive of transaction costs and are subsequently carried at amortized cost using the effective interest rate
method, less any impairment losses.
3.5.3 Loans and receivables
These are initially measured at fair value plus any directly attributable transaction costs. Subsequent to initial
recognition, they are measured at amortized cost using the effective interest method.
3.5.4 Investments at fair value through profit or loss
An investment is classified at fair value through profit or loss if it is held for trading or is designated as such upon initial
recognition. Financial instruments are designated at fair value through profit or loss if the Company manages such
investments and makes purchase and sale decisions based on their fair value in accordance with the Company’s
investment strategy. All investments classified as investments at fair value through profit or loss are initially measured
at cost being fair value of consideration given. At subsequent dates these investments are measured at fair value,
determined on the basis of prevailing market prices, with any resulting gain or loss recognized directly in the profit
and loss account.
3.6 STORES, SPARE PARTS AND LOOSE TOOLS
Stores, spare parts and loose tools are valued at the lower of cost and net realizable value less allowance for slow
moving, obsolete and in transit items. Cost is determined on the moving average basis and comprises cost of
purchases and other costs incurred in bringing the inventories to their present location and condition. Net realizable
value signifies the estimated selling price in the ordinary course of business less costs necessarily to be incurred
in order to make a sale.
Materials in transit are stated at cost comprising invoice value and other charges paid thereon.
3.7 STOCK IN TRADE
Stock in trade is valued at the lower of production cost and net realizable value. Net realizable value signifies the
estimated selling price in the ordinary course of business less net estimated cost of production and selling expenses.
3.8 INTANGIBLES
An intangible asset is recognized if it is probable that future economic benefits that are attributable to the asset will
flow to the Company and that the cost of such asset can also be measured reliably. Intangible assets having definite
useful life are stated at cost less accumulated amortization and are amortized based on the pattern in which the
assets’ economic benefits are consumed. Intangible assets which have indefinite useful life are not amortized and
tested for impairment annually, if any.
3.9 REVENUE RECOGNITION
Revenue from sale of goods is recognized when significant risks and rewards of ownership are transferred to
the buyer, recovery of the consideration is probable, the associated costs and possible return of goods can be
estimated reliably, there is no continuing management involvement with the goods, and the amount of revenue can
be measured reliably.

Revenue from the sale of goods is measured at the fair value of the consideration received or receivable, net of
government levies. Effect of adjustments, if any, arising from revision in sale prices is reflected as and when the
prices are finalized with the customers and/or approved by the GoP.
Revenue from services is recognized on rendering of services to customers and is measured at the fair value of the
consideration received or receivable.
3.10 FINANCE INCOME AND EXPENSE
Finance income comprises interest income on funds invested, delayed payments from customers, dividend income,
exchange gain and changes in the fair value of financial assets at fair value through profit or loss. Income on bank
deposits is accrued on a time proportion basis by reference to the principal outstanding and the applicable rate
of return. Income on investments is recognized on time proportion basis taking into account the effective yield of
such securities. The Company recognizes interest, if any, on delayed payments from customers on receipt basis.
Dividend income on equity investments is recognized when the right to receive the payment is established. Foreign
currency gains and losses are reported on a net basis.
Finance cost comprises interest expense on borrowings (if any), unwinding of the discount on provisions and bank
charges. Mark up, interest and other charges on borrowings are charged to income in the period in which they are
incurred.
3.11 JOINT OPERATIONS
The Company has applied IFRS 11 to all joint arrangements as of 1 July 2015. Under IFRS 11, investment in joint
arrangements are classified as either joint operations or joint ventures depending on contractual rights and obligations
of the parties to the arrangement. The Company has assessed the nature of its arrangements and determined them
to be joint operations.
The Company has recognized its share of assets, liabilities, revenues and expenses jointly held or incurred under
the joint operations on the basis of latest available audited financial statements of the joint operations and where
applicable, the cost statements received from the operator of the joint venture, for the intervening period up to
the balance sheet date. The difference, if any, between the cost statements and audited financial statements is
accounted for in the next accounting year.
3.12 FOREIGN CURRENCIES
Transactions in foreign currencies are recorded at the rates of exchange ruling on the date of the transaction. All
monetary assets and liabilities denominated in foreign currencies are translated into PKR at the rate of exchange
ruling on the balance sheet date and exchange differences, if any, are charged to income for the year.
3.13 FINANCIAL INSTRUMENTS
Financial assets and liabilities are recognized when the Company becomes a party to the contractual provisions of
the instrument. These are derecognized when the Company ceases to be a party to the contractual provisions of
the instrument.
Financial assets mainly comprise investments, loans, advances, deposits, trade debts, other receivables and cash
and bank balances. Financial liabilities are classified according to the substance of the contractual arrangements
entered into. Significant financial liabilities are trade and other payables.
All financial assets and liabilities are initially measured at fair value. These financial assets and liabilities are subsequently
measured at fair value, amortized cost or cost, as the case may be.
3.14 OFFSETTING
Financial assets and liabilities and tax assets and liabilities are set off in the balance sheet, only when the Company
has a legally enforceable right to set off the recognized amounts and intends either to settle on a net basis or to
realize the assets and settle the liabilities simultaneously.

3.15 TRADE DEBTS AND OTHER RECEIVABLES
Trade debts and other receivables are stated at original invoice amount as reduced by appropriate provision for
impairment. Bad debts are written off when identified while debts considered doubtful of recovery are fully provided
for. Provision for doubtful debts is charged to profit and loss account currently.
3.16 TRADE AND OTHER PAYABLES
Liabilities for trade and other payables are carried at cost which is the fair value of the consideration to be paid in
the future for goods and services received.
3.17 CASH AND CASH EQUIVALENTS
Cash and cash equivalents for the purpose of cash flow statement comprise cash in hand and at bank and includes
short term highly liquid investments that are readily convertible to known amounts of cash and which are subject
to an insignificant risk of change in value.
3.18 DIVIDEND
Dividend is recognized as a liability in the period in which it is declared.
3.19 SELF INSURANCE SCHEME
The Company is following a policy to set aside reserve for self insurance of rigs, wells, plants, pipelines, vehicles,
workmen compensation, losses of petroleum products in transit and is keeping such reserve invested in specified
investments.
3.20 IMPAIRMENT
3.20.1 Non-financial assets
The Company assesses at each balance sheet date whether there is any indication that assets except deferred
tax assets may be impaired. If such indication exists, the carrying amounts of such assets are reviewed to assess
whether they are recorded in excess of their recoverable amount. Where carrying values exceed the respective
recoverable amount, assets are written down to their recoverable amounts and the resulting impairment loss is
recognized in profit and loss account. The recoverable amount is the higher of an asset’s fair value less costs to
sell and value in use.
Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised
estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount
that would have been determined had no impairment loss been recognized for the asset in prior years. A reversal
of an impairment loss is recognized immediately in profit and loss account.
3.20.2 Financial assets
A financial asset is assessed at each reporting date to determine whether there is any objective evidence that it
is impaired. A financial asset is considered to be impaired if objective evidence indicates that one or more events
have had a negative effect on the estimated future cash flows of that asset. Individually significant financial assets
are tested for impairment on an individual basis. The remaining financial assets are assessed collectively in groups
that share similar credit risk characteristics.
3.21 OPERATING SEGMENTS
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating
decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing
performance of the operating segments, has been identified as the Board of Directors that makes strategic decisions.
The management has determined that the Company has a single reportable segment as the Board of Directors
views the Company’s operations as one reportable segment.

4 SHARE CAPITAL
Authorized share capital
2016 2015 2016 2015

----------(Number of shares)------------ -------------(Rupees ‘000)-------------
5,000,000,000 5,000,000,000 Ordinary shares of Rs 10 each 50,000,000 50,000,000
Issued, subscribed and paid up capital
1,075,232,100 1,075,232,100 Ordinary shares of Rs 10 each issued for 10,752,321 10,752,321

consideration other than cash (note 4.1)
3,225,696,300 3,225,696,300 Ordinary shares of Rs 10 each issued as 32,256,963 32,256,963

fully paid bonus shares
4,300,928,400 4,300,928,400 43,009,284 43,009,284
4.1 In consideration for all the properties, rights, assets, obligations and liabilities of Oil and Gas Development Corporation
(OGDC) vested in the Company, 1,075,232,100 ordinary fully paid shares of Rs 10 each were issued to Government
of Pakistan (GoP) on 23 October 1997. Currently, GoP holds 74.97% (2015: 74.97%) paid up capital of the
Company.
2016 2015
Note -------------(Rupees ‘000)-----------
5 RESERVES
Capital reserve:
Capital reserve 5.1 836,000 836,000

Self insurance reserve 5.2 7,470,000 6,620,000
Capital redemption reserve fund - associated company 5.3 2,118,000 -
Self insurance reserve - associated company 5.4 20,000 -
Other reserves:
Undistributed percentage return reserve - associated company 5.5 85,373 -

10,529,373 7,456,000
5.1 This represents bonus shares issued by former wholly owned subsidiary - Pirkoh Gas Company (Private) Limited
(PGCL) prior to merger.
5.2 The Company has set aside a specific capital reserve for self insurance of rigs, wells, plants, pipelines, workmen
compensation, vehicle repair and losses for petroleum products in transit. Refer note 14.2.1 for investments against
this reserve. Accordingly, the reserve is not available for distribution to shareholders.
5.3 This represents Company’s share of profit set aside by an associated company to redeem redeemable preference
shares in the form of cash to the preference shareholders.
5.4 This represents Company’s share of profit set aside by an associated company for self insurance of general assets,
vehicles and personal accident for security personnel.
5.5 This represents Company’s share of profit set aside by an associated company from distributable profits for the year
related to undistributed percentage return reserve.

2016 2015
Note -------------(Rupees ‘000)-----------
6 DEFERRED TAXATION
The balance of deferred tax is in respect of following temporary differences:
Accelerated depreciation on property, plant and equipment 7,419,066 7,548,441

Expenditure of exploration and evaluation, development and production assets 10,487,778 12,887,530
Provision for decommissioning cost (1,870,834) (3,042,951)
Long term investment in associate 414,961 132,767
Provision for doubtful debts, claims and advances (87,175) (97,265)
Provision for slow moving and obsolete stores (784,297) (821,682)
15,579,499 16,606,840
7 DEFERRED EMPLOYEE BENEFITS
Post retirement medical benefits 7.1 10,975,188 8,083,396

Accumulating compensated absences 7.2 3,996,450 4,374,519
14,971,638 12,457,915
7.1 Post retirement medical benefits
Movement in the present value of defined benefit obligation is as follows:

Present value of defined benefit obligation at beginning of the year 8,083,396 6,770,977
Current service cost 175,262 179,026
Interest cost 783,067 889,503
Benefits paid (505,446) (364,126)
Remeasurement loss recognized in Other Comprehensive Income 2,438,909 608,016
Present value of defined benefit obligation at end of the year 10,975,188 8,083,396
Movement in liability recognized in the balance sheet is as follows:

Opening liability 8,083,396 6,770,977
Expense for the year 958,329 1,068,529
Benefits paid (505,446) (364,126)
Remeasurement loss recognized in Other Comprehensive Income 2,438,909 608,016
Closing liability 10,975,188 8,083,396
Expense recognized is as follows:

Current service cost 175,262 179,026
Interest cost 783,067 889,503
958,329 1,068,529
The expense is recognized in the following:

Operating expenses - profit and loss account 504,610 550,979
General and administration expenses - profit and loss account 129,161 141,641
Technical services 324,558 375,909
958,329 1,068,529

2016 2015
Significant actuarial assumptions used were as follows:
Discount rate per annum 9% 10%

Medical inflation rate per annum - retired 9% 10%
Medical inflation rate per annum - in service 7% 8.50%
Mortality rate SLIC 2001-2005 SLIC 2001-2005
Withdrawal rate Low Low
Weighted average duration of the obligation 10 years 10 years
The calculation of the defined benefit obligation is sensitive to assumptions set out above. The following table summarizes
how the impact on the defined benefit obligation at the end of the reporting period would have increased/(decreased) as a
result of a change in respective assumptions.
Impact on defined benefit obligation

Change in Increase in Decrease in
assumption assumption assumption
-------------(Rupees ‘000)--------------
Discount 1% (1,640,117) 2,101,304
Medical indexation 1% 2,126,565 (1,683,947)
Withdrawal 10% 6,684 (6,713)
1 year 1 year
setback setforward
-------------(Rupees ‘000)--------------
Mortality 98,777 (97,896)
The impact of changes in assumptions has been determined by revaluation of the obligation on different rates.
The expected medical expense for the next financial year is Rs 1,362.247 million.
2016 2015
--------------(Rupees ‘000)---------------
7.2 Accumulating compensated absences
Charge for the year - net 1,018,489 2,153,682
Payments made during the year (1,396,558) (835,747)
The rates of discount at 9% per annum (2015: 10%) and long term salary increase rate of 9% per annum (2015: 9.50%)
and short term salary increase rate (next one year) of 12% per annum (2015: 9.50%) were assumed.
2016 2015
--------------(Rupees ‘000)---------------
Operating expenses - profit and loss account 540,555 1,124,194

Technical services 355,750 772,027
1,018,489 2,153,682

2016 2015
Note -------------(Rupees ‘000)--------------
8 PROVISION FOR DECOMMISSIONING COST
Balance at beginning of the year 20,303,619 20,417,830

Provision during the year 1,101,437 781,004
21,405,056 21,198,834
Revision due to change in estimates (1,693,111) (3,432,053)
Unwinding of discount on provision for decommissioning cost 29 1,700,742 2,536,838
Balance at end of the year 21,412,687 20,303,619
The above provision for decommissioning cost is analyzed as follows:

Development and production wells 4,450,781 5,518,058
Production facilities 1,815,374 1,339,771
Unwinding of discount on provision for decommissioning cost
Development and production wells 13,458,767 11,989,714
Production facilities 1,687,765 1,456,076
15,146,532 13,445,790
21,412,687 20,303,619
2016 2015
Significant assumptions used were as follows:
Discount rate per annum 7.99% 9.14%
Inflation rate per annum 5.98% 6.99%
2016 2015
Note -------------(Rupees ‘000)--------------
9 TRADE AND OTHER PAYABLES
Creditors 115,148 1,159,807

Payable to Government of Pakistan - on account of Kunnar discount - 2,085,112
Accrued liabilities 14,359,034 7,792,656
Payable to partners of joint operations 4,573,507 5,747,349
Retention money payable 6,124,024 6,208,634
Royalty payable 2,499,371 3,759,267
Excise duty payable 235,912 243,798
General sales tax payable 526,179 1,636,792
Gas Infrastructure Development Cess (GIDC) Payable 17.2 2,137,525 6,143,565
Withholding tax payable 735,910 80,791
Trade deposits 119,298 102,210
Workers' profit participation fund - net 9.1 4,237,231 6,685,550
Employees' pension trust 9.2 9,272,728 3,116,025
Gratuity fund 9.3 69,009 -
Un-paid dividend 9.4 12,439,784 16,000,346
Un-claimed dividend 200,776 184,955
Advances from customers 1,133,572 861,045
Other payables 190,140 94,075
58,969,148 61,901,977
9.1 Workers’ profit participation fund - net
Payable/(receivable) at beginning of the year 6,685,550 (346,775)

(Paid to)/received from the fund during the year - net (6,685,550) 346,775
Charge for the year 4,237,231 6,685,550
Payable at end of the year 4,237,231 6,685,550

2016 2015
-------------(Rupees ‘000)--------------
9.2 Employees’ pension trust
The amount recognized in the balance sheet is as follows:

Present value of defined benefit obligation 72,609,026 61,669,438
Fair value of plan assets (63,336,298) (58,553,413)
Net liability at end of the year 9,272,728 3,116,025
The movement in the present value of defined benefit obligation is as follows:

Current service cost 2,236,272 1,869,247
Interest cost 5,950,393 7,344,399
Benefits paid (4,331,014) (2,978,860)
Remeasurement loss recognized in Other Comprehensive Income 7,083,937 1,031,695
The movement in the fair value of plan assets is as follows:

Fair value of plan assets at beginning of the year 58,553,413 42,611,861
Expected return on plan assets 5,713,104 5,752,601
Contributions 1,486,261 12,767,909
Benefits paid (4,331,014) (2,978,860)
Remeasurement gain recognized in Other Comprehensive Income 1,914,534 399,902
Fair value of plan assets at end of the year 63,336,298 58,553,413
The movement in liability recognized in the balance sheet is as follows:

Opening liability 3,116,025 11,791,096
Expense for the year 2,473,561 3,461,045
Remeasurement loss recognized in Other Comprehensive Income during the year 5,169,403 631,793
Payments to the fund during the year (1,486,261) (12,767,909)
Closing liability 9,272,728 3,116,025
Expense recognized is as follows:

Current service cost 2,236,272 1,869,247
Net interest cost 237,289 1,591,798
2,473,561 3,461,045
Remeasurement loss recognized in Other Comprehensive Income:

Remeasurement loss on defined benefit obligation 7,083,937 1,031,695
Remeasurement gain on plan assets (1,914,534) (399,902)
5,169,403 631,793

2016 2015
Quoted Unquoted Total Quoted Unquoted Total
Plan assets comprise: -------------------------------------------(Rupees ‘000)----------------------------------------
Bonds - 21,898,643 21,898,643 - 21,897,999 21,897,999

Mutual funds 1,035,688 - 1,035,688 1,268,493 - 1,268,493
Term Deposits Receipts (TDRs) - 38,401,946 38,401,946 - 33,465,703 33,465,703
Cash and bank balances - 2,000,021 2,000,021 - 1,921,218 1,921,218
1,035,688 62,300,610 63,336,298 1,268,493 57,284,920 58,553,413
Quoted plan assets comprise of 1.64% (2015: 2.17%) of total plan assets.
Funds covered were invested within limits specified by regulations governing investment of approved retirement funds in
Pakistan. The funds have no investment in the Company’s own securities.
The pension plan is a defined benefit final salary plan invested through approved trust fund. The trustees of the fund are
responsible for plan administration and investment. The Company appoints the trustees. All trustees are employees of the
Company.
The plan exposes the Company to various actuarial risks: investment risk, salary risk and longevity risk from the pension plan.
2016 2015
-------------(Rupees ‘000)--------------
Operating expenses - profit and loss account 1,187,622 1,619,276

Technical services 860,233 1,224,175
2,473,561 3,461,045
Actual return on plan assets 7,627,638 6,152,503
Significant actuarial assumptions used were as follows:

2016 2015
Discount rate per annum 9% 10%

Long term salary increase rate per annum 9% 9.50%
Short term salary increase rate per annum (next one year) 12% 9.50%
Expected rate of return on plan assets per annum 9% 10%
Pension indexation rate per annum 5% 5%
Mortality rate SLIC 2001-2005 SLIC 2001-2005
Withdrawal rate Low Low
Weighted average duration of the obligation 10 years 10 years

The calculation of the defined benefit obligation is sensitive to assumptions set out above. The following table summarizes
how the impact on the defined benefit obligation at the end of the reporting period would have increased/(decreased) as a
result of a change in respective assumptions:
Impact on defined benefit obligation

Change in Increase in Decrease in
assumption assumption assumption
-------------(Rupees ‘000)--------------
Discount 1% (6,892,800) 8,286,792

Salary increase 1% 770,009 (990,971)
Pension indexation 1% 4,906,249 (4,109,945)
Withdrawal 10% 29,044 (21,783)
1 year 1 year set

setback forward
-------------(Rupees ‘000)--------------
Mortality 682,525 (653,481)
The impact of changes in assumptions has been determined by revaluation of the obligation on different rates.
The Company expects to make a contribution of Rs 12,583 million (2015: Rs 5,664 million) to the employees’ pension trust
during the next financial year.
2016 2015
-------------(Rupees ‘000)--------------
9.3 Gratuity fund
Opening liability - -
Expense for the year 26,917 -
Other comprehensive income 44,216 -
Benefits paid during the year (2,124) -
Closing liability 69,009 -
Operating expenses - profit and loss account 5,620 -

General and administration expenses - profit and loss account 17,442 -
Technical services 3,855 -
26,917 -
9.4 This includes an amount of Rs 10,500 million (2015: Rs 9,225 million) payable to OGDCL Employees’ Empowerment Trust.
The payment of dividend has been withheld since GoP is considering to revamp Benazir Employees’ Stock Option Scheme
(BESOS) as communicated to the Company by Privatization Commission of Pakistan (PCP). Further, the PCP vide Letter
No. 13(4)12/BESOS/PC/OGDCL dated 21 July 2016 has informed the Company that all activities regarding BESOS have
been withheld till decision is made by the Government of Pakistan.

10 CONTINGENCIES AND COMMITMENTS
10.1 CONTINGENCIES
10.1.1 Claims against the Company not acknowledged as debts amounted to Rs 1,556.580 million at year end (2015: Rs 1,483.728
million).
10.1.2 Certain banks have issued guarantees on behalf of the Company in ordinary course of business aggregating Rs 1.707 million
(2015: Rs 1.707 million), refer note 23.1 to the financial statements.
10.1.3 The Company’s share of associate contingencies at year end are as follows:
Indemnity bonds given to Collector of Customs against duty concessions on import of equipment and materials amounted
to Rs 1.045 million (2015: Rs 1.045 million).
10.1.4 For contingencies related to tax matters, refer note 21.1 to 21.4 and note 30.2.
10.1.5 For contingencies related to sales tax and federal excise duty, refer note 18.1 and 18.2.
10.2 COMMITMENTS
10.2.1 Commitments outstanding at year end amounted to Rs 48,618.352 million (2015: Rs 61,786.278 million). These include
amounts aggregating to Rs 24,779.797 million (2015: Rs 27,052.325 million) representing the Company’s share in the
minimum work commitments under Petroleum Concession Agreements.
10.2.2 Letters of credit issued by various banks on behalf of the Company in ordinary course of the business, outstanding at year
end amounted to Rs 22,235.046 million (2015: Rs 12,711.536 million).
10.2.3 The Company’s share of associate commitments at year end is as follows:
2016 2015
-------------(Rupees ‘000)--------------
Capital expenditure:
Share in joint operations 1,218,299 1,501,493

Others 42,454 119,226
1,260,753 1,620,719

11 PROPERTY, PLANT AND EQUIPMENT
(Rupees ‘000)
Buildings, Buildings,
Office and Capital
offices and offices and Office and Furniture Decom- Stores held
Freehold Leasehold Plant and technical work in
Description roads on roads on Rigs Pipelines domestic and Vehicles missioning for capital Total
land land machinery data progress
freehold leasehold equipment fixtures cost expenditure
computers (Note 11.3)
land land
Cost
Balance as at 1 July 2014 248,974 54,039 4,274,867 5,242,730 76,072,649 5,047,366 11,999,816 784,562 1,681,181 122,234 5,260,728 1,645,073 20,636,857 2,113,359 135,184,435
Additions during the year 5,606 - 63,070 141,870 16,027,130 15,872 3,322,040 152,727 121,123 13,570 274,426 88,603 35,811,246 2,858,062 58,895,345
Revision due to change in estimate - - - - - - - - - - - (393,905) - - (393,905)
Disposals/transfers during the year - - - - (45,762) (18,175) (2,385) (3,110) (20,373) (88) (142,186) - (12,406,934) (1,054,993) (13,694,006)
Adjustments - - (955) - 321,851 (409,471) - 84,756 3,874 - (55) - - - -
Balance as at 30 June 2015 254,580 54,039 4,336,982 5,384,600 92,375,868 4,635,592 15,319,471 1,018,935 1,785,805 135,716 5,392,913 1,339,771 44,041,169 3,916,428 179,991,869
Balance as at 1 July 2015 254,580 54,039 4,336,982 5,384,600 92,375,868 4,635,592 15,319,471 1,018,935 1,785,805 135,716 5,392,913 1,339,771 44,041,169 3,916,428 179,991,869
Additions during the year 1,678 - 103,141 261,848 11,636,241 401,193 933,261 158,427 144,646 16,263 306,467 269,947 15,164,178 1,928,020 31,325,310
Revision due to change in estimate - - - - - - - - - - - 205,656 - - 205,656
Disposals/transfers during the year - - - - (177,960) (13,342) - (3,316) (23,582) - (191,910) - (9,542,219) (3,177,210) (13,129,539)
Adjustments - - - - (67,094) - - - 67,094 - - - - - -
Balance as at 30 June 2016 256,258 54,039 4,440,123 5,646,448 103,767,055 5,023,443 16,252,732 1,174,046 1,973,963 151,979 5,507,470 1,815,374 49,663,128 2,667,238 198,393,296
Depreciation
Balance as at 1 July 2014 - 48,694 1,669,085 1,357,479 41,730,757 1,408,269 9,147,748 632,644 1,346,977 88,677 4,416,098 1,226,261 - 172,084 63,244,773
Charge/(reversal) for the year - 2,145 266,312 239,904 4,929,190 323,394 608,468 78,107 217,699 8,937 319,594 (302,381) - (69,101) 6,622,268
On disposals - - - - (45,726) (18,156) (2,384) (2,991) (19,534) (81) (105,085) - - - (193,957)
Adjustments - - (45) - - - - 52 45 - (52) - - - -
Balance as at 30 June 2015 - 50,839 1,935,352 1,597,383 46,614,221 1,713,507 9,753,832 707,812 1,545,187 97,533 4,630,555 923,880 - 102,983 69,673,084
Balance as at 1 July 2015 - 50,839 1,935,352 1,597,383 46,614,221 1,713,507 9,753,832 707,812 1,545,187 97,533 4,630,555 923,880 - 102,983 69,673,084
Charge for the year - 2,145 264,800 246,675 5,655,286 454,760 892,170 82,476 217,707 6,978 315,205 94,908 - (10,892) 8,222,218
On disposals - - - - (177,761) (13,323) - (3,188) (23,077) - (162,107) - - - (379,456)
Adjustments - - - - (5,909) 718 - - 5,191 - - - - - -
Balance as at 30 June 2016 - 52,984 2,200,152 1,844,058 52,085,837 2,155,662 10,646,002 787,100 1,745,008 104,511 4,783,653 1,018,788 - 92,091 77,515,846
Impairment
Balance as at 1 July 2014 - - - - 135,008 - 333 - - - - 327 - - 135,668
Charge for the year - - 61,204 128,386 8,709 - - - - - 1,079 - - - 199,378
Balance as at 30 June 2015 - - 61,204 128,386 143,717 - 333 - - - 1,079 327 - - 335,046
Balance as at 1 July 2015 - - 61,204 128,386 143,717 - 333 - - - 1,079 327 - - 335,046
Charge for the year - - - - - - - - - - - - - - -
Balance as at 30 June 2016 - - 61,204 128,386 143,717 - 333 - - - 1,079 327 - - 335,046
Carrying amount - 30 June 2015 254,580 3,200 2,340,426 3,658,831 45,617,930 2,922,085 5,565,306 311,123 240,618 38,183 761,279 415,564 44,041,169 3,813,445 109,983,739
Carrying amount - 30 June 2016 256,258 1,055 2,178,767 3,674,004 51,537,501 2,867,781 5,606,397 386,946 228,955 47,468 722,738 796,259 49,663,128 2,575,147 120,542,404
Rates of depreciation (%) - 3.3~4 2.5~8 2.5~8 4~20 10 10 15 33.33 10 20 2.5~10 - -

11.1 Cost and accumulated depreciation as at 30 June 2016 include Rs 48,173 million (2015: Rs 40,425 million) and Rs 26,284
million (2015: Rs 23,019 million) respectively being the Company’s share in property, plant and equipment relating to joint
operations operated by other working interest owners.
2016 2015
Note --------------(Rupees ‘000)---------------
11.2 The depreciation charge has been allocated to:
Operating expenses 25 6,893,094 5,525,660

General and administration expenses 28 205,799 197,940
Technical services 1,123,325 898,668
8,222,218 6,622,268
11.3 Capital work in progress
Production facilities and other civil works in progress:

Wholly owned 47,809,254 36,790,973
Joint operations 1,843,702 7,231,739
49,652,956 44,022,712
Construction cost of field offices and various bases/offices owned by the Company 10,172 18,457
49,663,128 44,041,169

11.4 Details of property, plant and equipment sold: Cost Book Sale
value proceeds
---------------------------(Rupees ‘000)---------------------------
Vehicles sold to following in-service/retiring employees as per
Company’s policy:
Mr. Mirza Khalid Baig 1,772 1,614 1,614

Syed Mazhar Ali 1,772 1,604 1,604
Syed Rashid Hassan 1,772 1,650 1,650
Mr. Siraj Ali 1,772 1,622 1,622
Mr. Maqbool Ahmed Somro 1,727 1,070 1,070
Mr. Saleem Ahmed Khan 1,707 937 937
Mr. Rashid Javaid 1,702 1,080 1,080
Mr. Murad Niaz Khan 1,692 565 565
Mr. Mushtaq Ahmad 1,692 484 484
Mr. Asad Ahmed Asad 1,692 523 523
Capt® Muhammad Siddique Awan 1,691 774 774
Mr. Raja Arshad Sultan 1,691 614 614
Mr. Muneer Ahmad Khan 1,571 189 189
Mr. Agha Mujeeb Ur Rehman 1,569 344 344
Mr. Rooh Ullah 1,569 296 296
Mr. Tahir Shaukat 1,569 236 236
Mr. Muhammad Amjad Ehsan 1,569 259 259
Mr. Aijaz Kaleem Ashraf 1,546 1 155
Mr. Basharat Ali Mirza 1,539 346 346
Ms. Mehurnisa Jehangir 1,539 180 180
Mr. Bashir Ahmad 1,477 59 149
Mr. Jehangaz Khan 1,441 1 144
Mr. Tariq Mehmood 1,441 1 144
Mr. Khwaja Masood Ahmed 1,429 1 143
Mr. Daud Ahmad Butt 1,429 1 143
Mr. Asif Nasim 1,429 1 143
Mr. Muhammad Sabir Khan 1,399 1 140
Mr. Muhammad Ismail Laghari 1,210 1 140
Mr. Abdul Jamil Khan 1,203 961 961
Mr. Noor Muhammad 1,073 770 770
Mrs. Lubna Hassan 1,073 817 817
Mr. Shahnawaz Rajpoot 1,024 468 468
Mr. Muhammad Irfan Khan 1,024 516 516
Mr. Ikram Ullah Khan 1,024 551 551
Mr. Qamar Raza 1,024 606 606
Mr. Sultan Mehmood 1,024 534 534
Syed Rashid Hassan 1,023 473 473
Mr. Shrafat Ali 1,003 373 373
Mr. Muhammad Arif Bhutto 1,003 422 422
Mr. Abdul Ghani Memon 1,003 464 464
Mr. Abdullah Bajir 1,003 469 469
Mr. Iftikhar Abbasi 1,003 460 460

Cost Book Sale

value proceeds
---------------------------(Rupees ‘000)---------------------------
Vehicles sold to following in-service/retiring employees as per
Company’s policy - continued
Mrs. Nusrat Parveen 1,003 453 453

Mr. Javed Iqbal 1,003 456 456
Mr. Muhammad Saghir 1,003 468 468
Mr. Muhammad Iqbal Khan 1,003 473 473
Mr. Manzoor Ahsan 1,003 476 476
Mr. Nazar Abbas Zaidi 1,003 473 473
Mr. Muhammad Tariq Iqbal 1,003 530 530
Mr. Mazhar Ali 1,003 416 416
Mr. Arshad Mehmood 1,003 431 431
Mr. Shahid Waqar Malik 1,003 416 416
Mr. Muhammad Nawaz 968 259 259
Mr. Abdur Raziq Khattak 965 350 350
Mr. Etezaz Ud Din Ahmed 965 369 369
Mr. Jamal Nasir 965 348 348
Dr. Mubashar Ayaz Wyn 925 253 253
Mr. Muhammad Ajaz Sarwar 925 262 262
Dr. Ruhee Fahim 925 308 308
Mr. Muhammad Munir Memon 925 327 327
Mr. Muhammad Iqbal Khosa 925 269 269
Ms. Farida Habib 843 19 84
Mr. Mirza Abdul Waheed 818 1 82
Mr. Khalid Javed 818 1 82
Mr. Shoaib Shabih 818 1 82
Mr. Sher Ullah Khan 818 1 82
Mr. Muhammad Akram Qureshi 818 1 82
Mr. Munawar Ali Khan 818 1 82
Mr. Shoaib Khan 818 1 82
Mr. Muhammad Asghar 817 1 82
Syed Hassan Abbas 817 1 82
Mr. Zafar Ullah 817 1 82
86,453 29,704 31,813
Computers/mobiles sold to employees as per Company’s policy 11,643 348 1,378
Aggregate of other items of property, plant and equipment with

individual book value not exceeding Rs 50,000, sold through
public auction 202,095 550 57,922
Items written off during the year 109,919 52 -

30 June 2016 410,110 30,654 91,113
30 June 2015 232,079 38,122 56,442

12 DEVELOPMENT AND PRODUCTION ASSETS - intangible

(Rupees ‘000)
Producing fields Shut-in fields Wells in Decom-
Description Wholly Joint Wholly Joint progress Sub total missioning Total
owned operations owned operations (Note 12.1) cost
Cost
Balance as at 1 July 2014 56,662,299 77,159,798 5,628,217 15,560,634 4,894,681 159,905,629 7,863,805 167,769,434
Adjustment 138,082 2,826,198 (138,082) (2,826,198) - - - -
Additions during the year - - - - 15,497,846 15,497,846 692,401 16,190,247
Revision due to change in estimate - - - - - - (3,038,148) (3,038,148)
Transfer from exploration and evaluation assets during the year 3,142,089 905,247 2,486,770 2,938,012 - 9,472,118 - 9,472,118
Transfers in/(out) during the year 2,804,640 9,548,048 - 2,972,975 (15,325,663) - - -
Balance as at 30 June 2015 62,747,110 90,439,291 7,976,905 18,645,423 5,066,864 184,875,593 5,518,058 190,393,651
Balance as at 1 July 2015 62,747,110 90,439,291 7,976,905 18,645,423 5,066,864 184,875,593 5,518,058 190,393,651
Adjustment (191,393) (596,044) 191,393 596,044 - - - -
Additions during the year - - - - 17,728,636 17,728,636 831,490 18,560,126
Revision due to change in estimate - - - - - - (1,898,767) (1,898,767)
Transfer from exploration and evaluation assets during the year 1,531,998 1,887,665 2,150,270 4,652,100 - 10,222,033 - 10,222,033
Transfers in/(out) during the year 6,400,016 7,447,147 122,356 1,509,998 (15,479,517) - - -
Balance as at 30 June 2016 70,487,731 99,178,059 10,440,924 25,403,565 7,315,983 212,826,262 4,450,781 217,277,043
Amortization
Balance as at 1 July 2014 37,586,738 48,162,315 322,631 462,003 - 86,533,687 5,949,325 92,483,012
Adjustment (91,493) 29,329 91,493 (29,329) - - - -
Charge/(reversal of charge) for the year 4,642,207 12,856,284 - - - 17,498,491 (1,217,154) 16,281,337
Balance as at 30 June 2015 42,137,452 61,047,928 414,124 432,674 - 104,032,178 4,732,171 108,764,349
Balance as at 1 July 2015 42,137,452 61,047,928 414,124 432,674 - 104,032,178 4,732,171 108,764,349
Adjustment (320,545) (413,375) 169,009 413,376 - (151,535) (440,826) (592,361)
Charge/(reversal of charge) for the year 5,047,860 11,407,703 24,771 32,271 - 16,512,605 (1,246,037) 15,266,568
Balance as at 30 June 2016 46,864,767 72,042,256 607,904 878,321 - 120,393,248 3,045,308 123,438,556
Impairment
Balance as at 1 July 2014 545,089 - 332,013 - - 877,102 79,847 956,949
Adjustment - - (154,847) 154,847 - - - -
Charge for the year - 1,004,360 - 1,391,639 - 2,395,999 15,667 2,411,666
Balance as at 30 June 2015 545,089 1,004,360 177,166 1,546,486 - 3,273,101 95,514 3,368,615
Balance as at 1 July 2015 545,089 1,004,360 177,166 1,546,486 - 3,273,101 95,514 3,368,615
Adjustment 437,291 - - - - 437,291 155,070 592,361
Charge for the year 709,154 - 788,869 373,810 - 1,871,833 14,718 1,886,551
Balance as at 30 June 2016 1,691,534 1,004,360 966,035 1,920,296 - 5,582,225 265,302 5,847,527
Carrying amounts - 30 June 2015 20,064,569 28,387,003 7,385,615 16,666,263 5,066,864 77,570,314 690,373 78,260,687
Carrying amounts - 30 June 2016 21,931,430 26,131,443 8,866,985 22,604,948 7,315,983 86,850,789 1,140,171 87,990,960
2016 2015
--------(Rupees ‘000)-------
12.1 Wells in progress at year end represent:
Wholly owned 3,277,101 2,137,978

Joint operations 4,038,882 2,928,886
7,315,983 5,066,864

2016 2015
Note --------------(Rupees ‘000)--------------
13 EXPLORATION AND EVALUATION ASSETS

Additions during the year 14,182,070 12,512,724
20,285,614 20,425,800
Cost of dry and abandoned wells during the year 27 (4,909,724) (4,850,138)
Cost of wells transferred to development and production assets
during the year (10,222,033) (9,472,118)
(15,131,757) (14,322,256)
5,153,857 6,103,544
Stores held for exploration and evaluation activities 13.1 1,680,221 2,035,892
13.1 Stores held for exploration and evaluation activities

Additions 1,155,565 1,123,234
Issuances (1,511,236) (812,054)
13.2 Liabilities, other assets and expenditure incurred on exploration and

evaluation activities are:
Liabilities related to exploration and evaluation 2,303,095 883,804
Exploration and prospecting expenditure 27 14,548,295 11,627,518
14 LONG TERM INVESTMENTS
Investment in related party 14.1 3,393,185 1,401,173

Investments held to maturity 14.2 109,124,107 129,792,155
112,517,292 131,193,328
14.1 Investment in related party - associate, quoted
Mari Petroleum Company Limited (MPCL)

Cost of investment (22,050,000 (2015: 22,050,000) fully paid ordinary
shares of Rs 10 each including 14,700,000 (2015: 14,700,000) bonus
shares) 73,500 73,500
Post acquisition profits brought forward 1,327,673 302,307

1,401,173 375,807
Share of profit for the year - net of taxation 14.1.2 2,188,899 1,043,741
Share of other comprehensive loss of the associate - net of taxation (17,125) -
Dividend received (179,762) (18,375)
1,992,012 1,025,366
3,393,185 1,401,173

14.1.1 MPCL is incorporated in Pakistan and is principally engaged in exploration, production and sale of hydrocarbons. The
Company has 20% (2015: 20%) holding in the associate. The market value of the investment in associate as of the year
end is Rs 20,026 million (2015: Rs 10,333 million).
14.1.2 Share of profit for the year ended 30 June 2016 includes Rs 978.608 million related to prior years.
14.1.3 The tables below provide summarized financial information for the associate that is material to the Company. The information
disclosed reflects the amounts presented in the annual audited financial statements of the associate for the year ended
30 June 2016 and not the Company’s share of those amounts.
2016 2015
---------------(Rupees ‘000)---------------
Summarized balance sheet
Current assets 32,727,282 41,868,075

Non-current assets 26,832,365 23,785,743
Current liabilities (35,017,149) (39,398,626)
Non-current liabilities (7,576,575) (14,758,974)
Net assets 16,965,923 11,496,218
Reconciliation to carrying amounts:
Opening net assets 11,496,218 16,822,231

Opening net assets transferred to redeemable preference shares - liability - (10,590,001)
Dividends paid (496,125) (410,240)
Closing net assets 16,965,923 11,496,218
Company's percentage shareholding in the associate 20% 20%
Company's share in carrying value of net assets 3,393,185 2,299,244
Others - (898,071)
Carrying amount of investment 3,393,185 1,401,173
Summarized statement of comprehensive income
Revenue for the year 94,997,719 88,239,537

Other comprehensive (loss)/income for the year (85,625) 23,915
14.1.4 Effective 1 July 2014, the cost plus wellhead gas pricing formula is replaced with a crude oil price linked formula which
provides a discounted wellhead gas price to be gradually achieved in five (5) years from 1 July 2014. The revised formula
provides dividend distribution to be continued for next ten (10) years in line with the previous cost plus formula and any
residual profit are to be reinvested for exploration and development activities in Mari as well as outside Mari field. Under
the revised formula, the Government of Pakistan will no more provide exploration funds to MPCL. MPCL has issued non
voting, non-cumulative redeemable preference shares during the year ended 30 June 2015, against undistributable balance
of profit and loss account at 30 June 2014 and investment of Government of Pakistan in Mari Seismic Unit amounting to
Rs 10,590 million. During the year ended 30 June 2016, MPCL approved redemption of all preference shares in cash after
obtaining requisite approvals of Board of Directors, members and Government of Pakistan (GoP). The Economic Coordination
Committee (ECC) of the Cabinet approved the above arrangement and the revised Mari Wellhead Gas Price Agreement
was signed by MPCL and the President of Islamic Republic of Pakistan on 29 July 2015.

2016 2015
Note ---------------(Rupees ‘000)---------------
14.2 Investments held to maturity
Term Deposit Receipts (TDRs) 14.2.1 6,384,972 5,862,129

Investment in Pakistan Investment Bonds (PIBs) 14.2.2 51,489,135 52,180,026
Investment in Term Finance Certificates 14.2.3 82,000,000 82,000,000
139,874,107 140,042,155
Less: Current maturity of Term Finance Certificates (30,750,000) (10,250,000)
109,124,107 129,792,155
14.2.1 These represent investments in local currency TDRs. Face value of these investments is Rs 6,385 million (2015: Rs 5,862
million) and carry effective interest rate of 7.35% (2015: 9.91%) per annum. These investments are due to mature within
next 12 months, however, these have not been classified as current assets based on the management’s intention to reinvest
them in the like investments for a longer term. These investments are earmarked against self insurance reserve as explained
in note 5.2 to the financial statements.
14.2.2 In 2013, Ministry of Finance, Government of Pakistan, approved the plan for partial settlement of circular debt issue prevailing
in the energy sector. These PIBs were subscribed by the Company in order to settle its overdue receivables from oil refineries
and gas companies. The face value of these PIBs is Rs 50.773 billion carrying interest rate of 11.50% per annum. These
PIBs were issued on 19 July 2012 for a period of five years maturing on 19 July 2017. Premium on investment is amortized
over the remaining term of the investment using effective interest method.
14.2.3 This represents investment in Privately Placed Term Finance Certificates (TFCs) amounting to Rs 82 billion. In 2013, the
Government of Pakistan, for partial resolution of circular debt issue prevailing in the energy sector, approved issuance of
TFCs amounting to Rs 82 billion by Power Holding (Private) Limited (PHPL). These TFCs were subscribed by the Company
in order to settle its overdue receivables from oil refineries and gas companies.
TFCs are for a period of seven (7) years including grace period of three (3) years carrying interest rate of KIBOR + 1%,
payable semi-annually. The principal portion of these TFCs shall be repaid in eight (8) equal installments starting from
42nd month of date of transaction. National Bank of Pakistan executed the transaction on 10 September 2012 as Trustee.
These TFCs are secured by Sovereign Guarantee, covering the principal, markup, and/or any other amount becoming
due for payment in respect of investment in TFCs. Principal repayment amounting to Rs 10,250 million (2015: Rs Nil) is
past due as at 30 June 2016. Further, interest due as of 30 June 2016 was Rs 18,139 million (2015: Rs 11,502 million) of
which Rs 16,270 million (2015: Rs 9,151 million) was past due as of the balance sheet date. The Company considers the
principal and interest to be fully recoverable as these are backed by Sovereign Guarantee of Government of Pakistan.
2016 2015
Note --------------(Rupees ‘000)----------------
15 LONG TERM LOANS AND RECEIVABLE
Long term loans:

Secured 15.1 5,757,931 5,692,868
Un-secured 15.2 239,738 239,738
5,997,669 5,932,606
15.1 Long term loans - secured
Considered good:
Executives 4,618,807 3,801,069
Other employees 2,095,113 2,848,183
6,713,920 6,649,252
Current portion shown under loans and advances 18 (955,989) (956,384)
5,757,931 5,692,868

15.1.1 Movement of carrying amount of loans to executives and other employees:
Balance Disbursements Adjustments Repayments Balance

as at during the during the during the as at
1 July 2015 year year year 30 June 2016
--------------------------------------------------(Rupees ‘000)--------------------------------------------------
Due from:
Executives 3,801,069 331,764 1,157,913 (671,939) 4,618,807
Other employees 2,848,183 649,836 (1,157,913) (244,993) 2,095,113
30 June 2016 6,649,252 981,600 - (916,932) 6,713,920
30 June 2015 5,722,379 1,760,951 - (834,078) 6,649,252
15.1.2 The loans are granted to the employees of the Company in accordance with the Company’s service rules. House building and
conveyance loans are for maximum period of 15 and 5 years respectively. These loans are secured against the underlying
assets. Included in these are loans of Rs 5,635.351 million (2015: Rs 5,506.893 million) which carry no interest. The balance
amount carries an effective interest rate of 10.53% (2015: 11.79%) per annum. Interest free loans to employees have not
been discounted as required by IAS 39, ‘Financial Instruments: Recognition and Measurement’ as the amount involved is
deemed immaterial.
The maximum amount due from executives at the end of any month during the year was Rs 4,618.807 million
(2015: Rs 3,801.069 million).
15.2 The Company and other working interest owners in Chanda, Nashpa and Tal joint operations have entered into an agreement
dated 20 October 2010 with National Highway Authority (NHA) for provision of interest free loan to NHA amounting to
Rs 700 million for construction of new Bridge on River Indus, district Kohat. The bridge will facilitate operations of these
joint operations including transportation of crude oil & condensate, materials & equipment and staff etc. According to the
agreement, share of Tal, Nashpa and Chanda joint operations in the loan will be 68.63%, 23.09% and 8.28% respectively
and will be paid to NHA by the Company in stages based on percentage completion of work. Proportionate share in
stage-wise payments of the loan will be recovered by the Company from other working interest owners.
As per terms and conditions of the agreement, NHA will design, construct, operate and maintain the new bridge and
shall commission the bridge within 27 months from the date of agreement. NHA shall not charge the Company and other
operator the toll tax for the use of new bridge till the entire loan stands repaid. The loan is repayable by NHA in seven years
in 84 equal monthly installments, with grace period of one year, starting from one year after the commissioning of the
bridge. The bridge has been inaugurated on 28 July 2014 and is currently operational. The amount of Rs 239.738 million
as on 30 June 2016 (2015: Rs 239.738 million) represents the Company’s net share, based on effective working interest
ownership of 38.05% (2015: 38.05%) which have not been discounted as required by IAS 39, ‘Financial Instruments:
Recognition and Measurement’ as the amount involved is deemed immaterial.
2016 2015
Note ---------------(Rupees ‘000)--------------
16 STORES, SPARE PARTS AND LOOSE TOOLS
Stores, spare parts and loose tools 20,069,409 19,251,264

Stores and spare parts in transit 965,949 216,764
21,035,358 19,468,028
Provision for slow moving, obsolete and in transit stores 16.1 (2,784,174) (2,620,996)
18,251,184 16,847,032
16.1 Movement of provision for slow moving, obsolete and in transit stores
Balance as at 1 July 2,620,996 2,383,569

Provision for the year 163,178 237,427
Balance as at 30 June 2,784,174 2,620,996

2016 2015
---------------(Rupees ‘000)--------------
17 TRADE DEBTS
Un-secured, considered good 111,204,979 121,411,485

Un-secured, considered doubtful 111,989 112,782
111,316,968 121,524,267
Provision for doubtful debts (111,989) (112,782)
Trade debts written off (793) -
111,204,186 121,411,485
17.1 Trade debts include overdue amount of Rs 78,704 million (2015: Rs 76,990 million) on account of Inter-Corporate Circular
debt, receivable from oil refineries and gas companies out of which Rs 59,395 million (2015: Rs 60,702 million) and
Rs 16,525 million (2015: Rs 10,380 million) is overdue from related parties, Sui Southern Gas Company Limited and Sui
Northern Gas Pipeline Limited respectively. The Government of Pakistan (GoP) is pursuing for satisfactory settlement of
Inter-Corporate Circular debt issue and the Company considers this amount to be fully recoverable.
17.2 Included in trade debts is an amount of Rs 3,171 million (2015: Rs 8,043 million) receivable from three Independent Power
Producers and a fertilizer Company on account of Gas Infrastructural Development Cess (GIDC) and related sales tax paid/
payable thereon. Retrospective imposition of GIDC has finally been confirmed by the Government of Pakistan through
promulgation of GIDC Act 2015. Accordingly, where applicable, the Company has charged GIDC to its customers and has
recognized its liability in these financial statements.
2016 2015
Note ---------------(Rupees ‘000)--------------
18 LOANS AND ADVANCES
Advances considered good:

Suppliers and contractors 2,046,796 1,070,013
Partners in joint operations 2,065,882 2,463,683
Sales tax 18.1 & 18.2 4,816,374 3,511,537
Others 574,568 42,151
9,503,620 7,087,384
Current portion of long term loans - secured 15.1 955,989 956,384
10,459,609 8,043,768
Advances considered doubtful 187,033 187,033
10,646,642 8,230,801
Provision for doubtful advances (187,033) (187,033)
10,459,609 8,043,768
18.1 This includes an amount of Rs 3,180 million (2015: Rs 3,180 million) paid under protest to Federal Board of Revenue (FBR)
on account of sales tax demand raised in respect of capacity invoices from Uch Gas Field for the period July 2004 to
March 2011. Based on Sales Tax General Order (STGO) 1 of 2000 dated 24 January 2000, the matter was argued before
various appellate forums, however, the Supreme Court of Pakistan finally decided the issue against the Company on
15 April 2013. The FBR granted time relaxation to the Company for issuance of debit note for an amount of Rs 750 million
for the period April 2011 to May 2012, accounted for as trade debt. Uch Power Limited (UPL) challenged the grant of time
relaxation to the Company by FBR before Islamabad High Court. On 27 December 2013, the Honorable Court decided
the matter in favor of the Company. In light of the Islamabad High Court decision, the Company has applied to FBR for
obtaining condonation of time limit for issuing debit notes to UPL for the remaining amount of Rs 3,180 million for the
period July 2004 to March 2011 and currently the matter is pending with FBR.
UPL has filed an Intra Court appeal against the decision of the Islamabad High Court and the Islamabad High Court has
granted stay against recovery of Rs 750 million to UPL. Management and its legal advisor are confident that the stay will
be vacated and the Intra Court appeal by UPL will also be decided in favor of the Company.

18.2 This also includes recoveries of Rs 317 million (2015: Rs Nil) made by the tax department against sales tax and Federal
Excise Duty (FED) demand of Rs 6,699 million, issued by the Deputy Commissioner Inland Revenue (DCIR). In addition,
DCIR has also issued a show cause notice of Rs 5,271 million against sales tax and FED, response against which is yet
to be submitted by the management. These demands and show cause notice have been raised by tax authorities due to
difference between computation of sales/production reported by the Company in its sales tax return and sales/production
based on other sources of data. The Company has filed an appeal before the Appellate Tribunal Inland Revenue (ATIR),
Islamabad and the hearing is yet to be fixed. The Company has obtained stay from ATIR against further recovery of the
outstanding demand notice. The Company believes that these demands have been raised without legal validity.
2016 2015
Note --------------(Rupees ‘000)----------------
19 DEPOSITS AND SHORT TERM PREPAYMENTS
Security deposits 22,112 21,025

Short term prepayments 1,624,665 1,393,408
1,646,777 1,414,433
20 OTHER RECEIVABLES
Development surcharge 80,391 80,391

Claims receivable 78,134 31,504
Others 23,686 71,930
182,211 183,825
Claims considered doubtful 10,439 10,439
192,650 194,264
Provision for doubtful claims (10,439) (10,439)
182,211 183,825
21 INCOME TAX - ADVANCE
Income tax - advance at beginning of the year 24,059,740 14,319,141

Income tax paid during the year 35,025,909 50,613,873
Income tax recovered by tax authorities during the year 50,558 3,942,695
Provision for current taxation for the year - Profit and loss account 30 (21,853,820) (37,279,117)
Tax credit related to remeasurement loss on employee retirement
benefit plans for the year - Other Comprehensive Income 4,026,760 624,129
Provision for taxation - prior years 30 289,894 (8,160,981)
Income tax - advance at end of the year 21.1 to 21.4 41,599,042 24,059,740
21.1 This includes amount of Rs 13,846 million (2015: Rs 13,225 million) paid to tax authorities on account of disallowance of
actuarial loss amounting to Rs 27,556 million which the Company claimed in its return for the tax years 2014 and 2015.
This actuarial loss was recognized in the books as a result of retrospective application of IAS 19 (as revised in June 2011)
‘Employee Benefits’ from the year ended 30 June 2014 and onwards. The Commissioner Inland Revenue Appeals (CIRA)
through its order dated 3 November 2015 related to tax year 2014, accepted the Company’s viewpoint, however, ordered
to claim the expenditure over a period of seven years. The Company has filed an appeal against the order of CIRA in
Appellate Tribunal Inland Revenue which is currently pending. The management, based on opinion of its tax consultant
dated 29 January 2015, believes that there is reasonable probability that the matter will be decided in favor of the Company
by appellate forums available under the law.

21.2 During the year ended 30 June 2014, tax authorities raised demands of Rs 13,370 million by disallowing effect of price
discount on sale of crude from Kunnar field and have recovered Rs 5,368 million (2015: Rs 5,317 million) from the Company
upto 30 June 2016. During the year ended 30 June 2015, appeal before Appellate Tribunal Inland Revenue (ATIR) against
the said demands were decided against the Company. The Company filed a reference application before Islamabad High
Court (IHC) against the decision of ATIR. The Islamabad High Court remanded the case back to ATIR with the instructions
to pass a speaking order which is currently pending with ATIR. Further, ATIR has granted stay for recovery of fifty days with
effect from 2 August 2016 or till the decision of appeals, whichever is earlier. Management and its legal advisor are of the
view that the price discount is not income of the Company and hence not liable to tax. Accordingly, management is confident
that the matter will be resolved in favor of the Company as the discounted price for Kunnar field was finally determined by
the Ministry of Petroleum and Natural Resources (MP&NR) and the total amount of price discount amount has been paid
to the Government of Pakistan (GoP) upon directions from the Ministry of Finance, to this effect.
21.3 Income tax advance includes Rs 2,746 million (2015: Rs Nil) paid to tax authorities during the year on account of super tax
relating to tax year 2015. The Company is currently contesting applicability of super tax at the rate of 3 percent of taxable
profits from oil and gas operations under Petroleum Concession Agreements (PCAs) and has filed an appeal before CIRA
in this respect. Management based on opinion of its tax consultant is confident that the Company has probable chances to
defend its case before appellate authorities due to clauses relating to charge of tax under PCAs. Accordingly, no provision
has been made in this respect in the financial statements for the years ended 30 June 2015 and 30 June 2016.
21.4 Income tax advance includes Rs 5,805 million (2015: Rs Nil) paid to tax authorities during the year mainly on account of
disallowances made by the Additional Commissioner Inland Revenue (ACIR) against workers’ profit participation fund expense,
decommissioning cost and employee benefits claimed by the Company in its return of income for the year ended 30 June
2015. The Company has field an appeal with CIRA against the disallowances made by ACIR. Management believes that
disallowances are against income tax laws and regulations and accordingly no provision has been made in this respect in
the financial statements.
2016 2015
Note ---------------(Rupees ‘000)--------------
22 OTHER FINANCIAL ASSETS
Investment in Term Deposits 22.1 11,131,164 9,525,037

Investment at fair value through profit or loss - NIT units 295,800 289,444
11,426,964 9,814,481
22.1 This include foreign currency TDRs amounting to USD 106.305 million (2015: USD 94.448 million), carrying interest rate
ranging from 1.60% to 2.65% (2015: 1.75% to 2.35%) per annum, having maturities between one month to three months.
2016 2015
Note --------------(Rupees ‘000)---------------
23 CASH AND BANK BALANCES
Cash at bank:
Deposit accounts 23.1 7,692,851 12,849,120
Current accounts 146,976 110,855
7,839,827 12,959,975
Cash in hand 63,939 42,773
7,903,766 13,002,748
23.1 These deposit accounts carry interest rate of 0.20% to 5.75% (2015: 0.20% to 7.00%) per annum and include foreign
currency deposits amounting to USD 4.995 million (2015: USD 52.413 million). Deposits amounting to Rs 1.707 million
(2015: Rs 1.707 million) with banks were under lien to secure bank guarantees issued on behalf of the Company.

2016 2015
---------------(Rupees ‘000)---------------
24 SALES - net
Gross sales
Crude oil 59,080,776 94,317,109

Gas 125,009,124 139,478,446
Liquefied petroleum gas 6,285,313 6,751,228
Sulphur 299,907 377,987
Gas processing 60,698 61,771
190,735,818 240,986,541
Government levies
General sales tax (19,132,696) (21,310,910)

Gas Infrastructure Development Cess (GIDC) (5,579,173) (5,734,982)
Excise duty (3,157,371) (3,315,692)
Development surcharge - (49)
(27,869,240) (30,361,633)
162,866,578 210,624,908
24.1 Gas sales include sales from Uch II, Dhachrapur and Nur-Bagla fields invoiced on provisional prices. There may be adjustment
in revenue upon issuance of final wellhead prices notification by Ministry of Petroleum and Natural Resources (MP&NR),
impact of which cannot be determined at this stage.
24.2 On 20 February 2012, OGDCL entered into an agreement with M/s Jamshoro Joint Venture Limited (JJVL) to process gas
from Kunnar Pasahki Deep (KPD) to produce Natural Gas Liquids (NGL), Liquefied Petroleum Gas (LPG ) and Condensate
in consideration of gas processing charges. However, Sui Southern Gas Company Limited (SSGCL) claimed that as per
applicable petroleum policy the delivery point should be KPD field gate instead of JJVL plant. The matter was discussed
between the parties and SSGCL viewpoint was accepted and a term sheet was signed between OGDCL and SSGCL in
2013. Resultantly, the delivery point was changed to KPD field gate and OGDCL renounced its right on LPG, etc., production.
Consequently the Company issued a provisional credit note of Rs 2,285 million in prior years related to revenue from sale
of LPG, NGL and Condensate from the JJVL plant net of processing and other ancillary charges. OGDCL also recorded a
provisional debit note amounting to Rs 164.445 million relating to additional gas sales revenue to SSGCL on account of the
change in delivery point from JJVL plant to KPD field gate. These credit and debit notes recorded in the books of accounts
in prior years are provisional and the final prices will be agreed between SSGCL and OGDCL upon execution of Gas Sales
Agreement (GSA) and adjustments, if any, will be incorporated in the books on finalization of GSA.
24.3 The Company has signed the supplemental Agreements with GoP for conversion of Petroleum Concession Agreements
(PCA) to the Petroleum Exploration and Production Policy, 2012 in respect of various blocks. 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 27 November 2007 and for future exploratory efforts under respective blocks.
In terms of supplemental agreements, draft statements in respect of Sheikhan, Gopang and Pakhro, TAL block - Mamikhel,
Maramzai & Makori East discoveries - have been submitted to the GoP. GoP shall facilitate for issuance of necessary gas
price notifications for payments to be made to the parties. Effect of adjustment arising from revision in sale price will be
recognized upon issuance of gas price notifications by OGRA.

2016 2015
Note ---------------(Rupees ‘000)---------------
25 OPERATING EXPENSES
Salaries, wages and benefits 25.1 15,214,752 14,065,027

Stores and supplies consumed 1,439,904 1,913,121
Contract services 1,854,126 1,709,615
Joint operations expenses 2,250,488 2,089,230
Workover charges 1,398,851 1,091,708
Traveling and transportation 800,648 651,539
Repairs and maintenance 935,596 1,239,635
Rent, fee and taxes 810,339 685,642
Insurance 215,869 309,134
Communication 42,544 42,757
Utilities 336,264 245,186
Land and crops compensation 736,160 553,803
Desalting, decanting and naphtha storage charges 58,104 68,780
Training, welfare and Corporate Social Responsibility (CSR) 2,107,025 959,743
Provision for slow moving, obsolete and in transit stores 163,178 237,427
Stores inventory written off 3,814 9,031
Depreciation 11.2 6,893,094 5,525,660
Amortization of development and production assets 12 15,266,568 16,281,337
Impairment on development and production assets 12 1,886,551 2,411,666
Impairment on property, plant and equipment 11 - 199,378
Transfer from general and administration expenses 28 2,538,202 2,533,226
Miscellaneous 8,601 9,686
54,960,678 52,832,331
Stock of crude oil and other products:
Balance at beginning of the year 317,476 420,626
Balance at end of the year (291,904) (317,476)
54,986,250 52,935,481
25.1 These include charge against employee retirement benefits of Rs 1,698 million (2015: Rs 2,170 million).
2016 2015
---------------(Rupees ‘000)---------------
26 OTHER INCOME
Income from financial assets

Interest income on:
Investments and bank deposits 12,908,363 16,921,497
Delayed payments from joint operations partners 10,241 -
Delayed payments from customers 2,053 2,493
12,920,657 16,923,990
Dividend income from NIT units 19,296 18,615

Un-realized gain on investments at fair value through profit or loss 6,356 13,893
Exchange (loss)/gain - net (37,543) 1,043,079
12,908,766 17,999,577
Income from non-financial assets
Gain on disposal of property, plant and equipment 60,458 18,320
Gain on disposal of stores, spare parts and loose tools 40,421 40,396
Others 1,693,326 1,127,898
1,794,205 1,186,614
14,702,971 19,186,191

2016 2015
Note ---------------(Rupees ‘000)---------------
27 EXPLORATION AND PROSPECTING EXPENDITURE
Cost of dry and abandoned wells 13 4,909,724 4,850,138

Prospecting expenditure 9,638,571 6,777,380
14,548,295 11,627,518
28 GENERAL AND ADMINISTRATION EXPENSES
Salaries, wages and benefits 28.1 4,965,364 4,710,471

Joint operations expenses 1,097,036 1,013,500
Unallocated expenses of technical services 896,277 1,323,643
Traveling and transportation 312,882 327,882
Repairs and maintenance 104,421 140,200
Stores and supplies consumed 124,642 123,062
Rent, fee and taxes 154,471 157,969
Communication 52,361 47,794
Utilities 57,149 64,177
Training and scholarships 30,971 30,359
Legal and professional services 50,377 44,354
Contract services 172,865 146,307
Auditors' remuneration 28.2 20,310 18,016
Advertising 83,293 128,898
Insurance 3,895 3,759
Donations - 330,000
Depreciation 11.2 205,799 197,940
Miscellaneous 40,151 48,818
8,372,264 8,857,149
Allocation of expenses to:
Operations 25 (2,538,202) (2,533,226)
Technical services (2,063,455) (2,015,668)
(4,601,657) (4,548,894)
3,770,607 4,308,255
28.1 These include charge against employee retirement benefits of Rs 572 million (2015: Rs 759 million).
2016 2015
---------------(Rupees ‘000)---------------
28.2 Auditors’ remuneration
M/s KPMG Taseer Hadi & Co., Chartered Accountants

Annual audit fee 2,000 2,000
Half yearly review 800 800
Out of pocket expenses 280 280
Concession audit fee 4,391 4,150
Audit fee for claims lodged by employees under BESOS 262 270
Verification of Central Depository Company record 110 110
Certification of fee payable to OGRA 110 110
Dividend certification 300 400
8,253 8,120

2016 2015
Note ---------------(Rupees ‘000)----------------
Auditors’ remuneration - continued
M/s A. F. Ferguson & Co., Chartered Accountants

Annual audit fee 2,000 2,000
Half yearly review 800 800
Out of pocket expenses 280 280
Concession audit fee 4,608 4,395
Verification of Central Depository Company record 110 110
Dividend certification 100 -
Tax services 4,159 2,286
Audit of Employees Benevolent Fund - 25
12,057 9,896
20,310 18,016
29 FINANCE COST
Unwinding of discount on provision for decommissioning cost 8 1,700,742 2,536,838

Others 17,147 13,229
1,717,889 2,550,067
30 TAXATION
Current - charge/(credit)
- for the year 21,853,820 37,279,117
- for prior year (289,894) 8,160,981
21,563,926 45,440,098
Deferred - (credit)/charge
- for the year (617,397) 706,322
- for prior year (409,944) (6,369,999)
(1,027,341) (5,663,677)
20,536,585 39,776,421
30.1 Reconciliation of tax charge for the year:
Accounting profit 80,507,387 127,025,453
Tax rate 52.62% 50.34%
Tax on accounting profit at applicable rate 42,362,987 63,944,613

Tax effect of royalty allowed for tax purposes (7,032,918) (9,320,933)
Tax effect of depletion allowance (9,988,702) (12,546,508)
Tax effect of amount not admissible for tax purposes (782,751) (977,230)
Tax effect of exempt income (10,154) (9,371)
Tax effect of income chargeable to tax at reduced corporate rate (3,663,025) (3,466,975)
Tax effect of prior years (699,838) 1,790,982
Effect of super tax 410,559 526,977
Others (59,573) (165,134)
20,536,585 39,776,421

30.2 Various appeals in respect of assessment years 1992-93 to 2002-03, tax years 2003 to 2015 are pending at different
appellate forums in the light of the order of the Commissioner of Inland Revenue (Appeals) and decision of the
Adjudicator, appointed by both the Company as well as the Federal Board of Revenue (FBR) mainly on the issues
of decommissioning cost, depletion allowance, prospecting, exploration and development expenditure and tax rate.
Total amount of tax demand against the major issues, raised in respect of assessment years 1992-93 to 2002-03
and tax years 2003-2015 amounts to Rs 66,643 million out of which an amount of Rs 63,302 million has been paid
to tax authorities. Also refer to note 21.1 to 21.4 of the financial statements.
2016 2015
31 EARNINGS PER SHARE - BASIC AND DILUTED
Profit for the year (Rupees '000) 59,970,802 87,249,032
Average number of shares outstanding during the year ('000) 4,300,928 4,300,928
Earnings per share - basic (Rupees) 13.94 20.29
There is no dilutive effect on the earnings per share of the Company.
32 OPERATING SEGMENTS
The financial statements have been prepared on the basis of a single reportable segment. Revenue from external
customers for products of the Company is disclosed in note 24.
Revenue from five major customers of the Company constitutes 77% (2015: 75%) of the total revenue during the
year ended 30 June 2016.
33 FINANCIAL INSTRUMENTS
The Company has exposure to the following risks from its use of financial instruments:
- Credit risk
- Liquidity risk
- Market risk
This note presents information about the Company’s exposure to each of the above risks, the Company’s objectives,
policies and processes for measuring and managing risk, and the Company’s management of capital. Further
quantitative disclosures are included throughout these financial statements.
The Board of Directors has overall responsibility for the establishment and oversight of the Company’s risk management
framework. The Board is responsible for developing and monitoring the Company’s risk management policies.
The Company’s risk management policies are established to identify and analyze the risks faced by the Company, to
set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and
systems are reviewed regularly to reflect changes in market conditions and the Company’s activities. The Company,
through its training and management standards and procedures, aims to develop a disciplined and constructive
control environment in which all employees understand their roles and obligations.
The Board’s Risk Management Committee assists the Board in the identification and monitoring of the principal risks
and opportunities of the Company ensuring that appropriate systems and internal control framework are in place to
manage these risks and opportunities, including, safeguarding the public reputation of the Company. The Committee
is required to over-see, report and make recommendations to the Board in respect of financial and non-financial risks
faced by the Company.

33.1 CREDIT RISK
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails
to meet its contractual obligations. As part of these processes the financial viability of all counterparties is regularly
monitored and assessed.
The Company is exposed to credit risk from its operating and certain investing activities and the Company’s credit
risk exposures are categorized under the following headings:
33.1.1 Counterparties
The Company conducts transactions with the following major types of counterparties:
Trade debts
Trade debts are essentially due from oil refining companies, oil and gas marketing companies and power generation
companies and the Company does not expect these companies to fail to meet their obligations. Majority of sales to
the Company’s customers are made on the basis of agreements approved by GoP.
Sale of crude oil and natural gas is at prices determined in accordance with the agreed pricing formula as approved
by GoP under respective agreements. Prices of liquefied petroleum gas are determined by the Company subject
to maximum of preceding months’ average prices of Saudi Aramco. Sale of refined petroleum products is made at
prices notified by OGRA.
The Company establishes an allowance for impairment that represents its estimate of incurred losses in respect of
trade debts. This allowance is based on the management’s assessment of a specific loss component that relates to
individually significant exposures.
Bank balances and investments
The Company limits its exposure to credit risk by investing in liquid securities and maintaining bank accounts only
with counterparties that have a credit rating of at least A1 and A. Given these high credit ratings, management does
not expect any counterparty to fail to meet its obligations. In addition to the exposure with Banks, the Company also
holds investments in Pakistan Investment Bonds and Term Finance Certificates issued by the State Bank of Pakistan
and Power Holding (Private) Limited held by GoP respectively. These investments are considered highly secured.
Investment in TFCs and PIBs are secured by GoP guarantee. The credit rating of the counterparties is as follows:
2016 2015
Short term Long term Short term Long term Credit Rating Agency
National Bank of Pakistan A-1+ AAA A-1+ AAA JCR-VIS
Allied Bank of Pakistan A1+ AA+ A1+ AA+ PACRA
Askari Bank Limited A1+ AA+ A1+ AA PACRA
Bank Al-Falah Limited A1+ AA A1+ AA PACRA
Bank Al-Habib Limited A1+ AA+ A1+ AA+ PACRA
Faysal Bank A1+ AA A1+ AA PACRA
Habib Bank Limited A-1+ AAA A-1+ AAA JCR-VIS
Habib Metropolitan Bank A1+ AA+ A1+ AA+ PACRA
MCB Bank A1+ AAA A1+ AAA PACRA
NIB Bank A1+ AA- A1+ AA- PACRA
Soneri Bank Limited A1+ AA- A1+ AA- PACRA
United Bank limited A-1+ AAA A-1+ AA+ JCR-VIS
Citibank N.A. P-1 A1 P-1 A2 Moody's
Meezan Bank Limited A1+ AA- - - JCR-VIS

33.1.2 Exposure to credit risk
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit
risk at the reporting date was:
2016 2015
---------------(Rupees ‘000)---------------
Long term investments 109,124,107 129,792,155

Long term loans and receivable 5,997,669 5,932,606
Trade debts - net of provision 111,204,186 121,411,485
Loans and advances 3,596,439 3,462,218
Deposits 22,112 21,025
Other receivables 101,820 103,434
Interest accrued 21,085,027 14,433,563
Current maturity of Term Finance Certificates 30,750,000 10,250,000
Other financial assets 11,131,164 9,525,037
Bank balances 7,839,827 12,959,975
300,852,351 307,891,498
The maximum exposure to credit risk for financial assets at the reporting date by type of customer was:
2016 2015
---------------(Rupees ‘000)---------------
Oil refining companies 12,270,830 18,057,449

Oil and gas marketing companies 90,096,501 88,783,767
Power generation companies 7,669,316 11,702,291
Banks and financial institutions 79,791,366 94,960,730
Power Holding (Private) Limited 100,138,759 93,501,837
Others 10,885,579 885,424
300,852,351 307,891,498
The credit quality of financial assets that are neither past due nor impaired can be assessed by reference to external
credit ratings or to historical information about counterparty default rates:
2016 2015
Note ---------------(Rupees ‘000)---------------
Investments
AAA 14.2.1 6,384,972 5,862,129
Unrated 14.2.2 & 14.2.3 133,489,135 134,180,026
139,874,107 140,042,155
Trade debts
Customers with no defaults in the past one year - -
Customers with some defaults in past one year which have

been fully recovered 3,322,833 2,496,615
Customers with defaults in past one year which have not yet
been recovered 25,792,369 37,331,589
29,115,202 39,828,204

2016 2015
Note ---------------(Rupees ‘000)---------------
Other financial assets
AA+ 22.1 11,131,164 9,525,037
Bank balances
AAA 2,036,297 7,725,585
AA+ 1,855,424 3,985,819
AA 3,943,739 1,248,489
AA- 4,357 72
A1 10 10
23 7,839,827 12,959,975
The Company’s most significant customers, an oil refining company and a gas marketing company (related party),
accounts for Rs 69,420 million of the trade debts carrying amount at 30 June 2016 (2015: Rs 78,105 million).
The maximum exposure to credit risk for trade debts at the reporting date by type of product was:
2016 2015
---------------(Rupees ‘000)---------------
Crude oil 12,270,727 18,057,346

Gas 98,845,594 103,229,734
Kerosene oil 1,984 1,984
High speed diesel oil 86 86
Naphtha 103 103
Liquefied petroleum gas 52,010 91,527
Other operating revenue 33,682 30,705
111,204,186 121,411,485
33.1.3 Impairment losses
The aging of trade debts at the reporting date was:

30 June 2016 30 June 2015
Gross debts Impaired Gross debts Impaired
Note --------------------------------------(Rupees ‘000)----------------------------------------
Not past due 29,115,202 - 39,828,204 -

Past due 0-30 days 3,968,071 - 8,194,459 -
Past due 31-60 days 2,641,376 - 6,522,394 -
Past due 61-90 days 2,755,428 - 5,066,143 -
Over 90 days 72,836,098 (111,989) 61,913,067 (112,782)
17 111,316,175 (111,989) 121,524,267 (112,782)

The aging of trade debts from related parties at the reporting date was:
Total Not past Past due Past due Over 90 days Impaired
due 0-30 days 31-90 days balance
---------------------------------------(Rupees ‘000)---------------------------------------
30 June 2016
Enar Petrotech Services Limited 988,108 1,186,570 - - (198,462) -

Pak Arab Refinery Company Limited 2,136,263 2,136,263 - - - -
Sui Northern Gas Pipelines Limited 25,864,252 8,517,438 2,178,193 3,138,027 12,030,594 -
Sui Southern Gas Company Limited 64,230,178 4,834,990 1,163,159 1,778,031 56,453,998 -
WAPDA 21,282 - - - 21,282 (21,282)
Pakistan State Oil 1,867 - - - 1,867 -
93,241,950 16,675,261 3,341,352 4,916,058 68,309,279 (21,282)
30 June 2015
Enar Petrotech Services Limited 1,080,082 1,293,328 - - (213,246) -

Pak Arab Refinery Company Limited 1,203,287 1,203,287 - - - -
Sui Northern Gas Pipelines Limited 19,575,029 8,458,397 2,618,485 5,245,633 3,252,514 -
Sui Southern Gas Company Limited 69,206,667 8,504,813 2,588,324 5,086,509 53,027,021 -
WAPDA 21,282 - - - 21,282 (21,282)
Pakistan State Oil 1,867 - - - 1,867 -
91,088,214 19,459,825 5,206,809 10,332,142 56,089,438 (21,282)
The movement in the allowance for impairment in respect of trade debts during the year was as follows:
2016 2015
--------------(Rupees ‘000)---------------

Written off during the year (793) -
Balance at end of the year 111,989 112,782
As explained in note 17 to the financial statements, the Company believes that no impairment allowance is necessary in
respect of trade debts past due other than the amount provided. Trade debts are essentially due from oil refining companies,
natural gas and liquefied petroleum gas transmission and distribution companies and power generation companies, the
Company is actively pursuing for recovery of debts and the Company does not expect these companies to fail to meet
their obligations.
The movement in the allowance for impairment in respect of loans, advances and other receivables during the year was
as follows:
2016 2015
--------------(Rupees ‘000)---------------

Provision made during the year - -
Balance at end of the year 197,472 197,472
The allowance accounts in respect of trade receivables, loans and advances are used to record impairment losses unless
the Company is satisfied that no recovery of the amount owing is possible, at that point the amount considered irrecoverable
is written off against the financial asset directly.

The aging of principal amount of TFCs at the reporting date was:

2016 2015
--------------(Rupees ‘000)---------------
Not past due 71,750,000 82,000,000

Over 90 days 10,250,000 -
82,000,000 82,000,000
The aging of interest accrued on TFCs at the reporting date was:
Not past due 1,868,432 2,350,772

Past due 16,270,327 9,151,065
18,138,759 11,501,837
33.2 LIQUIDITY RISK
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. Prudent liquidity
risk management implies maintaining sufficient cash and marketable securities to close out market positions due to dynamic
nature of the business. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will always have
sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable
losses or risking damage to the Company’s reputation.
The maturity profile of the Company’s financial liabilities based on the contractual amounts is as follows:
30 June 2016 30 June 2015
Trade and other payables Carrying Contractual Carrying Contractual

amount cash flows amount cash flows
---------------------------------------(Rupees ‘000)--------------------------------------
All the trade and other payables have

maturity upto one year 38,121,711 38,121,711 39,455,935 39,455,935
33.3 MARKET RISK
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates, equity price and crude
oil price will affect the Company’s income or the value of its holdings of financial instruments. The objective of market risk
management is to manage and control market risk exposures within acceptable parameters, while optimizing the return on risk.
33.3.1 Foreign currency risk management
PKR is the functional currency of the Company and as a result currency exposure arise from transactions and balances in
currencies other than PKR. The Company’s potential currency exposure comprise;
- Transactional exposure in respect of non-functional currency monetary items.

- Transactional exposure in respect of non-functional currency expenditure and revenues.
The potential currency exposures are discussed below;
Transactional exposure in respect of non-functional currency monetary items
Monetary items, including financial assets and liabilities, denominated in currencies other than the functional currency of the
Company are periodically restated to PKR equivalent, and the associated gain or loss is taken to the profit and loss account.
The foreign currency risk related to monetary items is managed as part of the risk management strategy.

Transactional exposure in respect of non-functional currency expenditure and revenues
Certain operating and capital expenditure is incurred by the Company in currencies other than the functional currency.
Certain sales revenue is earned in currencies other than the functional currency of the Company. These currency risks are
managed as a part of overall risk management strategy. The Company does not enter into forward exchange contracts.
Exposure to foreign currency risk
The Company’s exposure to foreign currency risk was as follows based on carrying values:
2016 2015
USD ($) ------------------- (‘000) -------------------
Trade debts 67,059 100,696

Investment in Term Deposits 106,305 94,448
Cash and bank balances 4,995 52,413
Trade and other payables (148,608) (102,733)
29,751 144,824
Euro (€)
Trade and other payables 3,437 6,457
Foreign currency commitments outstanding at year end are as follows:

2016 2015
--------------(Rupees ‘000)---------------
Euro (€) 6,173,974 9,555,780

USD ($) 35,594,447 31,255,354
GBP (£) 14,540 21,080
41,782,961 40,832,214
The following significant exchange rates were applied during the year:
Average rate Reporting date mid spot rate

2016 2015 2016 2015
--------------------------------------(Rupees)--------------------------------------
USD ($) 1 104.56 102.14 104.91 101.05
Foreign currency sensitivity analysis
A 10 percent strengthening of the PKR against the USD at 30 June 2016 would have decreased equity and profit or loss
by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant.
The analysis is performed on the same basis for 30 June 2015.
2016 2015
--------------(Rupees ‘000)--------------
Profit and loss account 312,118 1,463,447
A 10 percent weakening of the PKR against the USD at 30 June 2016 would have had the equal but opposite effect on
USD to the amounts shown above, on the basis that all other variables remain constant.

33.3.2 Interest rate risk management
The interest rate risk is the risk that the value of the financial instrument will fluctuate due to changes in the market interest
rates. Sensitivity to interest rate risk arises from mismatches of financial assets and liabilities that mature in a given period.
The Company adopts a policy to ensure that interest rate risk is minimized by investing in fixed rate investments like DSCs
and TDRs while the Company has no borrowings.
Profile
At the reporting date the interest rate profile of the Company’s interest-bearing financial instruments was:
2016 2015 2016 2015

--------------------- % ---------------------- --------------(Rupees ‘000)--------------
Fixed rate instruments
Financial assets
Long term investments 7.35 to 11.50 9.91 to 11.50 57,874,107 58,042,155
Long term loans 10.53 11.79 1,078,569 1,142,360
Other financial assets 1.60 to 2.65 1.75 to 2.35 11,131,164 9,525,037
Cash and bank balances 0.20 to 5.75 0.20 to 7.00 7,692,851 12,849,120
77,776,691 81,558,672
Financial liabilities - -
77,776,691 81,558,672
Fair value sensitivity analysis for fixed rate instruments
The Company does not account for any fixed rate financial assets and liabilities at fair value through profit or loss, and the
Company does not have derivatives as hedging instruments recognized under fair value hedge accounting model. Therefore,
a change in interest rates at the reporting date would not affect profit or loss.
33.3.3 Other market price risk
The Company is following a policy to set aside reserve for self insurance of rigs, wells, plants, pipelines, vehicles, workmen
compensation, losses of petroleum products in transit and is keeping such reserve invested in specified investments. The
primary goal of the Company’s investment strategy is to maximize investment returns on surplus funds. The Company’s price
risk arises from investments in NIT units which are designated at fair value through profit or loss, however, in accordance
with the investment strategy the performance of NIT units is actively monitored and they are managed on a fair value basis.
Sensitivity analysis of price risk
A change of Rs 5 in the value of investments at fair value through profit and loss would have increased or decreased profit
and loss by Rs 22.701 million (2015: Rs 22.701 million).
Sensitivity analysis of crude oil price risk
A change of USD 5 in average price of crude oil would increase or decrease profit by Rs 7,585 million (2015: Rs 7,372
million) on the basis that all other variables remain constant.

33.4 FAIR VALUES AND RISK MANAGEMENT
The following table shows the carrying amounts and fair values of financial assets and liabilities. The fair value of financial
asset measured at fair value is shown below. It does not include fair value information for financial asset and financial liabilities
not measured at fair value as the carrying amount is a reasonable approximation of fair value.
Carrying Amount
Loans and Investments Held to Other Total
receivables at maturity financial
fair value liabilities
through
profit or loss
30 June 2016 Note --------------------------------------(Rupees ‘000)--------------------------------------
Financial assets measured at fair value

Other financial assets - NIT units 22 - 295,800 - - 295,800
Financial assets not measured at fair value

Long term investments 14.1 & 14.2 3,393,185 - 109,124,107 - 112,517,292
Long term loans and receivable 15 5,997,669 - - - 5,997,669
Trade debts - net of provision 17 111,204,186 - - - 111,204,186
Loans and advances 18 3,596,439 - - - 3,596,439
Deposits 19 22,112 - - - 22,112
Interest accrued 21,085,027 - - - 21,085,027
Other receivables 20 101,820 - - - 101,820
Current maturity of Term Finance Certificates 14.2 - - 30,750,000 - 30,750,000
Other financial assets 22 11,131,164 - - - 11,131,164
Cash and bank balances 23 7,903,766 - - - 7,903,766
164,435,368 295,800 139,874,107 - 304,605,275
Financial liabilities not measured at fair value

Trade and other payables 9 - - - 38,121,711 38,121,711
- - - 38,121,711 38,121,711
Carrying Amount
Loans and Investments Held to Other Total
receivables at maturity financial
fair value liabilities
through
profit or loss
30 June 2015 Note --------------------------------------(Rupees ‘000)--------------------------------------

Other financial assets - NIT units 22 - 289,444 - - 289,444
Financial assets not measured at fair value

Long term investments 14.1 & 14.2 1,401,173 - 129,792,155 - 131,193,328
Long term loans and receivable 15 5,932,606 - - - 5,932,606
Trade debts - net of provision 17 121,411,485 - - - 121,411,485
Loans and advances 18 3,462,218 - - - 3,462,218
Deposits 19 21,025 - - - 21,025
Interest accrued 14,433,563 - - - 14,433,563
Other receivables 20 103,434 - - - 103,434
Current maturity of Term Finance Certificates 14.2 - - 10,250,000 - 10,250,000
Other financial assets 22 9,525,037 - - - 9,525,037
Cash and bank balances 23 13,002,748 - - - 13,002,748
169,293,289 289,444 140,042,155 - 309,624,888
Financial liabilities not measured at fair value

Trade and other payables 9 - - - 39,455,935 39,455,935
- - - 39,455,935 39,455,935

Interest rates used for determining fair value
The interest rates used to discount estimated cash flows, when applicable, are based on the government yield curve at the
reporting date plus an adequate credit spread. Since the majority of the financial assets are fixed rate instruments, there
is no significant difference in market rate and the rate of instrument, fair value significantly approximates to carrying value.
Fair value hierarchy
The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been
defined as follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: inputs other than quoted market prices included within Level 1 that are observable for the asset or liability, either
directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
Level 1 Level 2 Level 3

--------------------------(Rupees ‘000)--------------------------
30 June 2016

Other financial assets - NIT units 295,800 - -
30 June 2015

Other financial assets - NIT units 289,444 - -
Determination of fair values
A number of the Company’s accounting policies and disclosures require the determination of fair value, for both financial
and non-financial assets and liabilities. Fair values have been determined for measurement and/or disclosure purposes
based on the following methods.
Investment at fair value through profit and loss account - held for trading
The fair value of held for trading investment is determined by reference to their quoted closing repurchase price at the
reporting date.
Investment in associate
The fair value of investment in associate is determined by reference to their quoted closing bid price at the reporting date.
The fair value is determined for disclosure purposes.
Non-derivative financial assets
The fair value of non-derivative financial assets is estimated as the present value of future cash flows, discounted at the
market rate of interest at the reporting date. This fair value is determined for disclosure purposes.
Non-derivative financial liabilities
Fair value, which is determined for disclosure purposes, is calculated based on the present value of future principal and
interest cash flows, discounted at the market rate of interest at the reporting date.

33.5 CAPITAL MANAGEMENT
The Company’s objective when managing capital is to safeguard the Company’s ability to continue as a going concern so
that it can continue to provide returns for shareholders and benefits for other stakeholders, and to maintain a strong capital
base to support the sustained development of its businesses.
The Company manages its capital structure which comprises capital and reserves by monitoring return on net assets and
makes adjustments to it in the light of changes in economic conditions. In order to maintain or adjust the capital structure,
the Company may adjust the amount of dividend paid to shareholders and/or issue new shares. There were no changes
to Company’s approach to capital management during the year and the Company is not subject to externally imposed
capital requirement.
2016 2015
Note ---------------(Rupees ‘000)---------------
34 CASH AND CASH EQUIVALENTS
Cash and bank balances 23 7,903,766 13,002,748

Short term highly liquid investments 22 11,131,164 9,525,037
19,034,930 22,527,785
2016 2015
35 NUMBER OF EMPLOYEES
Total number of employees at the end of the year were as follows:

Regular 9,077 9,475
Contractual 299 27
9,376 9,502
Average number of employees during the year were as follows:

Regular 9,276 9,690
Contractual 163 25
9,439 9,715
36 RELATED PARTIES TRANSACTIONS
Government of Pakistan owns 74.97% (2015: 74.97%) shares of the Company. Therefore, all entities owned and controlled
by the Government of Pakistan are related parties of the Company. Other related parties comprise associated company,
major shareholders, directors, companies with common directorship, key management personnel, OGDCL employees
empowerment trust and employees pension trust. The Company in normal course of business pays for electricity, gas and
telephone to entities controlled by Government of Pakistan which are not material, hence not disclosed in these financial
statements. Transactions of the Company with related parties and balances outstanding at year end are as follows:
2016 2015
---------------(Rupees ‘000)---------------
Associated company
Share of profit in associate - net of taxation 2,188,899 1,043,741
Major shareholders
Government of Pakistan
Dividend paid 17,267,376 29,988,201
Payable on account of Kunnar discount at 30 June - 2,085,112
Payment on account of Kunnar discount during the year ended 30 June 2,085,112 -
Dividend payable at 30 June 1,451,040 5,078,640

2016 2015
---------------(Rupees ‘000)---------------
RELATED PARTIES TRANSACTIONS - continued
OGDCL Employees' Empowerment Trust (OEET)

Dividend paid 756,331 -
Dividend payable 10,500,000 9,225,000
Related parties by virtue of common directorship and GoP holdings
Government Holdings (Private) Limited (GHPL)

GHPL share (various fields) - net receivable 740,625 1,166,592
Power Holding (Private) Limited (PHPL)

Markup earned 6,636,923 8,673,803
Balance of investment in TFCs receivable not yet due as at 30 June 71,750,000 82,000,000
Balance of past due principal repayment on TFCs as at 30 June 10,250,000 -
Balance of markup receivable on TFCs not yet due as at 30 June 1,868,432 2,350,772
Balance of past due markup receivable on TFCs as at 30 June 16,270,327 9,151,065
State Bank of Pakistan

Interest earned on Pakistan Investment Bonds (PIBs) 5,867,299 5,838,861
Balance of investment in PIBs and markup receivable as at 30 June 54,149,061 53,380,191
Pak Arab Refinery Company Limited

Sale of crude oil 7,951,721 9,530,107
Trade debts as at 30 June 2,136,263 1,203,287
Sui Northern Gas Pipelines Limited

Sale of natural gas 53,793,498 52,919,073
Purchase of high BTU value gas - 2,991,030
Payable as at 30 June 73,880 473,503
Sui Southern Gas Company Limited

Sale of natural gas 38,070,256 53,413,428
Pipeline rental charges 36,660 36,660
Pakistan State Oil Company Limited

Purchase of petroleum, oil and lubricants 4,262,212 3,763,690
Trade debts as at 30 June 1,867 1,867
National Insurance Company Limited

Insurance premium paid 624,631 523,358
Payable as at 30 June - 9,565
National Logistic Cell

Crude transportation charges paid 1,822,565 1,588,145

2016 2015
Note ---------------(Rupees ‘000)---------------
RELATED PARTIES TRANSACTIONS - continued
Enar Petrotech Services Limited

Consultancy services 106,926 33,816
Sale of crude oil 7,798,062 9,261,452
Trade debts as at 30 June 988,108 1,080,082
Payable as at 30 June - 4,748
Other related parties

Contribution to staff benefit funds 1,486,261 12,767,909
Remuneration including benefits and perquisites of key management
personnel 36.1 489,455 533,774
36.1 Key management personnel
Key management personnel comprises chief executive, executive directors and general managers of the Company.
2016 2015
--------------(Rupees ‘000)--------------
Managerial remuneration 174,233 173,208

Housing and utilities 123,680 123,536
Other allowances and benefits 150,694 176,619
Medical benefits 3,117 4,511
Leave encashment 10,222 8,708
Contribution to pension fund 27,509 47,192
489,455 533,774
Number of persons 31 40
36.2 The amounts of the trade debts outstanding are unsecured and will be settled in cash. No expense has been recognized
in the current or prior years for bad or doubtful debts in respect of the amounts owed by related parties.
37 REMUNERATION OF CHIEF EXECUTIVES, DIRECTORS AND EXECUTIVES
The aggregate amount charged in these financial statements for the remuneration of the chief executives and executives
was as follows:
2016 2015
Chief Executives Chief Executives
Executive Executive
----------------------------------------(Rupees ‘000)----------------------------------------
Managerial remuneration 14,912 3,529,780 8,725 3,184,496

Housing and utilities 8,090 2,757,985 5,914 2,372,960
Other allowances and benefits 13,501 3,859,869 9,727 3,547,221
Medical benefits 5 226,439 16 200,738
Leave encashment 556 48,737 1,961 51,737
Contribution to pension fund 2,325 557,946 2,377 867,654
39,389 10,980,756 28,720 10,224,806
Number of persons including those who

worked part of the year 1 2,153 2 2,110

- Executive means any employee whose basic salary exceeds Rs 500,000 (2015: Rs 500,000) per year.
- The remuneration of chief executives includes an amount of Rs 7.154 million (2015: Rs 20.845 million) related to final
settlement of chief executives retired in prior years.
- The aggregate amount charged in these financial statements in respect of fee to 11 directors (2015: 13) was Rs 11.390
million (2015: Rs 27.755 million).
38 INFORMATION RELATING TO PROVIDENT FUND
Oil and Gas Development Company Limited (OGDCL) Employees’ Provident Fund is a contribution plan for benefit of
permanent employees of the Company. The Company does not contribute to the fund and the contributions are made by
the employees only. The details based on unaudited financial statements of the Fund are as follows:
2016 2015
----------(Rupees ‘000)---------------
Net assets 4,724,312 4,359,446

Cost of investments made 4,653,623 4,214,749
Percentage of investments made 99% 97%
Fair value of investments 4,852,507 4,471,061
Break-up of investments at cost:

NIT units 545,229 545,229
Term Deposit Receipts 2,800,000 2,600,000
Regular Income Certificates 850,000 850,000
Bank Balances 458,394 219,520
4,653,623 4,214,749
All investments out of Provident Fund have been made in accordance with the provisions of section 227 of the Companies
Ordinance, 1984 and the rules formulated for this purpose.
During the year, the Company changed its policy for entitlement of pension fund whereby employees regularized after
1 January 2016 will contribute one basic salary towards provident fund annually and the Company shall match the contribution.
No employee has been regularized after 1 January 2016.
39 DISCLOSURE REQUIREMENTS FOR ALL SHARES ISLAMIC INDEX
Following information has been disclosed with reference to Circular No. 14 of 2015 dated 21 April 2016, issued by the
Securities and Exchange Commission of Pakistan relating to ‘All Shares Islamic Index’.
Description Explanation
i) Long term investments - asset Interest bearing

ii) Long term loans and receivables - asset Interest bearing/Non-interest bearing (Refer note 15)
iii) Other financial assets Interest bearing
iv) Loans and Advances - asset Non-interest bearing
v) Deposits - asset Non-interest bearing
vi) Segment Revenue Disclosed in note 32
vii) Relationship with banks having Islamic windows Mezan Bank Limited

viii) Bank Balances as at 30 June 2016 (Rupees ‘000)

Placed under interest arrangement 7,688,568
Placed under Shariah permissible arrangement 4,283
7,692,851
ix) Interest income on bank deposits for the year Placed under interest arrangement 216,518
ended 30 June 2016 Placed under Shariah permissible arrangement 51
216,569
x) Interest income on investments for the year Placed under interest arrangement 6,135,765
ended 30 June 2016 Placed under Shariah permissible arrangement -
6,135,765
xi) All sources of other income Disclosed in note 26
xii) Exchange gain Earned from actual currency fluctuations
Disclosures other than above are not applicable to the Company.
40 INTEREST IN JOINT OPERATIONS

This disclosure is given to comply with the requirements of IFRS 11, ‘Joint Arrangements’ and on the basis of management’s
interpretation, the Company has working interest in the following operated and non-operated exploration licenses/leases
in Pakistan:
Working interest
2016 2015
Exploration Licenses/Leases ----------------- % -----------------
Operated by OGDCL
Nim Petroleum Concession

- Exploratory 95.00 95.00
- Development 77.50 77.50
Tando Allah Yar Petroleum Concession
Nashpa Petroleum Concession
Sinjhoro Petroleum Concession
Guddu Petroleum Concession
Jakhro Development and Production Lease 77.50 77.50
Chak Naurang Mining Lease 85.00 85.00
Qadirpur Development and Production Lease 75.00 75.00
Jhal Magsi South Development and Production Lease 56.00 56.00
Chanda Mining Lease 72.00 72.00
Gurgalot Petroleum Concession 75.00 75.00
Khewari Petroleum Concession 95.00 95.00
Zin Petroleum Concession 95.00 95.00
Bitrism Petroleum Concession 95.00 95.00
Kohlu Petroleum Concession 40.00 40.00
Kalchas Petroleum Concession 50.00 40.00
Kohat Petroleum Concession 30.00 30.00
Armala Petroleum Concession 97.50 97.50

Working interest
2016 2015
Exploration Licenses/Leases - continued ----------------- % -----------------
Hetu Petroleum Concession* 97.14 97.14

Pezu Petroleum Concession* 95.88 95.88
Ranipur Petroleum Concession* 95.00 95.00
Zorgarh Petroleum Concession* 95.80 95.80
Baratai Petroleum Concession* 97.50 97.50
Orakzai Petroleum Concession* 97.16 97.16
Tirah Petroleum Concession* 97.50 97.50
Zhob Petroleum Concession* 97.50 97.50
Pasni West Petroleum Concession* 97.50 97.50
Khanpur Petroleum Concession* 97.50 97.50
Plantak Petroleum Concession* 97.50 97.50
Gawadar Petroleum Concession* 97.50 97.50
Rakhshan Petroleum Concession* 97.50 97.50
South Kharan Petroleum Concession* 97.50 97.50
Khuzdar North Petroleum Concession* 97.50 97.50
Warnali Petroleum Concession* 97.50 97.50
Kulachi Petroleum Concession* 95.45 95.45
*Deeds of assignment of these Concessions have not yet been finalized.
Non-Operated Operator
Badin II Petroleum Concession United Energy Petroleum Limited 49.00 49.00

Badin II (Revised) Petroleum Concession United Energy Petroleum Limited 24.00 24.00
Badin III Petroleum Concession United Energy Petroleum Limited 15.00 15.00
TAL Petroleum Concession
- Exploratory MOL Pakistan Oil and gas 30.00 30.00
- Development MOL Pakistan Oil and gas 27.76 27.76
North Potwar Petroleum Concession Ocean Pakistan Limited 20.00 20.00
Soan Petroleum Concession Ocean Pakistan Limited 50.00 50.00
Ratana Petroleum Concession Ocean Pakistan Limited 25.00 25.00
Pindori Petroleum Concession Pakistan Oilfields Limited 50.00 50.00
East Potwar Petroleum Concession Pakistan Petroleum Limited 50.00 50.00
Tajjal Petroleum Concession ENI Pakistan 50.00 50.00
Kirthar Petroleum Concession ENI Pakistan 20.00 20.00
East Badin Petroleum Concession Spud Energy (Pty) Limited 40.00 40.00
Block 20 Petroleum Concession OMV (Pakistan) Exploration GmbH 52.00 52.00
Ghouspur Petroleum Concession Pakistan Exploration Limited 50.00 50.00
Block 28 Petroleum Concession Tullow Oil Plc 5.00 5.00
Bannu West Petroleum Concession Tullow Oil Plc 40.00 40.00
Offshore Block G Petroleum Concession ENI Pakistan 33.33 33.33
Offshore Block U Petroleum Concession United Energy Petroleum Limited 27.50 27.50
Offshore Block S Petroleum Concession United Energy Petroleum Limited 50.00 50.00

41 APPLICABILITY OF IFRIC 4, ‘DETERMINING WHETHER AN ARRANGEMENT CONTAINS A LEASE’
International Accounting Standards Board (IASB) has issued IFRIC 4, ‘Determining whether an Arrangement contains a
Lease’, which is effective for financial periods beginning on or after 1 January 2006. According to the said interpretation an
arrangement conveys the right to use the asset, if the arrangement conveys to the purchaser (lessee) the right to control
the use of the underlying asset. The right to control the use of the underlying asset is conveyed when the purchaser has the
ability or right to operate the asset or direct others to operate the asset in a manner it determines while obtaining or controlling
more than an insignificant amount of the output or other utility of the asset. Such arrangements are to be accounted for as
a finance lease in accordance with the requirements of IAS 17, ‘Leases’.
The Company signed gas sale agreements with Uch Power Limited and UCH II Power (Private) Limited, Independent Power
Producers (IPPs), for supply of total output by production facilities at Uch and Uch II fields respectively. Both arrangement
appears to fall in the definition of lease under the criteria specified in IFRIC 4. However, Securities and Exchange Commission
of Pakistan (SECP) vide its S.R.O No. 24(I)/2012 has decided to defer the implementation of IFRIC 4 to all companies which
have executed implementation agreements with the Government/Authority or entity, this relaxation would be available till
the conclusion of their agreements, entered on or before 30 June 2010. However, impact of IFRIC 4 is mandatory to be
disclosed in the financial statements as per requirements of IAS 8.
Had this interpretation been applied, following adjustments to profit and loss account and balance sheet would have been
made:
2016 2015
---------------(Rupees ‘000)---------------

Depreciation reversed 293,940 184,376
Amortization reversed 472,550 454,719
Finance income recognized 8,775,929 6,622,345
Addition to property, plant and equipment reversed (287,348) (59,222)
Sales revenue reversed (8,435,679) (6,280,954)
Tax impact at estimated effective rate (231,150) (290,843)
Adjusted profit for the year 60,559,044 87,879,453
Carried forward balance of unappropriated profit at the end of year

would have been as follows:
Adjusted unappropriated profit brought forward 408,398,297 361,768,113

Adjusted profit for the year 60,559,044 87,879,453
468,957,341 449,647,566
Transfer to capital and other reserves (3,075,319) (850,000)
Other Comprehensive Income (3,642,893) (615,680)
Dividend paid (20,214,364) (39,783,589)
Adjusted unappropriated profit at end of the year 442,024,765 408,398,297
Unadjusted unappropriated profit at end of the year 425,093,910 392,055,684
42 APPLICATION OF IFRS 2, ‘SHARE BASED PAYMENT’
On 14 August 2009, the Government of Pakistan (GoP) launched Benazir Employees’ Stock Option Scheme (the “Scheme”)
for employees of certain State Owned Enterprises (SOEs) and non-State Owned Enterprises where GoP holds significant
investments (non-SOEs). The Scheme is applicable to permanent and contractual employees who were in employment
of these entities on the date of launch of the Scheme, subject to completion of five years vesting period by all contractual
employees and by permanent employees in certain instances.
The Scheme provides a cash payment to employees on retirement or termination based on the price of shares of respective
entities. To administer this Scheme, GoP shall transfer 12% of its investment in such SOEs and non-SOEs to a Trust Fund
to be created for the purpose by each of such entities. The eligible employees would be allotted units by each Trust Fund
in proportion to their respective length of service and on retirement or termination such employees would be entitled to
receive such amounts from Trust Funds in exchange for the surrendered units as would be determined based on market
price of listed entities or breakup value for non-listed entities. The shares relating to the surrendered units would be
transferred back to GoP.

The Scheme also provides that 50% of dividend related to shares transferred to the respective Trust Fund would be
distributed amongst the unit-holder employees. The balance 50% dividend would be transferred by the respective Trust
Fund to the Central Revolving Fund managed by the Privatization Commission of Pakistan for the payment to employees
against surrendered units. The deficit, if any, in Trust Funds to meet the re-purchase commitment would be met by GoP.
The Scheme, developed in compliance with the stated GoP policy of empowerment of employees of the State Owned
Enterprises need to be accounted for by the covered entities, including the Company, under the provisions of the amended
International Financial Reporting Standard to share based payment (IFRS 2). However, keeping in view the difficulties that
may be faced by the entities covered under the Scheme, the Securities and Exchange Commission of Pakistan on receiving
representation from some of the entities covered under the scheme and after having consulted the Institute of Chartered
Accountants of Pakistan vide their Letter No. CAIDTS/PS & TAC/2011-2036 dated 2 February 2011 has granted exemption
to such entities from the application of IFRS 2 to the Scheme vide SRO 587 (I)/2011 dated 7 June 2011.
Had the exemption not been granted the staff costs of the Company for the year would have been higher by Rs Nil (2015:
Rs 753 million), profit after taxation and unappropriated profit would have been lower by Rs Nil (2015: Rs 753 million),
earnings per share would have been lower by Rs Nil (2015: Rs 0.18) per share and reserves would have been higher by
Rs 30,137 million (2015: Rs 30,137 million).
The Privatization Commission has not paid any claims to unit holders since June 2011. The management believes that
GoP is considering changes to the Scheme, and impact of any such changes cannot be determined as of 30 June 2016.
Also refer note 9.4.
43 NON ADJUSTING EVENT AFTER BALANCE SHEET DATE
The Board of Directors recommended final cash dividend at the rate of Rs 2.00 per share amounting to Rs 8,602 million in
its meeting held on 24 August 2016 for approval of shareholders.
44 DATE OF AUTHORIZATION FOR ISSUE
These financial statements were authorized for issue on 24 August 2016 by the Board of Directors of the Company.
45 GENERAL
Figures have been rounded off to the nearest thousand of rupees, unless otherwise stated.

Pattern of Shareholding
As of 30 June 2016
Number of Shareholding Slab Total Shares Number of Shareholding Slab Total Shares
Shareholders from to Held Shareholders from to Held
1715 1 100 104,110 2 275001 280000 557,200
9263 101 500 4,244,565 2 280001 285000 561,047
6267 501 1000 6,050,671 1 290001 295000 293,000
4492 1001 5000 10,253,222 2 295001 300000 600,000
676 5001 10000 5,161,636 1 300001 305000 302,300
230 10001 15000 2,936,682 1 330001 335000 331,360
138 15001 20000 2,512,876 2 340001 345000 681,800
88 20001 25000 2,048,619 1 345001 350000 350,000
79 25001 30000 2,222,517 1 350001 355000 352,200
36 30001 35000 1,174,157 3 355001 360000 1,069,795
36 35001 40000 1,383,699 2 360001 365000 726,000
30 40001 45000 1,272,571 1 365001 370000 367,988
31 45001 50000 1,492,885 1 370001 375000 372,300
19 50001 55000 1,009,084 1 375001 380000 379,870
10 55001 60000 592,200 1 380001 385000 385,000
10 60001 65000 631,149 2 385001 390000 776,700
10 65001 70000 675,000 1 390001 395000 392,500
13 70001 75000 953,863 2 395001 400000 796,600
11 75001 80000 859,687 1 405001 410000 405,200
9 80001 85000 751,238 1 410001 415000 414,700
4 85001 90000 354,534 1 420001 425000 425,000
5 90001 95000 464,836 2 430001 435000 864,046
12 95001 100000 1,189,755 1 440001 445000 443,000
12 100001 105000 1,237,465 1 445001 450000 450,000
6 105001 110000 654,800 1 455001 460000 455,500
5 110001 115000 567,000 1 465001 470000 470,000
2 115001 120000 236,413 1 470001 475000 471,900
3 120001 125000 369,000 2 480001 485000 964,000
2 125001 130000 258,000 3 485001 490000 1,462,100
3 130001 135000 396,460 3 495001 500000 1,499,300
2 135001 140000 277,000 1 505001 510000 506,524
2 140001 145000 287,000 1 510001 515000 513,500
6 145001 150000 896,437 1 515001 520000 516,216
3 150001 155000 456,629 1 520001 525000 525,000
2 155001 160000 319,500 1 525001 530000 526,200
1 160001 165000 162,000 1 530001 535000 534,000
2 165001 170000 334,306 2 535001 540000 1,075,450
1 170001 175000 172,000 1 545001 550000 549,200
2 175001 180000 354,449 1 560001 565000 564,800
3 180001 185000 543,000 2 570001 575000 1,147,043
1 185001 190000 185,804 1 580001 585000 582,440
2 190001 195000 386,144 1 595001 600000 595,400
7 195001 200000 1,393,800 2 605001 610000 1,216,500
2 200001 205000 405,300 1 610001 615000 613,000
2 205001 210000 413,300 1 615001 620000 616,262
5 210001 215000 1,062,438 1 620001 625000 623,952
2 215001 220000 436,080 1 640001 645000 642,600
1 220001 225000 225,000 2 645001 650000 1,300,000
2 240001 245000 485,996 1 650001 655000 653,476
3 245001 250000 739,603 1 660001 665000 664,900
1 250001 255000 254,096 1 675001 680000 677,555
1 255001 260000 255,900 1 715001 720000 719,700
1 260001 265000 260,400 1 725001 730000 728,800
1 265001 270000 265,800 2 745001 750000 1,500,000
1 270001 275000 272,500 1 760001 765000 760,563

Pattern of Shareholding
As of 30 June 2016
Number of Shareholding Slab Total Shares Number of Shareholding Slab Total Shares
Shareholders from to Held Shareholders from to Held
3 795001 800000 2,395,700 1 2520001 2525000 2,520,400
1 805001 810000 809,000 1 2530001 2535000 2,535,000
1 815001 820000 818,378 1 2570001 2575000 2,570,608
1 820001 825000 822,388 1 2755001 2760000 2,755,600
1 895001 900000 897,500 1 2875001 2880000 2,875,400
1 900001 905000 900,800 1 3215001 3220000 3,219,100
1 910001 915000 913,500 2 3260001 3265000 6,526,100
1 925001 930000 926,000 1 3275001 3280000 3,279,300
2 940001 945000 1,887,900 1 3435001 3440000 3,438,681
2 955001 960000 1,912,500 1 3820001 3825000 3,823,200
1 965001 970000 969,800 1 4000001 4005000 4,004,400
1 970001 975000 971,900 1 4120001 4125000 4,122,200
1 1000001 1005000 1,003,400 1 4920001 4925000 4,925,000
1 1015001 1020000 1,019,000 1 5090001 5095000 5,090,800
1 1030001 1035000 1,032,900 1 5255001 5260000 5,259,500
2 1045001 1050000 2,100,000 1 5335001 5340000 5,339,497
1 1090001 1095000 1,090,100 1 5775001 5780000 5,777,987
1 1105001 1110000 1,106,000 1 5925001 5930000 5,929,778
2 1135001 1140000 2,275,900 1 6185001 6190000 6,186,900
1 1155001 1160000 1,156,444 1 7130001 7135000 7,131,972
1 1180001 1185000 1,183,900 1 10180001 10185000 10,185,000
1 1185001 1190000 1,186,996 1 10375001 10380000 10,375,600
1 1190001 1195000 1,190,300 1 10550001 10555000 10,550,100
1 1270001 1275000 1,274,093 1 12020001 12025000 12,024,980
1 1285001 1290000 1,289,200 1 12995001 13000000 13,000,000
1 1290001 1295000 1,292,901 1 15205001 15210000 15,209,386
1 1295001 1300000 1,299,500 1 18495001 18500000 18,495,536
1 1300001 1305000 1,303,300 1 38750001 38755000 38,754,349
1 1345001 1350000 1,345,700 1 243465001 243470000 243,467,723
1 1350001 1355000 1,351,610 1 322460001 322465000 322,460,900
1 1360001 1365000 1,361,200 1 322465001 433000000 432,189,039
1 1390001 1395000 1,393,600 1 2902145001 2902150000 2,902,148,181
1 1420001 1425000 1,420,749 23443 4,300,928,400
1 1465001 1470000 1,465,700
1 1470001 1475000 1,471,652
1 1545001 1550000 1,550,000
1 1575001 1580000 1,577,490
1 1595001 1600000 1,595,762
1 1645001 1650000 1,649,900
1 1650001 1655000 1,654,800
1 1675001 1680000 1,675,800
1 1700001 1705000 1,700,095
2 1715001 1720000 3,434,700
1 1745001 1750000 1,748,000
1 1925001 1930000 1,929,881
1 1985001 1990000 1,989,591
1 2070001 2075000 2,070,500
1 2085001 2090000 2,089,412
1 2130001 2135000 2,130,235
1 2180001 2185000 2,182,200
1 2270001 2275000 2,273,700
1 2415001 2420000 2,418,671
1 2420001 2425000 2,422,700
1 2440001 2445000 2,440,772
1 2505001 2510000 2,505,800

Categories of Shareholders
As of 30 June 2016
Categories of Shareholders Shareholders Shares Held Percentage
Government
Government of Pakistan 1 2,902,148,181 67.48
OGDCL - Employees Empowerment Trust 1 432,189,039 10.05
Privatisation Commission of Pakistan, Minsitry of Privatisation
and Investment 1 322,460,900 7.50
Associated Companies, Undertakings and Related Parties - - -
Mutual Funds 86 44,944,633 1.04
Directors and their spouse(s) and Minor Children

Hamid Farooq 1 2,353 0.00
Executives - - -
Public Sector Companies and Corporations 10 21,275,944 0.49
Banks, Development Finance Institutions, Non-Banking Finance

Companies, Insurance Companies, Takaful Companies and
Modarabas 34 25,268,684 0.59
General Public
A. Local 22773 50,999,231 1.19
B. Foreign 128 463,313,350 10.77
Others 408 38,326,085 0.89
Total 23443 4,300,928,400 100.00
Shareholders holding 5% or more Shares Held Percentage

Government of Pakistan 2,902,148,181 67.48
OGDCL - Employees Empowerment Trust 432,189,039 10.05
Privatisation Commission of Pakistan, Minsitry of Privatisation & Investment 322,460,900 7.50
Franklin Templeton Investment Funds [1610-5] 243,467,723 5.66

Name Wise Detail as of 30 June 2016
Number of Shares
S. No. Folio No. Name of Shareholder Percentage
Held
Government Holding
1 - GOVERNMENT OF PAKISTAN 2,902,148,181 67.48
2 - OGDCL - EMPLOYEES EMPOWERMENT TRUST 432,189,039 10.05
3 04705-35398 PRIVATISATION COMMISSION OF PAKISTAN, MINSITRY OF PRIVATISATION
AND INVESTMENT 322,460,900 7.50
3 3,656,798,120 85.02
Associated Companies, Undertakings and Related Parties
NIL
Mutual Funds
1 05371-28 CDC - TRUSTEE MCB PAKISTAN STOCK MARKET FUND 4,004,400 0.09
2 05488-25 CDC - TRUSTEE PAKISTAN CAPITAL MARKET FUND 168,600 0.00
3 05520-28 GOLDEN ARROW SELECTED STOCKS FUND LIMITED 750,000 0.02
4 05645-24 CDC - TRUSTEE PICIC INVESTMENT FUND 795,700 0.02
5 05777-29 CDC - TRUSTEE PICIC GROWTH FUND 1,465,700 0.03
6 05819-23 CDC - TRUSTEE MCB PAKISTAN ISLAMIC STOCK FUND 613,000 0.01
7 05959-27 CDC - TRUSTEE ATLAS STOCK MARKET FUND 1,550,000 0.04
8 05991-23 CDC - TRUSTEE MEEZAN BALANCED FUND 450,000 0.01
9 06197-29 CDC - TRUSTEE ALFALAH GHP VALUE FUND 362,900 0.01
10 06213-25 CDC - TRUSTEE UNIT TRUST OF PAKISTAN 471,900 0.01
11 06411-21 CDC - TRUSTEE AKD INDEX TRACKER FUND 146,437 0.00
12 06437-29 CDC - TRUSTEE PICIC ENERGY FUND 487,100 0.01
13 06619-26 CDC - TRUSTEE AKD OPPORTUNITY FUND 650,000 0.02
14 06726-23 CDC - TRUSTEE PAK. INT. ELEMENT ISLAMIC ASSET ALLOCATION FUND 213,900 0.00
15 07062-23 CDC - TRUSTEE AL MEEZAN MUTUAL FUND 650,000 0.02
16 07070-22 CDC - TRUSTEE MEEZAN ISLAMIC FUND 3,823,200 0.09
17 07377-26 CDC - TRUSTEE UBL STOCK ADVANTAGE FUND 913,500 0.02
18 09449-25 CDC - TRUSTEE ATLAS ISLAMIC STOCK FUND 470,000 0.01
19 09456-24 CDC - TRUSTEE AL-AMEEN SHARIAH STOCK FUND 300,000 0.01
20 09480-21 CDC - TRUSTEE NAFA STOCK FUND 1,929,881 0.04
21 09506-26 CDC - TRUSTEE NAFA MULTI ASSET FUND 254,096 0.01
22 09746-28 CDC - TRUSTEE MCB DCF INCOME FUND 13,000 0.00
23 10108-22 CDC - TRUSTEE ASKARI ASSET ALLOCATION FUND 85,000 0.00
24 10397-29 CDC - TRUSTEE MEEZAN TAHAFFUZ PENSION FUND - EQUITY SUB FUND 900,800 0.02
25 10603-21 CDC - TRUSTEE APF - EQUITY SUB FUND 125,000 0.00
26 10660-25 CDC - TRUSTEE JS PENSION SAVINGS FUND - EQUITY ACCOUNT 48,100 0.00
27 10710-28 CDC - TRUSTEE ALFALAH GHP ISLAMIC STOCK FUND 1,106,000 0.03
28 10728-27 CDC - TRUSTEE HBL - STOCK FUND 1,654,800 0.04
29 10801-27 CDC - TRUSTEE NAFA ISLAMIC ASSET ALLOCATION FUND 489,000 0.01
30 10900-25 CDC - TRUSTEE APIF - EQUITY SUB FUND 90,000 0.00
31 10918-24 MC FSL TRUSTEE JS - INCOME FUND 121,500 0.00
32 11056-28 CDC - TRUSTEE HBL MULTI - ASSET FUND 213,000 0.00
33 11262-23 CDC - TRUSTEE MCB PAKISTAN ASSET ALLOCATION FUND 480,500 0.01
34 11486-27 CDC - TRUSTEE JS ISLAMIC PENSION SAVINGS FUND-EQUITY ACCOUNT 44,000 0.00
35 11809-26 CDC - TRUSTEE ALFALAH GHP STOCK FUND 719,700 0.02
36 11924-22 CDC - TRUSTEE ALFALAH GHP ALPHA FUND 483,500 0.01
37 12021-20 CDC - TRUSTEE NIT STATE ENTERPRISE FUND 7,131,972 0.17
38 12120-28 CDC - TRUSTEE NIT-EQUITY MARKET OPPORTUNITY FUND 1,292,901 0.03
39 12195-21 CDC - TRUSTEE ABL STOCK FUND 897,500 0.02
40 12310-25 CDC - TRUSTEE FIRST HABIB STOCK FUND 66,500 0.00
41 12336-23 CDC - TRUSTEE LAKSON EQUITY FUND 1,135,900 0.03
42 12625-27 CDC - TRUSTEE NAFA ASSET ALLOCATION FUND 211,000 0.00
43 12880-27 CDC - TRUSTEE NAFA SAVINGS PLUS FUND - MT 55,200 0.00
44 13052-26 CDC - TRUSTEE AKD AGGRESSIVE INCOME FUND - MT 19,500 0.00
45 13367-29 CDC - TRUSTEE PICIC INCOME FUND - MT 32,100 0.00
46 13607-28 CDC - TRUSTEE PICIC STOCK FUND 14,400 0.00
47 13714-25 CDC - TRUSTEE HBL PF EQUITY SUB FUND 44,000 0.00
48 13813-23 CDC - TRUSTEE ASKARI EQUITY FUND 90,000 0.00
49 13862-28 CDC - TRUSTEE ALFALAH GHP INCOME FUND - MT 10,200 0.00
50 13953-27 MCBFSL - TRUSTEE PAK OMAN ADVANTAGE ASSET ALLOCATION FUND 44,000 0.00
51 13961-26 MCBFSL - TRUSTEE PAK OMAN ISLAMIC ASSET ALLOCATION FUND 41,000 0.00

Number of Shares
Held
52 14092-21 CDC - TRUSTEE LAKSON INCOME FUND - MT 5,700 0.00
53 14134-25 CDC - TRUSTEE ATLAS INCOME FUND - MT 201,500 0.00
54 14373-27 MCBFSL - TRUSTEE ABL ISLAMIC STOCK FUND 944,800 0.02
55 14480-24 CDC - TRUSTEE PIML STRATEGIC MULTI ASSET FUND 110,000 0.00
56 14514-28 CDC - TRUSTEE FIRST CAPITAL MUTUAL FUND 62,800 0.00
57 14605-27 CDC - TRUSTEE AL-AMEEN ISLAMIC ASSET ALLOCATION FUND 110,000 0.00
58 14688-29 CDC - TRUSTEE NIT INCOME FUND - MT 102,300 0.00
59 14761-29 CDC - TRUSTEE PIML ISLAMIC EQUITY FUND 105,000 0.00
60 14803-23 CDC - TRUSTEE FAYSAL SAVINGS GROWTH FUND - MT 42,800 0.00
61 14845-29 CDC - TRUSTEE AL-AMEEN ISLAMIC RET. SAV. FUND - EQUITY SUB FUND 75,000 0.00
62 14860-27 CDC - TRUSTEE UBL RETIREMENT SAVINGS FUND - EQUITY SUB FUND 357,900 0.01
63 14902-21 CDC - TRUSTEE NATIONAL INVESTMENT (UNIT) TRUST 572,043 0.01
64 14969-25 CDC - TRUSTEE PICIC ISLAMIC STOCK FUND 30,100 0.00
65 15115-26 CDC - TRUSTEE ASKARI HIGH YIELD SCHEME - MT 13,900 0.00
66 15362-27 CDC - TRUSTEE ABL ISLAMIC PENSION FUND - EQUITY SUB FUND 23,000 0.00
67 15388-25 CDC - TRUSTEE ABL PENSION FUND - EQUITY SUB FUND 23,300 0.00
68 15974-23 CDC - TRUSTEE NAFA ISLAMIC STOCK FUND 293,000 0.01
69 16014-27 CDC - TRUSTEE PAKISTAN SARMAYA MEHFOOZ FUND 142,000 0.00
70 16022-26 CDC - TRUSTEE NAFA INCOME OPPORTUNITY FUND - MT 181,300 0.00
71 16030-25 CDC - TRUSTEE PIML VALUE EQUITY FUND 137,000 0.00
72 16105-26 CDC - TRUSTEE HBL MUSTAHEKUM SARMAYA FUND 1 63,700 0.00
73 16139-23 CDC - TRUSTEE NIT ISLAMIC EQUITY FUND 956,000 0.02
74 16162-20 CDC - TRUSTEE NITIPF EQUITY SUB-FUND 15,000 0.00
75 16188-28 CDC - TRUSTEE NITPF EQUITY SUB-FUND 5,000 0.00
76 16246-20 MCBFSL - TRUSTEE NAFA INCOME FUND - MT 104,200 0.00
77 16303-22 CDC - TRUSTEE ALFALAH GHP INCOME MULTIPLIER FUND - MT 26,600 0.00
78 16386-24 CDC - TRUSTEE AL AMEEN ISLAMIC DEDICATED EQUITY FUND 809,000 0.02
79 16402-20 CDC - TRUSTEE NAFA ISLAMIC ACTIVE ALLOCATION EQUITY FUND 153,700 0.00
80 16485-22 CDC - TRUSTEE FAYSAL MTS FUND - MT 1,400 0.00
81 16501-27 CDC - TRUSTEE MEEZAN ASSET ALLOCATION FUND 60,000 0.00
82 16519-26 CDC - TRUSTEE NAFA ISLAMIC ENERGY FUND 499,300 0.01
83 16535-24 CDC - TRUSTEE LAKSON TACTICAL FUND 132,103 0.00
84 14415-21 CDC - TRUSTEE NAFA PENSION FUND EQUITY SUB-FUND ACCOUNT 106,800 0.00
85 15719-23 CDC - TRUSTEE PAKISTAN ISLAMIC PENSION FUND - EQUITY SUB FUND 128,000 0.00
86 15727-22 CDC - TRUSTEE PAKISTAN PENSION FUND - EQUITY SUB FUND 220,000 0.01
86 44,944,633 1.04
Directors and their Spouse(s) and Minor Children
1 01826-3202 HAMID FAROOQ 2,353 0.00
1 2,353 0.00
Executives
NIL
Public Sector Companies and Corporations
1 01867-22 PAKISTAN KUWAIT INVESTMENT CO. (PVT) LTD. 1,003,400 0.02
2 02659-34 PAK LIBYA HOLDING COMPANY (PVT.) LIMITED 150,000 0.00
3 03889-28 NATIONAL BANK OF PAKISTAN 477 0.00
4 03889-44 NATIONAL BANK OF PAKISTAN 3,438,681 0.08
5 04812-24 PAK - OMAN INVESTMENT COMPANY LTD. 150,000 0.00
6 06247-63 SAUDI PAK INDUSTRIAL & AGRICULTURAL INVESTMENT CO. LTD.- PMD 500,000 0.01
7 10819-26 PAK BRUNEI INVESTMENT COMPANY LIMITED 385,000 0.01
8 11304-27 PAIR INVESTMENT COMPANY LIMITED 340,300 0.01
9 16527-25 PAK - OMAN INVESTMENT COMPANY LTD. - MT 98,700 0.00
10 02683-23 STATE LIFE INSURANCE CORP. OF PAKISTAN 15,209,386 0.35
10 21,275,944 0.49
Banks, Development Financial Institutions, Non Banking Financial Institutions, Insurance Companies, Takaful and Modarabas
1 00307-40281 INNOVATIVE INVESTMENT BANK LIMITED 34,000 0.00
2 02246-42 HABIB BANK LIMITED - TREASURY DIVISION 606,500 0.01
3 02295-39 FAYSAL BANK LIMITED 1,361,200 0.03
4 02394-29 NIB BANK LIMITED 486,000 0.01
5 02618-20 HABIB METROPOLITAN BANK LIMITED 414,700 0.01
6 02832-32 MEEZAN BANK LIMITED 537,000 0.01

Number of Shares
Held
7 03079-42 SONERI BANK LIMITED - ORDINARY SHARES 1,050,000 0.02
8 03111-46 UNITED BANK LIMITED - TRADING PORTFOLIO 2,520,400 0.06
9 03335-57 BANK ALFALAH LIMITED 1,190,300 0.03
10 03798-52 THE BANK OF KHYBER 150,000 0.00
11 04127-28 MCB BANK LIMITED - TREASURY 2,130,235 0.05
12 04598-22 FIRST WOMEN BANK LIMITED 110,000 0.00
13 04606-29 SILKBANK LIMITED 80,000 0.00
14 06502-6117 FIRST CREDIT & INVESTMENT BANK LTD. 44,000 0.00
15 07393-24 SUMMIT BANK LIMITED 363,100 0.01
16 11940-4410 ESCORTS INVESTMENT BANK LIMITED 1,107 0.00
17 14506-11 NIB BANK LIMITED - MT 352,200 0.01
18 00364-164630 ASIA INSURANCE COMPANY LIMITED. 43,000 0.00
19 02139-29 PREMIER INSURANCE LIMITED 260,400 0.01
20 02451-21 JUBILEE GENERAL INSURANCE COMPANY LIMITED 1,183,900 0.03
21 03277-2184 EFU GENERAL INSURANCE LIMITED 225,000 0.01
22 03277-2538 EFU LIFE ASSURANCE LTD 4,122,200 0.10
23 03277-6454 ALPHA INSURANCE CO. LTD. 6,300 0.00
24 03277-7330 RELIANCE INSURANCE COMPANY LTD. 25,076 0.00
25 03277-9371 JUBILEE LIFE INSURANCE COMPANY LIMITED 5,777,987 0.13
26 03277-9404 ALLIANZ EFU HEALTH INSURANCE LIMITED 35,000 0.00
27 03277-12023 EAST WEST INSURANCE CO.LTD 205,300 0.00
28 03277-15009 CENTURY INSURANCE COMPANY LTD. 68,879 0.00
29 03277-57588 ATLAS INSURANCE LIMITED 180,500 0.00
30 03459-996 ASKARI GENERAL INSURANCE CO. LTD. 12,500 0.00
31 13748-501 ADAMJEE LIFE ASSURANCE CO.LTD-IMF 1,050,000 0.02
32 13755-21 ADAMJEE INSURANCE COMPANY LIMITED 610,000 0.01
33 02113-21 FIRST EQUITY MODARABA 26,900 0.00
34 03277-1651 FIRST UDL MODARABA 5,000 0.00
34 25,268,684 0.59
General Public - Local
22773 50,999,231 1.19
General Public - Foreign
1 93263 M/S STATE STREET BANK & TRUST CO 1 0.00
2 00364-15220 RAFIQUE SULEMAN 128 0.00
3 00364-137065 DR. OMAR ABDUL MONEM YOUSUF AL ZAWAWI 20,000 0.00
4 00513-19305 ZAIN UL ABIDIN 100 0.00
5 00521-700 DEUTSCHE BANK AG LONDON BRANCH 2,570,608 0.06
6 00521-2532 CANADA POST CORPORATION REGISTERED PENSION PLAN 1,345,700 0.03
7 00521-2680 ROBECO CAPITAL GROWTH FUNDS 1,595,762 0.04
8 00521-2920 EATON VANCE COLLECTIVE INV TRT FOR EMP BENEFIT PLANS 1,090,100 0.03
9 00521-2938 LAZARD/WILMINGTON COLLECTIVE TRUST (SUDAN FREE) 5,339,497 0.12
10 00521-2979 LAZARD RETIREMENT EMERGING MKT EQT PRTFL 3,279,300 0.08
11 00521-2987 LAZARD/WILMINGTON COLLECTIVE TRUST 818,378 0.02
12 00521-2995 LAZARD EMERGING MARKETS EQUITY PORTFOLIO 38,754,349 0.90
13 00521-3068 SANOFI - AVENTIS US PENSION TRUST 389,100 0.01
14 00521-3266 CALIFORNIA STATE TEACHERS RTM SYT-LAZARD ASSET MNG LLC 4,925,000 0.11
15 00521-3399 CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM 5,929,778 0.14
16 00521-3415 CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM 506,524 0.01
19 00521-3456 MORGAN STANLEY INST FD INC FRONTIER EMERGING MKT PORTFOLIO 10,375,600 0.24
20 00521-3498 GENERAL CONFERENCE CORPORATION OF SEVENTH DAY ADVENTISTS 101,700 0.00
21 00521-3530 STATE OF NEW JERSEY COMMON PENSION FUND D 1,420,749 0.03
22 00521-3639 UPS GROUP TRUST 2,418,671 0.06
23 00521-3662 PARAMETRIC EMERGING MARKETS FUND 1,989,591 0.05
24 00521-3688 PARAMETRIC TAX-MANAGED EMERGING MARKETS FUND 1,649,900 0.04
25 00521-3845 LAZARD EMERGING MARKETS FUND 2,182,200 0.05
26 00521-3944 PUBLIC EMPLOYEES RETIREMENT SYSTEM OF MISSISSIPPI 2,535,000 0.06
27 00521-3951 GOLDMAN SACHS FUNDS-GOLDMAN SACHS N-11(R) EQUITY PORTFOLIO 2,273,700 0.05
28 00521-4082 THE JAMES IRVINE FOUNDATION 199,600 0.00

Number of Shares
Held
29 00521-4793 TEACHER RETIREMENT SYSTEM OF TEXAS 526,200 0.01
30 00521-4801 TEACHER RETIREMENT SYSTEM OF TEXAS 5,090,800 0.12
31 00521-4934 EMERGING MARKETS EQUITY GROUP TRUST 3,261,100 0.08
32 00521-4942 EARNEST INSTITUTIONAL LLC 36,646 0.00
33 00521-5162 ADVANCE SERIES TRUST - AST PARAMETRIC EMERGING MKTS EQT PRTF 203,800 0.00
34 00521-5246 EATON VANCE TRT CO CM TRT FD-PARMTC STR EME MKT EQT CM TRT F 32,000 0.00
35 00521-5329 ONTARIO PENSION BOARD 1,471,652 0.03
36 00521-5535 THE EMERGING FRONTIERS MASTER FUND LTD 99,055 0.00
37 00521-5659 EURIZON EASYFUND 822,388 0.02
38 00521-5774 BLACKROCK FRONTIER MKTS EX-GULF COOP COUNCIL COUNTRIES FUN B 1,186,996 0.03
39 00521-5790 BLACKROCK FRONTIER MARKETS FUND 1,675,800 0.04
40 00521-5808 BLACKROCK FRONTIER MARKETS FUND B 1,274,093 0.03
41 00521-5980 ISHARES MSCI FRONTIER 100 ETF 3,219,100 0.07
42 00521-6269 MSAM SA ACTING ON BEHALF OF MORGAN STANLEY GALAXY FUND 10,185,000 0.24
43 00521-6368 STICHTING F&C MULTI MANAGER EMERGING EQUITY ACTIVE 623,952 0.01
44 00521-6483 MONETARY AUTHORITY OF SINGAPORE 1,289,200 0.03
45 00521-6590 CITY OF NEW YORK GROUP TRUST 242,400 0.01
46 00521-7002 RUSSELL INVESTMENT COMPANY II PUBLIC LIMITED COMPANY 1,019,000 0.02
48 00521-7218 RUSSELL INST FUNDS,LLC-RUSSELL EMER MARKETS EQUITY PLUS FUND 281,000 0.01
49 00521-7382 TEACHER RETIREMENT SYSTEM OF TEXAS 405,200 0.01
50 00521-7416 PUBLIC SCHOOL TEACHERS PENSION AND RETIREMENT FD OF CHICAGO 51,600 0.00
51 00521-7606 GOLDMAN SACHS FUNDS II - GOLDMAN SACHS GMS EME EQU PORTFOLIO 396,600 0.01
52 00521-7648 GUGGENHEIM FRONTIER MARKETS ETF 243,596 0.01
53 00521-7663 VPB - FINANCE S.A. 199,100 0.00
54 00521-7812 JNL/LAZARD EMERGING MARKETS FUND 2,440,772 0.06
55 00521-7903 PUBLIC EMPLOYEES RETIREMENT ASSOCIATION OF NEW MEXICO 113,700 0.00
57 00521-8042 VANGUARD FTSE ASIA EX JAPAN HIGH DIVIDEND YIELD INDEX ETF 9,800 0.00
58 00521-8083 ST STR TR HK LT AS TRS F VN ETF SER - VAN FTSE A EX JA IN ET 3,000 0.00
59 00521-8257 VANGUARD INTERNATIONAL HIGH DIVIDEND YIELD INDEX FUND 10,000 0.00
60 00521-8307 LAZARD INVESTMENT FUNDS-LAZARD EMERGING MARKETS FUND 1,700,095 0.04
61 00521-8349 GOLDMAN SACHS TRUST II GOLDMAN SACHS MULTI-MANGER GL EQ FUND 20,400 0.00
62 00521-8414 PARAMETRIC EMERGING MARKETS CORE FUND 5,900 0.00
63 00547-2068 MERRILL LYNCH INTERNATIONAL 516,216 0.01
64 00547-2142 LEGAL AND GENERAL ASSURANCE SOCIETY LTD. 83,800 0.00
65 00547-2407 LEGAL & GENERAL ASSURANCE (PENSIONS MANAGEMENT) LTD 2,089,412 0.05
66 00547-2761 J.P. MORGAN SECURITIES PLC 23,000 0.00
67 00547-6622 BNP PARIBAS ARBITRAGE 1,101 0.00
68 00547-6945 HSBC TRSTE (CAYMAN)LTD AS TRSTE OF FULLERTON FND C1-F.VPIC F 280,047 0.01
69 00547-7133 LEGAL & GENERAL GLOBAL EMERGING MARKETS INDEX FUND 185,804 0.00
70 00547-7406 HARDING LOEVNER FUNDS,INC FRONTIER EMERGING MARKET PORTFOLIO 1,393,600 0.03
71 00547-8073 CITIGROUP GLOBAL MARKETS MAURITIUS PRIVATE LIMITED 213,158 0.00
72 00547-8115 EATON VANCE INTL IRLEND F.P-EATN V.INTL IRLND PRAMTRIC E.M.F 379,870 0.01
73 00547-8222 TUNDRA PAKISTAN FUND 3,265,000 0.08
74 00547-8487 NTGI - QM COMMON DIVERSIFIED FRONTIER MARKETS INDEX FUND 1,156,444 0.03
75 00547-8545 TUNDRA FRONTIER OPPORTUNITIES FUND 700 0.00
76 00547-8834 ASHMORE SICAV EMERGING MARKET FRONTIER EQUITY FUND 664,900 0.02
77 00547-8859 THE HARDING LOEVNER FRONTIER MARKETS EQUITY FUND 53,000 0.00
78 00547-9089 UNILEVER OVERSEAS HOLDINGS LIMITED 100 0.00
79 00547-9659 ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND 728,800 0.02
80 00547-10012 STCTNG BEDRIJFSTAKPENSIOENFONDS VOR HET BEROEPSVERVOER O.D.W 969,800 0.02
81 00547-10046 OP - EMERGING FRONTIER FUND 525,000 0.01
82 00547-10467 ONESHARE PUBLIC LIMITED COMPANY 549,200 0.01
83 00547-10657 NOMURA MULTI MANAGERS FUND III-ASIAN EQUITY 26,000 0.00
84 00547-10962 ARROWSTREET (CANADA) GLOBAL WORLD ALPHA EXTENSION FUND I 302,300 0.01
85 00695-3242 THE BANK OF NEW YORK [414-2] 12,024,980 0.28
86 00695-3978 JPMORGAN CHASE BANK [540-4] 65,670 0.00
87 00695-4562 UNIEM FERNOST (586-5) 800,000 0.02
88 00695-5049 SCHRODER INTERNATIONAL SELECTION FUND [634-5] 2,505,800 0.06

Number of Shares
Held
89 00695-6468 ABU DHABI INVESTMENT AUTHORITY (767-0) 971,900 0.02
90 00695-8381 BARCLAYS CAPITAL SECURITIES LIMITED (967-4) 143 0.00
91 00695-8464 MORGAN STANLEY INVESTMENT FUNDS (975-6) 1,718,500 0.04
92 00695-9892 MORGAN STANLEY MAURITIUS COMPANY LIMITED(1130-1) 5,011 0.00
93 00695-10353 STICHTING DEPOSITARY APG EMERGING MARKETS EQUITY POOL 18,495,536 0.43
94 00695-10817 GOLDMAN SACHS INVESTMENTS (MAURITIUS) I LIMITED [1400-5] 1,351,610 0.03
95 00695-10874 CONSULTING GROUP CAPITAL MARKETS FUNDS [1363-5] 616,262 0.01
96 00695-11302 GOLDMAN SACHS TRUST -GOLDMAN SACHS N-11 EQUITY FUND [1443-1] 595,400 0.01
97 00695-11450 FRANKLIN TEMPLETON INVESTMENTS CORP. [1453-4] 2,755,600 0.06
98 00695-11591 TEMPLETON EMERGING MARKETS FUND [1471-2 ] 387,600 0.01
99 00695-11708 GLOBAL X FUNDS - GLOBAL X MSCI PAKISTAN ETF 582,440 0.01
100 00695-11716 PFA KAPITALFORENING [1484-3] 2,875,400 0.07
101 00695-12193 VANGUARD FUNDS PLC - VG FTSE ALL-WORLD UCITS ETF [1533-0] 2,700 0.00
102 00695-12201 VANGUARD FUNDS PLC - VANGUARD FTSE EM UCITS ETF [1534-4] 104,900 0.00
103 00695-12284 THE NOMURA TRUST AND BANKING CO. LTD (1542-6) 14,000 0.00
104 00695-12342 KAPITALFORENINGEN LAERERNES PENSION INVEST [1547-5] 1,303,300 0.03
105 00695-12391 SCHRODER FRONTIER MARKETS EQUITY PORTFOLIO L.P.[1554-3] 159,500 0.00
106 00695-12417 BMA FUNDS LIMITED [PK1555-0 ] 145,000 0.00
107 00695-12581 VANGUARD FUNDS PUBLIC LIMITED COMPANY [1573-5] 18,000 0.00
108 00695-12953 FRANKLIN TEMPLETON INVESTMENT FUNDS [1610-5] 243,467,723 5.66
109 00695-12987 GLOBAL X FUNDS - GLOBAL X NEXT EMERGING & FRONTIER ETF 11,400 0.00
110 00695-13308 T. ROWE PRICE FUNDS SICAV - FRONTIER MKTS EQ F[000912600018] 102,500 0.00
111 00695-13373 T. ROWE PRICE INSTITITIONAL FRONTIER MAKTS EQTY FD[911900257] 372,300 0.01
112 00695-13548 JPMORGAN DIVERSIFIED RETURN EMERGING MARKETS EQUITY ETF 5,800 0.00
113 00695-13589 VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND 6,186,900 0.14
114 00695-13621 VANGUARD EMERGING MARKETS STOCK INDEX FUND 10,550,100 0.25
115 00695-13639 VANGUARD TOTAL WORLD STOCK INDEX FUND 122,500 0.00
116 00695-13654 SEI INSTITUTIONAL INVESTMENTS TRUST-EMERGING MARKETS EQT FUN 2,070,500 0.05
117 00695-13712 KRANESHARES FTSE EMERGING MARKETS PLUS ETF 10,465 0.00
118 02832-2764 H.E. SH. EBRAHIM KHALIFA ALI AL KHALIFA 112,000 0.00
119 03533-698 HABIB BANK AG ZURICH, ZURICH,SWITZERLAND 367,988 0.01
120 03533-722 HABIB BANK AG ZURICH, DEIRA DUBAI 760,563 0.02
121 03533-2272 MAHMOOD AHMAD CHAUDHRY 47,000 0.00
122 03590-2631 FAZAL REHMAN 12,900 0.00
123 06452-27426 MOHAMMED ANWAR PERVEZ 443,000 0.01
124 06502-755 HABIBSONS BANK LTD - CLIENT ACCOUNT 538,450 0.01
125 06502-5283 TARIIC HOLDING COMPANY BSC (CLOSED) 75,000 0.00
126 07450-21022 FARZANA BADAR 400 0.00
127 12666-924 TARIIC HOLDING COMPANY BSC CLOSED 7,800 0.00
128 14282-17808 AHMAD KHAN 4,000 0.00
128 463,313,350 10.77
Others
1 00364-19255 PRUDENTIAL STOCKS FUND LTD (03360) 6,500 0.00
2 00547-8651 UNILEVER PAKISTAN LIMITED NON-MANAGEMENT STAFF GRATUITY FUND 2,900 0.00
3 00547-8669 THE UNION PAKISTAN PROVIDENT FUND 66,500 0.00
4 00547-8685 UNILEVER PAKISTAN DC PENSION FUND (SUB FUND B) 39,000 0.00
5 00547-10186 WYETH PAKISTAN DC PENSION FUND 7,500 0.00
6 00547-10194 PFIZER PAKISTAN DC PENSION FUND 39,700 0.00
7 00547-10251 PFIZER PAKISTAN PROVIDENT FUND 51,100 0.00
8 01826-87767 ABRIS (PRIVATE) LIMITED 27,500 0.00
9 03277-41265 MANAGEMENT & ENTERPRISES (PVT) LIMITED 1,602 0.00
10 03277-89136 ABRIS (PVT) LTD 38,500 0.00
11 05884-4606 ORION INVESTMENTS (PVT) LTD. 001158 500 0.00
12 13904-22 CYAN LIMITED 750,000 0.02
13 15818-518 NOMAN ABID & COMPANY LIMITED 40,000 0.00
14 07419-8676 PAK QATAR INDIVIDUAL FAMILY PARTICIPANT INVEST FUND 50,000 0.00
15 07419-13130 PAK QATAR INVESTMENT ACCOUNT 30,000 0.00
16 10298-6432 SAFEWAY FUND LIMITED 350,000 0.01
17 483 ALBARAKA BANK (PAKISTAN) LIMITED - STAFF PROVIDENT FUND 2,053 0.00
18 8369 M/S TRUSTEES NRL WORKMEN PROVIDENT FUND 30,925 0.00

Number of Shares
Held
19 8455 M/S ZEENAT HUSSAIN FOUNDATION 5,511 0.00
20 9214 M/S RELIANCE COMMODITIES (PVT) LTD 12,880 0.00
21 9893 M/S TRI - PACK FILMS LTD EMPLOYEES GRATUITY FUND 5,361 0.00
22 9894 M/S TRI - PACK FILMS LTD. EMPLOYEES PROVIDEND FUND 5,361 0.00
23 13522 M/S SEC MANAGEMENT PENSION FUND 15,888 0.00
24 13898 M/S SHAIKH SALIM ALI ALLY ARMS CO. 1,000 0.00
25 16323 M/S EMPLOYEES PENSION FUND-PAKISATAN SECURITY PRINTING 677,555 0.02
26 19205 M/S RELIANCE INSURANCE COMPANY LTD. EMP. PROVIDENT FUND 3,105 0.00
27 23395 M/S TRUSTERS NRL NON, MANAGEMENT STAFF GRATUITY FUND 30,925 0.00
28 24126 M/S SSG NON - EXEC. STAFF GRATUITY FUND 45,963 0.00
29 24127 M/S SSG EXEC. STAFF PROVIDENT FUND 211,380 0.00
30 24128 M/S SSG NON-EXEC. STAFF PROVIDENT FUND 151,229 0.00
31 24129 M/S SSG EXEC. STAFF GRATUITY FUND 45,963 0.00
32 24567 M/S DESCON STAFF PROVIDENT FUND TRUST 10,173 0.00
33 32163 M/S HIGHNOON LABORATORIES LTD STAFF PROVIDENT FUND 4,609 0.00
34 36417 M/S SIEMENS PAK SPECIAL ASSIST 14,985 0.00
35 37971 M/S ANOUD GAS LIMITED 2,353 0.00
36 38959 M/S FATIMA FOUNDATION 2,353 0.00
37 44076 M/S LOWE & PAUF STAFF PROVIDENT FUND 8,369 0.00
38 44281 M/S ROCHE PAKISTAN LIMITED NON MANAGEMENT STAFF GR. FUND 1,301 0.00
39 44438 M/S AIDY VEE & COMPANY (PVT) LTD. STAFF PROVIDEND FUND 1,602 0.00
40 44999 M/S INTERNATIONAL AERADIO PAKISTAN LTD. STAFF PRV. FUND 1,301 0.00
41 46298 M/S DIVERSIFIED LOGISTICS PVT. 1,000 0.00
42 46350 M/S KARACHI AMERICAN SOCIETY SCHOOL EMPL. PROVIDENT FUND 5,361 0.00
43 46538 M/S TRANSCONTINENTAL SERVICES STAFF P.F. 1,301 0.00
44 46545 M/S TAQ ENTERPRISES STAFF PROV. 2,353 0.00
45 46554 M/S TAQ INTERNATIONAL STAFF 2,654 0.00
46 47230 M/S THE EASTERN TRADE DISTRIBUTION COMP (PVT) LTD. 1,000 0.00
47 47234 M/S SURGE LABORATORIES (PVT) LTD. EMPLOYEES PROVIDENT FUND 1,301 0.00
48 47239 M/S NABIQASIM INDUSTES (PVT) LTD. EMPLOYEES PROVIDENT FUND 2,504 0.00
49 51285 M/S RURAL DEVELOPMENT FOUNDATION 1,752 0.00
50 66664 M/S SHAIKH SALIM ALI TRUST 1,000 0.00
51 82298 M/S H.M NASIR & CO 500 0.00
52 85417 M/S FATIMA FOUNDATION WELFARE TRUST 835 0.00
53 88189 M/S REDCO TEXTILE LTD. 500 0.00
54 88569 M/S DYNAMIC COMPUTER SYSTEM 500 0.00
55 89143 M/S KARACHI AMERICAN SOCIETY SCHOOL EMPLOYEES PROVIDENT FUND 3,681 0.00
56 89144 M/S KARACHI AMERICAN SOCIETY SCHOOL EMPLOYEES GRATUITY FUND 3,681 0.00
57 90072 M/S CAPITAL FLOUR MILLS LIMITED 500 0.00
58 90073 M/S S. SALIM ALI (PVT.) LIMITED 500 0.00
59 90074 M/S ALLY BROS & CO. 500 0.00
60 93300 M/S AHMED GARIB FOUNDATION 4,000 0.00
61 94473 PHILLIPA DARGO JANJUA 1,000 0.00
62 00364-65 KASB SECURITIES LIMITED 10,000 0.00
63 00364-6773 TRUSTEE NESTLE PAKISTAN LTD. MANAGERIAL STAFF PENSION FUND 162,000 0.00
64 00364-6781 TRUSTEE NESTLE PAKISTAN LTD.EMPLOYEES PROVIDENT FUND (02333) 118,000 0.00
65 00364-13688 TRUSTEES KUEHNE & NAGEL PAKISTAN SPF 500 0.00
66 00364-16558 TRUSTEES HIMONT PHARAMA EMPLOYEE P.F. 8,369 0.00
67 00364-16624 TRUSTEE NESTLE PAKISTAN LTD. EMPLOYEES GRATUITY FUND (03866) 102,500 0.00
68 00364-141034 CENTRAL DEPOSITORY COMPANY OF PAKISTAN LIMITED. 109 0.00
69 00364-185312 SIDDIQ LEATHER WORKS (PVT) LTD 9,300 0.00
70 00513-32 RAHAT SECURITIES LIMITED 500 0.00
71 00521-3878 TRUSTEE - SANOFI AVENTIS PAKISTAN - EMPLOYEES PROVIDENT FUND 28,000 0.00
72 00521-3886 TRUSTEE - SANOFI AVENTIS PAKISTAN SENIOR - EXECUTIVE PENSION FD 28,100 0.00
73 00521-3894 TRUSTEE - SANOFI AVENTIS PAKISTAN - EMPLOYEES GRATUITY FUND 20,000 0.00
74 00521-5170 TRUSTEE - BSN MEDICAL (PVT) LIMITED - EMPLOYEES PROVIDENT FUND 10,000 0.00
75 00521-5188 TRUSTEE - BSN MEDICAL (PVT) LIMITED - EMPLOYEES GRATUITY FUND 7,000 0.00
76 00521-5311 PAKISTAN CENTRE FOR PHILANTHROPY 27,000 0.00
77 00521-5865 DESCON CHEMICALS LIMITED GRATUITY FUND 1,600 0.00
78 00521-6061 TRUSTEE ENGRO CORPORATION LTD GRATUITY FUND 17,500 0.00

Number of Shares
Held
79 00521-6079 TRUSTEE ENGRO CORP LTD MPT EMP DEFINED CONT GRATUITY FUND 108,000 0.00
80 00521-6087 TRUSTEE ENGRO CORP LTD MPT EMP DEFINED CONTRIBUTION PEN FUND 53,500 0.00
81 00521-6293 TRUSTEE-PAKISTAN HERALD PUBLICATION PVT LTD STAFF PENSION FD 7,000 0.00
82 00521-7473 FC COLLEGE EMPLOYEE PROVIDENT FUND 16,000 0.00
83 00521-8000 TRUSTEE-KOHINOOR ENERGY LIMITED EMPLOYEE GRATUITY FUND 9,900 0.00
84 00547-6424 TRUSTEE - IBM ITALIA S.P.A. PAKISTAN EMPLOYEES PENSION FUND 900 0.00
85 00547-6432 TRUSTEE - IBM ITALIA S.P.A. PAKISTAN EMPLOYEES GRATUITY FUND 1,400 0.00
86 00547-6457 TRUSTEE - IBM SEMEA EMPLOYEES PROVIDENT FUND 30,100 0.00
87 00547-8701 TRUSTEE-RAFHAN BEST FOODS EMPLOYEES PROVIDENT FUND 11,000 0.00
88 00596-34 CAPITAL ONE EQUITIES LIMITED 500 0.00
89 00620-21 TAURUS SECURITIES LIMITED 8 0.00
90 00695-10684 TRUSTEE PAK TOBACCO CO. LTD MANAGEMENT PROV FUND (1386-2) 68,500 0.00
91 00695-10692 TRUSTEE PAK TOBACCO CO. LTD EMPLOYEES PROVIDENT FUND (1385-5) 71,700 0.00
92 00695-10700 TRUSTEE PAK TOBACCO CO LTD EMPLOYEES GRATUITY FUND (1383-4) 113,000 0.00
93 00695-10718 TRUSTEE PAK TOBACCO CO LTD STAFF DEF CONTRI PEN FD (1384-1) 20,700 0.00
94 00695-10759 TRUSTEE PAK TOBACCO CO LTD STAFF PENSION FUND [1390-2] 455,500 0.01
95 00695-14066 TRUSTEE - SHELL PAKISTAN MANAGEMENT STAFF PROVIDENT FUND 35,000 0.00
96 00695-14074 TRUSTEE - SHELL PAKISTAN MANAGEMENT STAFF GRATUITY FUND 1,600 0.00
97 00695-14082 TRUSTEE - SHELL PAKISTAN LABOUR & CLERICAL STAFF GRATUITY FUND 7,200 0.00
98 00695-14090 TRUSTEE - SHELL PAKISTAN LABOUR PROVIDENT FUND 6,500 0.00
99 00695-14108 TRUSTEE - SHELL PAKISTAN DC PENSION FUND 49,000 0.00
100 00695-14116 TRUSTEE - SHELL PAKISTAN STAFF PENSION FUND 1,000 0.00
101 00695-14132 TRUSTEE - SHELL PAKISTAN MANAGEMENT STAFF PENSION FUND 88,000 0.00
102 00935-38040 TRUSTEE CITY SCHOOLS PROVIDENT FUND TRUST 30,000 0.00
103 00992-1091 TRADING ENTERPRISES (PVT) LTD. 21,000 0.00
104 00992-3345 F & B BULK STORAGE (PTIVATE) LIMITED 5,000 0.00
105 01651-13749 TARIK RASHID (PRIVATE) LIMITED 600 0.00
106 01651-19506 TRUSTEE PAK HERALD PUBLICATIONS (PVT) LTD STAFF GRATUITYFUND 12,000 0.00
107 01651-24811 TRUSTEE PAK HERALD PUBLICATIONS (PVT) LTD STAFF PENSION FUND 19,000 0.00
108 01651-24852 TRUSTEE OF CITY SCHOOLS PROVIDENT FUND TRUST 10,000 0.00
109 01669-26 SHAFFI SECURITIES (PVT) LIMITED 400 0.00
110 01826-44891 TRUSTEE - ENGRO FOODS LTD EMPLOYEES GRATUITY FUND 15,000 0.00
111 01826-60780 INTERNATIONAL KNITWEAR LIMITED 2,000 0.00
112 01826-65920 TRUSTEE - THE PAKISTAN MEMON EDUCATIONAL & WELAFRE SOCIETY 10,500 0.00
113 01826-66951 TRUSTEE - SULAIMANIYAH TRUST 40,000 0.00
114 01826-73817 TRUSTEE - MERCK (PVT) LIMITED MANAGEMENT STAFF PROVIDENT FUND 10,000 0.00
115 01826-73825 TRUSTEE - MERCK (PVT) LIMITED MANAGEMENT STAFF PENSION FUND 3,000 0.00
116 01826-76562 UNITED TRADING & MANUFACTURING (PVT) LTD 3,000 0.00
117 01826-77610 MERCK (PRIVATE) LIMITED MANAGEMENT STAFF GRATUITY FUND 6,000 0.00
118 01826-79632 TRUSTEE - BMA ASSET MANAGEMENT CO LTD. STAFF PROVIDENT FUND 500 0.00
119 01826-80234 TRUSTEE - AZAN WELFARE TRUST 3,000 0.00
120 01826-87163 M. N. TEXTILES (PRIVATE) LIMITED 30,000 0.00
121 01826-87775 PETROMARK (PRIVATE) LIMITED 500 0.00
122 01826-89086 TRUSTEE - ALCATEL - LUCENT PAKISTAN LIMITED GRATUITY FUND TRUST 8,000 0.00
123 01826-89326 INTERNATIONAL KNITWEAR LIMITED 500 0.00
124 01826-91256 TRUSTEE - BANK ALFALAH LTD EMPLOYEES PROVIDENT FUND TRUST 40,000 0.00
125 01917-33 PRUDENTIAL SECURITIES LIMITED 1,861 0.00
126 02543-623 W. H. ASSOCIATES (PVT) LTD. 3,000 0.00
127 02832-2798 IMPERIAL DEVELOPERS AND BUILDER (PRIVATE) LIMITED 265,800 0.01
128 03186-2532 TECHNOLOGY LINKS (PVT) LTD. 10,000 0.00
129 03277-385 NATIONWIDE (PVT) LTD 2,000 0.00
130 03277-1339 PREMIER FASHIONS (PVT) LTD 100,000 0.00
131 03277-2083 TRUSTEES OF ABBOTT LAB PAK STAFF P.F 247,303 0.01
132 03277-2102 THE AGA KHAN UNIVERSITY FOUNDATION 198,600 0.00
133 03277-2132 TARIK RASHID (PVT) LIMITED 300 0.00
134 03277-2404 MOHAMAD AMIN BROS (PVT) LIMITED 6,500 0.00
135 03277-2509 TRUSTEES GATRON IND LTD WORKERS PRV FUND 5 0.00
136 03277-3397 PAKISTAN MEMON EDUCATIONAL & WELFARE SOC 5,000 0.00
137 03277-3785 TRUSTEE CHERAT CEMENT CO.LTD.EMP.PRO.FND 20,369 0.00
138 03277-4230 CRESCENT STEEL AND ALLIED PRODUCTS LTD. 55,000 0.00

Number of Shares
Held
139 03277-4231 TRUSTEES MOOSA LAWAI FOUNDATION 6,000 0.00
140 03277-4275 TRUSTEES NRL OFFICERS PROVIDENT FUND 11,353 0.00
141 03277-4841 BULK MANAGEMENT PAKISTAN (PVT.) LTD. 70,187 0.00
142 03277-4865 SHAKOO (PVT) LTD. 65,051 0.00
143 03277-4931 SOFIAN BUSINESS CORPORATION (PRIVATE) LIMITED 208,000 0.00
144 03277-5061 FREEDOM ENTERPRISES (PVT) LTD 6,000 0.00
145 03277-5360 TRUSTEES ROCHE PAK LTD.MANG.STAFF PEN.FD 5,511 0.00
146 03277-5361 TRUSTEES ROCHE PAK LTD.EMP.PROV FUND 5,511 0.00
147 03277-5362 TRUSTEES ROCHE PAK LTD.MAN.STAFF GR.FND 3,105 0.00
148 03277-6084 THE HUSEIN EBRAHIM FOUNDATION 10,557 0.00
149 03277-6150 THE OKHAI MEMON ANJUMAN 42,000 0.00
150 03277-7146 THE OKHA MANDAL CO-OP HOUSING SOC. LTD 3 0.00
151 03277-7421 TRUSTEES SAEEDA AMIN WAKF 300,000 0.01
152 03277-7633 TRUSTEES MOHAMAD AMIN WAKF ESTATE 500,000 0.01
153 03277-7652 ISMAILIA YOUTH SERVICES 30,000 0.00
154 03277-7927 TRUSTEES BARRETT HODGSON PAK PVT.LTD.G.F 4,308 0.00
155 03277-7928 TRUSTEES BARRETT HODGSON PAK PVT.LTD.P.F 4,158 0.00
156 03277-8265 TRUSTEES ALAUDDIN FEERASTA TRUST 5,000 0.00
157 03277-8809 TRUSTEES PAKISTAN PETROLEUM JUNIOR P.F 26,181 0.00
158 03277-8810 TRUSTEES PAKISTAN PETROLEUM SENIOR P.F 38,585 0.00
159 03277-8811 TRUSTEES PAK.PETROLEUM EXEC.STAFF PN.F 102,465 0.00
160 03277-8812 TRUSTEES PAK.PETROLEUM NON-EXEC.STF PN.F 21,695 0.00
161 03277-8813 TRUSTEES PAK.PETROLEUM EXEC.STAFF GR.F 16,351 0.00
162 03277-8814 TRUSTEES PAK.PETROLEUM NON-EXEC.STF GR.F 19,950 0.00
163 03277-9199 LOADS LIMITED 63 0.00
164 03277-9292 TRUSTEE QASIM INT CONT TER. PAK EMP P.F. 162 0.00
165 03277-9352 TRUSTEES CRESCENT STEEL&ALLIED PROD PN.F 10,000 0.00
166 03277-9981 TRUSTEES OF FAROUKH&ROSHEN KARANI TRUST 5,000 0.00
167 03277-11151 BANDENAWAZ (PVT) LTD 5,000 0.00
168 03277-11276 TURSTEES CLOVER PAK LTD EMP.CONT.P.F 1,500 0.00
169 03277-11277 TRUSTEES COLGATE PALMOLIVE PAK E.C.P.F 24,910 0.00
170 03277-11278 TRUSTEES COLGATE PALMOLIVE PAK LTD E.G.F 12,880 0.00
171 03277-11284 TRUSTEES OF PHILIP MORRIS (PAKISTAN) LIMITED EMPL G.F TRUST 19,300 0.00
172 03277-11285 TRUSTEES OF PHILIP MORRIS (PAKISTAN) LIMITED E.C.P.F TRUST 26,500 0.00
173 03277-11413 TRUSTEES OF FFC MGNT STAFF PENSION FUND 1,748,000 0.04
174 03277-11924 AMIR FINE EXPORTS (PVT) LTD. 2,422,700 0.06
175 03277-12637 TRUSTEES LOTTE CHEMICAL PAKISTAN MNGT STAFF GRATUITY FUND 12,500 0.00
176 03277-12796 TRUSTEES OF ZEL EMPLOYEES P.FUND 2,353 0.00
177 03277-13122 MANG. COM. KARACHI ZARTHOSTI BANU MANDAL 3,857 0.00
178 03277-13154 TRUSTEES HOMMIE&JAMSHED NUSSERWANJEE C.T 50,000 0.00
179 03277-13417 MNG. COMMITTEE OKHAI MEMON MADRESSAH ASSO 75,609 0.00
180 03277-14004 TRUSTEES LOTTE CHEMICAL PAKISTAN NON MGN STAFF G.FUND 320 0.00
181 03277-14005 TRUSTEES LOTTE CHEMICAL PAKISTAN MNG STAFF PROVIDENT FUND 23,000 0.00
182 03277-14818 TRUSTEES ADAMJEE ENTERPRISES STAFF P.F 4,500 0.00
183 03277-15506 TRUSTEES PERAC MNG&SUPERVISORY S.PEN FND 1,472 0.00
184 03277-16893 TRUSTEES AUTOMOTIVE BATTERY CO.EMP.P.F 2,353 0.00
185 03277-16894 TRUSTEES AUTOMOTIVE BATTERY CO.EMP.GR.F 2,353 0.00
186 03277-18010 TRUSTEES - ICI M.S.D.C SUPERANNUATION FUND 517 0.00
187 03277-18575 TRUSTEES MOHAMMAD USMAN HAJRABI TRUST 2,605 0.00
188 03277-18963 TRUSTEES OF HAJI MOHAMMED WELFARE TRUST 140,000 0.00
189 03277-19048 TRUSTEES LOTTE CHEMICAL PAKISTAN MGT.STAFF DEF. CONT. S.FUND 16,000 0.00
190 03277-19140 TRUSTEES OF ICI PAKISTAN MNG STAFF GF 516 0.00
191 03277-21988 TRUSTEES EXIDE PAKISTAN LTD EMP.GR.FUND 2,654 0.00
192 03277-22406 MEHRAN SUGAR MILLS LTD 575,000 0.01
193 03277-23841 TRUSTEES MCB EMPLOYEES FOUNDATION 8,369 0.00
194 03277-26842 TRUSTEES AL - BADER WELFARE TRUST 37,800 0.00
195 03277-26972 WESTBURY (PRIVATE) LTD 341,500 0.01
196 03277-34600 TRUSTEES LINDE PAKISTAN LTD MANAGEMENT STAFF PENSION FUND 8,369 0.00
197 03277-34620 TRUSTEES LINDE PAKISTAN LIMITED PAKISTAN EMP GRATUITY FUND 5,361 0.00

Number of Shares
Held
198 03277-35867 TRUSTEE GUL AHMED TEXTILE MILLS LTD EMP P.F 2,000 0.00
199 03277-36622 TRUSTEES CRESCENT COTTON PRODUCTS STAFF PROVIDENT FUND 4,000 0.00
200 03277-38435 PREMIER MERCANTILE SERVICES (PRIVATE) LIMITED 5,000 0.00
201 03277-44509 MANAGING COMMITTEE OF MEMON EDUCATIONAL BOARD 2,500 0.00
202 03277-45542 NAVEENA EXPORTS (PVT) LTD 564,800 0.01
203 03277-45638 TRUSTEES GLAXO SMITHKLINE PAK LTD. EMPLOYEES GRATUITY FUND 99,000 0.00
204 03277-45641 TRUSTEES GLAXO LABORATORIES PAKISTAN LTD. PROVIDENT FUND 12,400 0.00
205 03277-45642 TRUSTEES GLAXO LABORATORIES PAK LTD. LOCAL STAFF P.F 28,000 0.00
206 03277-45643 TRUSTEES SMITH KLINE & FRENCH OF PAK LTD. PROVIDENT FUND 51,000 0.00
207 03277-47074 GULISTAN FIBRES LIMITED 16 0.00
208 03277-48639 TRUSTEES OF RECKITT BENCKISER PAK LTD. STAFF PROVIDENT FUND 5,000 0.00
209 03277-48792 TRUSTEES OF GREAVES PAKISTAN (PVT) LTD. EMP PROVIDENT FUND 5,000 0.00
210 03277-50199 VALIKA TRADING HOUSE (PRIVATE) LIMITED 500 0.00
211 03277-50590 TECHNOLOGY LINKS (PVT.) LIMITED 29,000 0.00
212 03277-51945 TRUSTEES E.F.U. GENERAL INS. LTD. EFU OFFICER'S PENSION FUND 21,000 0.00
213 03277-51947 TRUSTEES E.F.U. GENERAL INSURANCE LIMITED EMP. GRATUITY FUND 65,000 0.00
214 03277-52198 TRUSTEE'S CHERAT PAPERSACK LIMITED EMPLYEE PROVIDENT FUND 4,609 0.00
215 03277-55836 LINES (PRIVATE) LIMITED 500 0.00
216 03277-57693 MAGNUS INVESTMENT ADVISORS LIMITED 100 0.00
217 03277-61129 TRUSTEE NATIONAL REFINERY LTD. MANAGEMENT STAFF PENSION FUND 46,828 0.00
218 03277-61170 HABIB SAFE DEPOSIT VAULT (PVT) LTD 5,000 0.00
219 03277-62672 TRUSTEES UBL FUND MANAGERS LTD. EMPLOYEES GRATUITY FUND 3,500 0.00
220 03277-62673 TRUSTEES UBL FUND MANAGERS LTD. EMPLOYEE PROVIDENT FUND 500 0.00
221 03277-63669 TRUSTEE OF HAJI MOHAMMED BENEVOLENT TRUST 46,000 0.00
222 03277-64627 DOSSA COTTON & GENERAL TRADING (PVT) LIMITED 100,000 0.00
223 03277-72577 HAMEED SHAFI HOLDINGS (PVT) LTD. 8,000 0.00
224 03277-74182 THE TRUSTEES OF EXIDE PAKISTAN LTD. SENIOR STAFF PROV. FUND 3,857 0.00
225 03277-74416 THE TRUSTEES OF EXIDE PAKISTAN LIMITED PROVIDENT FUND 2,955 0.00
226 03277-74557 TRUSTEES OF ADAMJEE INSURANCE COMPANY LTD. EMP. PROV. FUND 8,369 0.00
227 03277-74694 TRUSTEES OF MAGNUS INVESTMENT ADVISORS LTD. EMPL. PROV. FUND 700 0.00
228 03277-77227 TRUSTEES INDUS MOTOR COMPANY LTD. EMPLOYEES PROVIDENT FUND 46,600 0.00
229 03277-77228 TRUSTEES INDUS MOTOR COMPANY LTD. EMPLOYEES PENSION FUND 25,500 0.00
230 03277-78335 TRUSTEE NATIONAL BANK OF PAKISTAN EMPLOYEES PENSION FUND 77,700 0.00
231 03277-78367 TRUSTEE PNSC EMPLOYEES CONTRIBUTORY PROVIDENT FUND 21,000 0.00
232 03277-78974 CS CAPITAL (PVT) LTD 61,000 0.00
233 03277-79595 TRUSTEES OF ZENSOFT (PVT) LTD EMPL. PROVIDENT FUND 1,500 0.00
234 03277-81682 TRUSTEES OF CRESENT STEEL & ALLIED PRODUCTS LTD-PENSION FUND 3,692 0.00
235 03277-82127 TRUSTEE NATIONAL BANK OF PAKISTAN EMP BENEVOLENT FUND TRUST 2,726 0.00
236 03277-82362 TRUSTEES OF KHATIDA ADAMJEE FOUNDATION 2,500 0.00
237 03277-83462 NADEEM INTERNATIONAL (PVT.) LTD. 500 0.00
238 03277-85327 MOGUL TOBACCO COMPANY PVT LTD 425,000 0.01
239 03277-86315 SKYLINE ENTERPRISES (PVT) LTD 331,360 0.01
240 03277-86759 SOORTY ENTERPRISES (PVT) LTD. 1,577,490 0.04
241 03277-89461 MOOSANI SECURITIES (PVT) LTD 26,000 0.00
242 03277-89566 LIBERTY MILLS LIMITED 926,000 0.02
243 03277-89567 LIBERTY POWER TECH LIMITED 956,500 0.02
244 03277-91890 TRUSTEES H. J. BEHRANA PARSI FIRE TEMPLE T 25,000 0.00
245 03277-92044 TRUSTEES OF BRISTOL MYERS SQUIBB PAKISTAN (PVT)LTD.STAFF G.F 10,000 0.00
246 03277-93071 EFULAL - MANAGED GROWTH FUND 400,000 0.01
247 03350-22 ZAHID LATIF KHAN SECURITIES (PVT) LTD. 402 0.00
248 03525-1974 NAGINA COTTON MILLS LIMITED 25,000 0.00
249 03525-1990 ELLCOT SPINNING MILLS LIMITED 25,000 0.00
250 03525-2002 PROSPERITY WEAVING MILLS LTD. 25,000 0.00
251 03525-6645 TRUSTEES PACKAGES LTD.MGT.STAFF PEN.FUND 4,158 0.00
252 03525-15026 PAK PING CARPETS (PVT)LTD 2,602 0.00
253 03525-48327 SURAJ COTTON MILLS LTD. 200,000 0.00
254 03525-48329 CRESCENT POWERTEC LIMITED 40,000 0.00
255 03525-61184 PITCO (PVT) LTD 9,398 0.00
256 03525-63817 NH SECURITIES (PVT) LIMITED. 6 0.00
257 03525-64045 NH CAPITAL FUND LTD 1,000 0.00

Number of Shares
Held
258 03525-66811 TRUSTEES NESTLE PAKISTAN LTD MANAGERIAL STAFF PENSION FUND 46,700 0.00
259 03525-66812 TRUSTEES NESTLE PAKISTAN LTD EMPLOYEES PROVIDENT FUND 70,100 0.00
260 03525-66813 TRUSTEES NESTLE PAKISTAN LTD EMPLOYEES GRATUITY FUND 30,000 0.00
261 03525-86739 COMBINED FABRICS LIMITED 15,000 0.00
262 03525-87235 MAPLE LEAF CAPITAL LIMITED 1 0.00
263 03525-89276 SIDDIQ LEATHER WORKS (PVT.) LIMITED 16,500 0.00
264 03525-89724 SUNRAYS TEXTILE MILLS LIMITED 9,100 0.00
265 03525-91079 TRUSTEES LEINER PAK GELATINE LTD EMPLOYEES PROVIDENT FUND 2,500 0.00
266 03574-25 PROGRESSIVE INVESTMENT MANAGEMENT (PVT) LTD. 3,100 0.00
267 04002-22 MEMON SECURITIES (PVT.) LIMITED 6,800 0.00
268 04010-21 FAWAD YUSUF SECURITIES (PVT.) LIMITED 101,500 0.00
269 04143-1297 AL MASOOM (PVT) LTD 7,000 0.00
270 04184-22 AZEE SECURITIES (PRIVATE) LIMITED 100 0.00
271 04218-27 LAKHANI SECURITIES (PVT) LTD. 50,000 0.00
272 04333-8109 MYCON PVT LIMITED 28 0.00
273 04341-22 ORIENTAL SECURITIES (PVT) LTD. 2,000 0.00
274 04366-20 MULTILINE SECURITIES (PVT) LIMITED 5,000 0.00
275 04424-2648 TRUSTEES AAL - BAWANY FOUNDATION (200) 2,000 0.00
276 04440-20 ZAFAR MOTI CAPITAL SECURITIES (PVT) LTD. 18,300 0.00
277 04481-26 DOSSLANI'S SECURITIES (PVT) LIMITED 4,350 0.00
278 04705-5470 BOARD OF TRUSTEES, FEB & GIF, IBD 355,095 0.01
279 04705-10542 TRUSTEES OF FFC EMPLOYEES PROVIDENT FUND 278,700 0.01
280 04705-48962 SHAKIL EXPRESS (PVT) LTD 16,388 0.00
281 04705-51363 KASHMIR WALA SON'S (PVT) LIMITED 500 0.00
282 04705-65373 ASSOCIATED CONSULTANCY CENTRE (PVT) LIMITED 2,000 0.00
283 04705-66337 TRUSTEES FAUJI FERTILIZER BIN QASIM LTD. PROVIDENT FUND 150,000 0.00
284 04705-69173 TRUSTEES OF ARL MANAGEMENT STAFF PENSION FUND 5,000 0.00
285 04705-78456 TRUSTEES OF PAKISTAN MOBILE COMMUNICATION LTD-PROVIDENT FUND 100,000 0.00
286 04705-89143 NATIONAL UNIVERSITY OF SCIENCES AND TECHNOLOGY 23,300 0.00
287 04804-20205 FORTRESS TEXTILE PRIVATE LIMITED 5,000 0.00
288 04820-23 STOCK VISION (PVT.) LTD. 6,457 0.00
289 04879-28 AKHAI SECURITIES (PRIVATE) LIMITED 507 0.00
290 04895-26 DJM SECURITIES (PRIVATE) LIMITED 77,000 0.00
291 04903-9032 TRUSTEE - HAFIZ FOUNDATION 800 0.00
292 04952-28 SHERMAN SECURITIES (PRIVATE) LIMITED 356,800 0.01
293 04952-14649 TRUSTEES PAK BRUNEI INVESTMENT COMPANY LTD. EMPLOYEES PF 6,900 0.00
294 05074-966 FRONTIER EDUCATION FOUNDATION 46,985 0.00
295 05074-1162 TRUSTEES BASIC EDUCATION & SKILL DEVELOP 47,768 0.00
296 05116-28 TIME SECURITIES (PVT.) LTD. 1,000 0.00
297 05264-21 JS GLOBAL CAPITAL LIMITED 513,500 0.01
298 05264-1276 JAHANGIR SIDDIQUI & CO. LTD. 430,500 0.01
299 05264-3751 TRUSTEE - THE BHAIMIA FOUNDATION 70,776 0.00
300 05264-7307 TRUSTEE - JS GLOBAL CAPITAL LIMITED STAFF PROVIDENT FUND 13,500 0.00
301 05264-21035 NATIONAL RURAL SUPPORT PROGRAMM 94,636 0.00
302 05264-55173 TRUSTEE - NISHAT POWER LIMITED-EMPLOYEES PROVIDENT FUND 200 0.00
303 05264-76344 SUNRAYS TEXTILE MILLS LIMITED 100 0.00
304 05306-25 FAIR EDGE SECURITIES (PRIVATE) LIMITED 7,000 0.00
305 05314-24 INVESTFORUM (SMC-PVT) LIMITED 1,601 0.00
306 05348-21 HH MISBAH SECURITIES (PRIVATE) LIMITED 6,000 0.00
307 05355-541 TRUSTEE : NIB BANK LIMITED EMPLOYEES PROVIDENT FUND 12,000 0.00
308 05470-26 B & B SECURITIES (PRIVATE) LIMITED 12,500 0.00
309 05512-73554 MUHAMMAD SHAFI TANNERIES (PVT,) LIMITED 40,000 0.00
310 05512-73604 TRUSTEE - CITY SCHOOLS PROVIDENT FUND TRUST 20,000 0.00
311 05587-48 FIRST NATIONAL EQUITIES LIMITED 1 0.00
312 05660-12829 COMBINED FABARICS LIMITED 20,000 0.00
313 05736-15 NCC - PRE SETTLEMENT DELIVERY ACCOUNT 255,900 0.01
314 05884-12310 MIAN NAZIR SONS INDUSTRIES (PVT) LIMITED 10,000 0.00
315 05892-25 MONEYLINE SECURITIES (PRIVATE) LIMITED 750 0.00
316 06122-24612 FIVE RIVERS TECHNOLOGIES (PVT.) LTD 2,500 0.00
317 06122-89524 ARKAD CONSULTANTS PVT LIMITED 2,115 0.00

Number of Shares
Held
318 06270-29 GROWTH SECURITIES (PVT) LTD. 47,500 0.00
319 06353-29 SHIRAZI INVESTMENTS (PVT) LIMITED 50,000 0.00
320 06445-28 DARSON SECURITIES (PVT) LIMITED 100 0.00
321 06452-3112 SIDDIQSONS DENIM MILLS LTD.STAFF PROVIDENT FUND 50 0.00
322 06452-10604 TRUSTEE CHERAT CEMENT CO. LTD EMPLOYEES PROVIDENT FUND 10,000 0.00
323 06452-13335 TRUSTEE CHERAT CEMENT COMPANY LTD STAFF GRATUITY FUND 10,000 0.00
324 06452-15645 TRUSTEE GREAVES PAKISTAN (PVT) LTD EMPLOYEES PROVIDENT FUND 5,000 0.00
325 06452-22971 TRUSTEE GREAVES PAKISTAN (PVT) LTD STAFF GRATUITY FUND 5,000 0.00
326 06452-36443 TRUSTEE HI-TECH LUBRICANTS LTD EMP PROVIDENT FUND TRUST 10,000 0.00
327 06452-37920 RELIANCE SACKS LIMITED 2,000 0.00
328 06452-38381 TRUSTEE GILLETTE PAKISTAN LTD EMPLOYEES PROVIDENT FUND 5,662 0.00
329 06502-4740 PERIDOT PRODUCTS (PVT) LIMITED 23,000 0.00
330 06601-11354 HIGHLINK CAPITAL (PVT)LIMITED 1,000 0.00
331 06650-22 SAAO CAPITAL (PVT) LIMITED 5,000 0.00
332 06676-2323 TRUSTEES THAL LTD. - EMPLOYEES PROVIDENT FUND 88 0.00
333 06676-3412 BANDENAWAZ (PVT) LTD. 3,500 0.00
334 06676-6076 TRUSTEE - IFFAT INAMUR RAHIM WELFARE TRUST 2,000 0.00
335 06676-6712 TRUSTEES AGRIAUTO IND.LTD. EMPL.PROV.FUND 3,105 0.00
336 06676-10490 ISPI CORPORATION (PVT) LIMITED 22,700 0.00
337 06684-29 MOHAMMAD MUNIR MOHAMMAD AHMED KHANANI SECURITIES (PVT.) LTD. 34,000 0.00
338 06700-21104 GARIBSONS (PVT) LTD 10,000 0.00
339 06734-22 GAZIPURA SECURITIES & SERVICES (PRIVATE) LIMITED 196,500 0.00
340 06874-3731 RYK MILLS LIMITED 100 0.00
341 06890-24 MAYARI SECURITIES (PVT) LIMITED 5,000 0.00
342 06957-26 BABA EQUITIES (PVT) LTD. 5,000 0.00
343 06981-23 FAIR DEAL SECURITIES (PVT) LTD. 321 0.00
344 07054-24 BHAYANI SECURITIES (PVT) LTD. 5,000 0.00
345 07229-23 ALTAF ADAM SECURITIES (PVT) LTD. 78,000 0.00
346 07260-29 M.R. SECURITIES (SMC-PVT) LTD. 197 0.00
347 07278-28 WASI SECURITIES (SMC-PVT) LTD. 4 0.00
348 07286-27 DR. ARSLAN RAZAQUE SECURITIES (SMC-PVT) LTD. 72 0.00
349 07328-21 TS SECURITIES (PVT) LTD. 2,000 0.00
350 07351-697 COLONY MILLS LIMITED(22003) 89 0.00
351 07385-25 ISMAIL ABDUL SHAKOOR SECURITIES (PRIVATE) LIMITED 19 0.00
352 07419-11316 FALCON-I (PRIVATE) LIMITED 2,000 0.00
353 08847-1447 CRESCENT STANDARD BUSINESS MANAGEMENT (PVT) LIMITED 1 0.00
354 09787-24 SNM SECURITIES (PVT) LTD. 1,000 0.00
355 10231-27 MSMANIAR FINANCIALS (PVT) LTD. 851 0.00
356 10298-1755 TRUSTEES BILQUIS LATIF JAMAL TRUST 51 0.00
357 10298-3439 JUBILEE SPINNING & WEAVING MILLS LTD 3,800 0.00
358 10298-5327 TRUSTEE THE HUSEIN EBRAHIM FOUNDATION 500 0.00
359 10470-29 GPH SECURITIES (PVT.) LTD. 20,000 0.00
360 10611-20 AKD SECURITIES LIMITED - AKD TRADE 5 0.00
361 10629-1118 TRUSTEE KARACHI PARSI ANJUMAN TRUST FUND 5,000 0.00
362 10629-49752 DMS RESEARCH (PVT) LTD 26,079 0.00
363 11072-26 SEVEN STAR SECURITIES (PVT.) LTD. 38,200 0.00
364 11478-28 CMA SECURITIES (PVT) LIMITED 4,000 0.00
365 11544-5159 PRUDENTIAL DISCOUNT & GUARANTEE HOUSE LIMITED 2,000 0.00
366 11544-5332 TRUSTEE - GREAVES PAKISTAN (PVT) LTD. - STAFF GRATUITY FUND 2,000 0.00
367 11544-5340 TRUSTEE - GREAVES PAKISTAN (PVT) LTD. EMP. PROVIDENT FUND 7,000 0.00
368 11544-6959 UNITED TOWEL EXPORTERS (PVT) LIMITED 1,500 0.00
369 11692-21 ABA ALI HABIB SECURITIES (PVT) LIMITED 45,013 0.00
370 12203-12148 MERIN (PRIVATE) LIMITED 6,500 0.00
371 12286-20 JSK SECURITIES LIMITED 1,500 0.00
372 12369-20 INA SECURITIES (PVT) LTD 2,500 0.00
373 12401-701 TRUSTEE - AL-MUSTAFA TRUST 2,000 0.00
374 12666-536 TRUSTEES OF SULAIMANIYAH TRUST 21,700 0.00
375 12666-601 TRUSTEES OF KARACHI SHERATON HOTEL EMPLOYEES PROVIDENT FUND 795 0.00
376 12666-676 TRUSTEE OF TELENOR EMPLOYEES GRATUITY FUND 65,000 0.00
377 12666-700 ISPI CORPORATION (PRIVATE) LIMITED 26,300 0.00

Number of Shares
Held
378 12666-817 TRUSTEES OF GREENSTAR SOCIAL MKT. PAK.(G) LTD. EMP.GRA. FUND 3,000 0.00
379 12666-833 USMAN MEMORIAL FOUNDATION 4,000 0.00
380 12666-858 TRUSTEES ENGRO CORPORATION LIMITED PROVIDENT FUND 193,000 0.00
381 12666-908 TRUSTEES OF GETZ PHARMA PAKISTAN (PVT) LIMITED-EPF 16,800 0.00
382 12666-1120 TRUSTEES OF PAKISTAN HUMAN DEVELOPMENT FUND 67,000 0.00
383 12666-1153 TRUSTEES OF THAL LIMITED EMPLOYEES PROVIDENT FUND 11,300 0.00
384 12666-1187 TRUSTEES OF INSPECTEST (PVT) LTD EMP. PROV. FUND TRUST 4,400 0.00
385 12666-1195 TRUSTEES OF DESCON OXYCHEM LTD EMP. PROV. FUND TRUST 3,100 0.00
386 12666-1203 TRUSTEE DESCON POWER SOLUTIONS (PVT) LTD EMP PROV FUND TRUST 12,700 0.00
387 12690-509 TRUSTEE INTERNATIONAL INDUST. LTD EMPLOYEES PROVIDENT FUND 25,000 0.00
388 12690-517 TRUSTEE INTERNATIONAL INDUST. LTD EMPLOYEES GRATUITY FUND 35,200 0.00
389 12690-533 TRUSTEES INTERNATIONAL STEELS LTD EMPLOYEES GRATUITY FUND 5,100 0.00
390 12690-541 TRUSTEES INTERNATIONAL STEELS LTD EMPLOYEES PROVIDENT FUND 7,200 0.00
391 12690-566 TRUSTEE THALL LIMITED- EMPLOYEES RETIREMENT BENEFIT FUND 5,100 0.00
392 12690-574 TRUSTEE THALL LIMITED- EMPLOYEES PROVIDENT FUND 42,300 0.00
393 12690-608 TRUSTEES MAPLE LEAF CEMENT FACTORY LTD EMPLOYEES PROV FUND 18,400 0.00
394 12724-751 SINDH GENERAL PROVIDENT INVESTMENT FUND 1,140,000 0.03
395 13011-20 GLOBAL SECURITIES PAKISTAN LIMITED - MF 2,500 0.00
396 13128-27 PEARL SECURITIES LIMITED - MF 400 0.00
397 13649-24 JS GLOBAL CAPITAL LIMITED - MF 61,600 0.00
398 13748-592 TRUSTEE-MILLAT TRACTORS LTD. EMPLOYEES PENSION FUND 67,400 0.00
399 13748-659 TRUSTEE-THE KOT ADDU POWER CO. LTD. EMPLOYEES PROVIDENT FUND 14,600 0.00
400 13748-667 TRUSTEE-THE KOT ADDU POWER CO. LTD. EMPLOYEES PENSION FUND 47,000 0.00
401 14084-22 FORTRESS FINANCIAL SERVICES (PVT.) LIMITED 10,000 0.00
402 14241-22 FIKREE'S (SMC-PVT) LTD. 5,000 0.00
403 14613-26 GOVERNMENT OF SINDH - PROVINCIAL PENSION FUND 13,000,000 0.30
404 15024-27 INTERACTIVE SECURITIES (PVT) LIMITED 15,000 0.00
405 15073-22 AKY SECURITIES (PVT) LTD. 9,369 0.00
406 15818-21 RELIANCE SECURITIES LIMITED 40,500 0.00
407 15867-26 MARGALLA FINANCIAL (PRIVATE) LIMITED 1,400 0.00
408 16212-23 KASB SECURITIES LIMITED - MF 51,700 0.00
408 38,326,085 0.89
Total 23443 4,300,928,400 100.00

Abbreviations
AGM Annual General Meeting KUFPEC Kuwait Foreign Petroleum Exploration Company
AOC Attock Oil Company LED Light Emitting Diode
BD Business Development LPG Liquefied Petroleum Gas
BESOS Benazir Employees Stock Option Scheme MBA Master of Business Administration
BTU British Thermal Unit Mcf Thousand cubic feet
CBA Collective Bargaining Agent MENA Middle East and North Africa
CDC Central Depository Company ML Mining Lease
CEO Chief Executive Officer MMcf Million cubic feet
CFO Chief Financial Officer MOL MOL Pakistan Oil & Gas Co. B.V.
CNIC Computerized National Identity Card MOU Memorandum of Understanding
D&PL Development and Production Lease MP&NR Ministry of Petroleum & Natural Resources
DFI Development Finance Institution MPCL Mari Petroleum Company Limited
DGPC Directorate General of Petroleum Concessions NBFI Non-Bank Financial Institution
DSC Defence Saving Certificate NGL Natural Gas Liquids
E&E Exploration and Evaluation NHA National Highway Authority
E&P Exploration and Production NIT National Investment Trust
Earnings before Interest, Tax, Depreciation and OEET OGDCL Employees Empowerment Trust
EBITDA
Amortization OGRA Oil & Gas Regulatory Authority
EG Executive Grade OHSAS Occupational Health and Safety Assessment Series
ENI Eni Pakistan Limited OMV OMV (Pakistan) Exploration Gmbh
Engineering, Procurement, Construction and OPL Ocean Pakistan Limited

EPCC
Commissioning PEL Petroleum Exploration (Pvt) Limited
ERP Enterprise Resource Planning PIB Pakistan Investment Bond
FBR Federal Board of Revenue PKPEL Pakistan Petroleum Exploration Limited
FTW Floating Treatment Wetland PKR Pak Rupee
GHPL Government Holdings (Private) Limited POL Pakistan Oilfields Limited
GoP Government of Pakistan PPIS Pakistan Petroleum Information Services
HSE Health, Safety and Environment PPL Pakistan Petroleum Limited
HSFO High Sulphur Fuel Oil SECP Securities and Exchange Commission of Pakistan
IAS International Accounting Standards SEHCL Sindh Energy Holding Company (Pvt) Limited
IASB International Accounting Standards Board SEL Saif Energy Limited
ICI Imperial Chemical Industries SEPL Spud Energy Pty Limited
International Financial Reporting Interpretations SHERRITT Sherritt International Oil and Gas
IFRIC
Committee SLIC State Life Insurance Corporation of Pakistan
IFRS International Financial Reporting Standards SNGPL Sui Northern Gas Pipelines Limited
IPRTOC IPR Transoil Corporation SOP Standard Operating Procedure
ISE Islamabad Stock Exchange sq. km Square Kilometer
ISO International Organization for Standardization SSGCL Sui Southern Gas Company Limited
JV Joint Venture TDR Term Deposit Receipt
km Kilometer TFC Term Finance Certificate
KPD Kunnar Pasakhi Deep UEPL United Energy Pakistan Limited
KPK Khyber Pakhtunkhwa ZPCL Zaver Petroleum Corporation Limited
KPOGCL Khyber Pakhtunkhwa Oil and Gas Company Limited

Form of Proxy/E-Voting
19th Annual General Meeting
Option 1: Appointing other person as Proxy
I/We, ___________________________________________ of _____________________________________ being a
member of Oil and Gas Development Company Limited, holder of _________Ordinary Share(s) as per Register Folio
No_______________ hereby appoint Mr.___________________________________________ Folio No. (if member)
__________________________ of __________________________or failing him Mr. ________________________________
Folio No. (if member) ___________of ______________________ as my/our proxy in my/our absence to attend and vote for
me/us, and on my/our behalf at the Annual General Meeting/Extra Ordinary General Meeting of the Company to be held
on ___________ and at any adjournment thereof. Signed under my/our hand this __________day of ____________ 2016.
Option 2: E-Voting as per The Companies (E-voting) Regulations, 2016

I/We,_________________ of __________________ being a member of Oil and Gas Development Company Limited, holder
of ________________ Ordinary share(s) as per Register Folio No.__________ hereby opt for e-voting through Intermediary
and hereby consent the appointment of execution officer_________________ as proxy and will exercise Proxy Electronic
Voting as per The Companies (Proxy e-Voting) Regulations, 2016 and hereby demand for poll for resolutions.
My secured email address is ________________________, please send login details, password and electronic signature
through email.
Signature of Shareholder _____________________________

(Signature should agree with the specimen signature registered with the Company)
Signed in the presence of:
Signature of Witness: ________________________________ Signature of Witness: ________________________________
Name: _____________________________________________ Name: _____________________________________________
Address: ___________________________________________ Address: ___________________________________________
CNIC No: CNIC No:

Note:
1. This instrument appointing a proxy under option 1 shall be in writing under the hand of the appointer or his attorney duly authorized in
writing, or if the appointer is a corporation either under the common seal or under the hand of an official or attorney so authorized.
2. The instrument appointing a proxy option 1 and the power of attorney or other authority (if any), under which it is signed or a notarially
certified copy of that power of authority, shall be deposited at the office of the Company not less than 48 (forty eight) hours before the
time for holding the meeting at which the person named in the instrument proposes to vote, and in default the instrument of a proxy
shall not be treated as valid.
3. The instrument of e-voting under option 2 shall be deposited in advance in writing at least ten days before holding of Annual General
Meeting, at the registered office of the Company at OGDCL House, Plot No. 3, F-6/G-6, Blue Area, Jinnah Avenue, Islamabad or
through email info@ogdcl.com.
Form for Video Conference Facility
I/We,____________________________ of _______________________, being member(s) of Oil and Gas Development
Company Limited holder of Ordinary Share(s) as per Register Folio No.______________ hereby opt for Video Conference
facility at __________________________.
_____________________
Signature of Member
Request Form
Consent for Transmission of Audited Financial Statements
through Email or Hard Copy
Date:____________________
Share Registrar Department,

Central Depository Company of Pakistan Limited
CDC House, 99-B, Block ‘B’,
S.M.C.H.S, Main Shaha-e-Faisal,
Karachi -74400.
I/We, ______________________________________________________ being a member of Oil & Gas Development Company
Limited, holder of ________________ Ordinary Share(s) as per Register Folio No./CDS A/C No._______________________
hereby opt to receive Annual Report through email __________________________________________ or hard copy on my
registered address as given below:
Signature: _________________________________________
Postal address: _________________________________________
_________________________________________
_________________________________________
Contact No: _________________________________________
CNIC No:
Note:
Please specify one option i.e. email/hard copy and send this form duly filled and signed along with a copy of valid CNIC
(in case of individual) to Share Registrar of the Company.
Entry Card
19th Annual General Meeting
Register Folio No:________________________________ Number of Shares held:____________________________________
Name of Shareholder:_____________________________________________________________________________________
CNIC No:
For beneficial owners as per CDC List
CDC participant I.D. No:_____________________ Sub-Account No: _________________________________
CNIC No:
Signature of Shareholder___________________________
Note:
1. The signature of the shareholder must tally with specimen signature already on the record of the Company.
2. The shareholders are requested to hand over the duly completed entry card at the counter before entering meeting
premises.
3. This Entry Card is not transferable.

OGDCL House, Plot No. 3, F-6/G-6, Blue Area,
Jinnah Avenue, Islamabad - Pakistan. Designed & Printed by:
www.ogdcl.com The Times Press (Pvt) Ltd.

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SUSTAINABILITY

Oil & Gas Development Company Limited Annual Report 2016

OGDCL’s core business activities encompass exploration, development and production

Committed to ensuring sustainability and growth in tough times, fast track

3 Product Portfolio 40 Directors’ Report

4 Pursuing Sustainability and Growth 64 Risk and Opportunity Report

5 Calendar of Major Events 65 Review Report to the Members on the

10 Vision and Mission

14 Corporate Information 72 Auditors’ Report to the Members

16 Board of Directors 74 Balance Sheet

20 Committees of the Board 76 Profit and Loss Account

22 Attendance of the Board and Committee 77 Statement of Comprehensive Income

28 Exploration Licenses 135 Pattern of Shareholding

30 Development and Production/Mining 137 Categories of Shareholders

Exploration Acreage – Operated ELs

2 Oil & Gas Development Company Limited

Crude Oil Gas

Product wise contribution in Net Sales

Net Sales Rs 162.867 billion

Annual Report 2016 3

Moreover, undertaking effective production

4 Oil & Gas Development Company Limited

1st Quarter 2nd Quarter

OGDCL’s Annual Report 2014 secured Best Corporate

3rd Quarter 4th Quarter

Gas condensate discovery was made at Bitrism West-1A

On account of compliance to HSE standards, Chanda

On the basis of contributions and implementations in

Annual Report 2016 5

2014-15 2015-16 2014-15 2015-16 2014-15 2015-16 2014-15 2015-16

6 Oil & Gas Development Company Limited

Seismic Data Acquisition (3D)

Discoveries • Total assets increased to Rs 589.6 billion from Rs 553.8 billion

• Sales revenue for the year Rs 162.9 billion (2014-15: Rs 210.6

• Profit for the year Rs 60.0 billion (2014-15: Rs 87.2 billion)

• Earnings per share for the year Rs 13.94 (2014-15: Rs 20.29)

• Total cumulative dividend declared Rs 5.20 per share

• Contribution to national exchequer Rs 81.6 billion (2014-15:

Annual Report 2016 7

6) To transact any other business with the permission of the Chair.

By order of the Board

20 September 2016 (Ahmed Hayat Lak)

1- Participation in the Annual General Meeting

a. For attending the meeting

b. For appointing proxies

8 Oil & Gas Development Company Limited

3- Video Conference Facility

4- Closure of Share Transfer Books

6- Notice to Shareholders who have not provided their CNICs

7- Dissemination of Annual Audited Accounts to Shareholders

Annual Report 2016 9

To continuously realign ourselves

10 Oil & Gas Development Company Limited

• Make investment decisions by ranking projects • Be a responsible corporate citizen

Learning and Growth • Be transparent in all business transactions

Annual Report 2016 11

Use of Company’s assets/record keeping

Legal Compliance and Conflict of Interest

12 Oil & Gas Development Company Limited