Pakistan Oilfields Limited (POL) reported consolidated earnings per share of PKR 80.89 for FY25, compared to earnings per share of PKR 132.46 in FY24. Furthermore, in 1QFY26, the company reported earnings per share of PKR 20.74, compared to loss per share of PKR 9.47 in the same period last year (SPLY).
The company highlighted that its integrated seismic acquisition covers approximately 800 sq. km across four blocks, a dataset expected to materially enhance subsurface understanding and support the identification of high potential drilling locations. Management remains optimistic about obtaining meaningful leads from this exercise.
Gas curtailment remains elevated at an estimated 90–95 mn MMSCFD due to low line pressure, though management expects the situation to improve if the deferment of Qatari LNG cargoes proceeds. Production from the Razgir field is currently in the range of 25 28 MMSCFD, its estimated potential is around 35 MMSCFD, with gas being sold at a 16% premium to the 2012 Petroleum Policy benchmark under a third party arrangement.
In non-operated joint venture blocks, two wells are presently under drilling, reflecting POL’s disciplined, seismic-driven approach to well selection, typically resulting in one to two wells annually. Simultaneously, the company is working on two Jhandial wells, one of which is currently in the testing phase, while a sidetrack operation has commenced in the Pindori block. Out of the total industry-wide gas curtailment of roughly 90 mn MMSCFD, the company’s share stands at around 21%, equivalent to about 19 MMSCFD.
Regarding receivables, management stated that SNGPL is settling current invoices and has committed to clearing the outstanding backlog over time. Management also confirmed that the company intends to apply for Tight Gas Policy incentives if any of its reserves meet the qualifying criteria or if marginal fields are assessed as viable for commercial development.
Important Disclosures
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