PPL Annual Report 2012

Topics: Board of directors, Managing director, Corporate governance Pages: 488 (50710 words) Published: August 7, 2015
Pakistan Petroleum Limited

Annual Report 2012

Annual Report 2012

As a major national Exploration and Production
(E&P) company in business for nearly seven
decades, we at Pakistan Petroleum Limited (PPL)
are committed to delivering top value to all our
stakeholders. Experience tells us a sustainable
way of achieving this is by capitalizing on
synergies around key performance objectives, a
value that lies at the core of our corporate strategy.
This synergy is geared towards accelerating
exploration and production to supplement efforts
for a safe energy future by deploying latest
technology and participating in international
ventures while adhering to best practices of good
governance, including transparency, employee
health and safety, environmental conservation
and socio-economic development of
disadvantaged communities.

Contents
02 Vision-Mission

94 Horizontal and Vertical Analysis

06 Core Values

96 Movement of Estimated Reserves

07 Corporate Strategy

97 Organogram

09 Company Information

98 Statement of Compliance with the Best
Practices of the Code of Corporate
Governance

12 Highlights of the Year
13 Code of Conduct
18 Profile of the Board of Directors
24 Governance Framework
25 Attendance of Board and
Committee Meetings
27 Board Committees
32 Management Team
35 Awards Showcase
37 Statement of Value Addition
38 Global Compact
42 Chairman’s Review
44 Managing Director's Outlook
46 Directors’ Report
86 Balance Sheet Composition
87 Analysis of Profit and Loss Account
88 Analysis of Cash Flows
90 Six Years’ Summary

100 Review Report to the Members on
Statement of Compliance with the Best
Practices of the Code of Corporate
Governance
101 Auditors’ Report to the Members
102 Financial Statements
157 Map of PPL’s Held Interests
161 List of Producing and Exploration Assets
162 List of Abbreviations
163 Shareholders and Investors Information
164 Pattern of Shareholding
170 Notice of Annual General Meeting
Form of Proxy

Vision
To maintain PPL's position as the
premier producer of hydrocarbons in
the country by exploiting conventional
and unconventional oil and gas
resources, resulting in value addition
to shareholders’ investment
and the nation as a whole.

Mission
To sustain long term growth by
pursuing an aggressive hydrocarbons
exploration and production
optimisation program in the most
efficient manner through a team of
professionals utilizing the latest
developments in technology, while
ensuring that quality is an integral part
of all operations and maintaining the
highest standards of health, safety,
environment protection and
addressing community development
needs.

Fast-track exploration and development
activities across its local assets resulted in a
production increase from company-operated
assets, a first in recent history, and
considerable reduction in the decline rate of
Sui Gas Field. All 18 PPL-operated blocks,
of which six are in Balochistan, are active and
in various stages of exploration.
To supplement these efforts, PPL has also
initiated an aggressive acquisition drive for a
multiplier effect and recently won exploration
rights for a block in Iraq as operator. On
commencement of work in Iraq, PPL will
become the first local E&P company to operate
an international exploration block.
The company has been selected as preferred
bidder and is carrying out negotiations for
acquisition of MND Exploration and Production
Limited (MND), a wholly owned subsidiary of
KKCG SE, one of the largest, privately owned
groups in the Czech Republic.

for

Growth

Core values
• Recognize that Leadership, Empowerment and Accountability are essential for corporate success.
• Pursue the Highest Standards of Ethical Behaviour and Integrity. • Consider our people as the most important resource.
• Value creativity and innovation.
• Committed to excellence in all spheres of performance.
• Work...
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