Pakistan Oilfields earns Rs5.25bn

Pakistan Oilfields Ltd reported on Friday quarterly earnings of Rs5.25 billion in the first three-month period of 2021-22, up 45 per cent from a year ago.

A bourse filing by the company showed sales increased 26pc to Rs11.08bn. The rise in sales was attributable to a 68pc surge in realised oil prices, said Arif Habib Ltd.

Oil and gas production dropped 8pc and 9pc year-on-year, respectively, during the quarter under review. Exploration costs escalated five times, clocking in at Rs451m against Rs76m a year ago mainly on the back of higher seismic activity at Taung Block.