Oil And Gas Sector In Pakistan Witnessed Growth
Oil And Gas Sector In Pakistan Witnessed Growth: Pakistan has witnessed unprecedented growth in the petroleum sector during the last five years with phenomenal success rate in oil and gas exploration ventures, according to authentic data.
To step up search for oil and gas in potential areas across the country, the government encouraged oil and gas Exploration and Production (E&P) companies by providing maximum incentives.
The exploration activities registered 80 per cent increase with 40 per cent success rate. Drilling of appraisal and development wells went up by 12.8 per cent, discoveries rose by 151.3 per cent, 2D and 3D seismic surveys increased by 37.2 per cent and 43.1 per cent, respectively.
Consequently, domestic oil production grew by 29.8 per cent, meaning significant relief on the side of heavy oil import bill.
A senior official in the Petroleum and Natural Resources Division told that during last four years, the companies drilled over 179 exploratory and 194 appraisal wells that resulted in 101 new oil and gas discoveries, while the previous government had drilled 100 exploratory and 172 appraisal/development wells, achieving just 39 oil and gas discoveries.
In the four-year span, more than 944 million cubic feet per day (mmcfd) of gas and 32,343 bpd oil were added to the transmission network across the country through indigenous resources.
The country’s total crude oil production reached around 90,000 bpd oil.
The official said 68 findings, out of total 101 discoveries, had added proven reserves of about 5.4 trillion cubic feet (tcf) gas, while calculations regarding 33 wells were yet to be determined. As many as 87 findings were made in Sindh, seven each in Punjab and Khyber-Pakhtunkhwa.
During the same period, the country is estimated to have consumed about 5.2 tcf gas which means that more than 100 per cent replacement had been made for the resource consumed.
Besides, over $10 billion foreign investment poured into the country’s petroleum sector, despite low oil price scenario in the international market.
Local as well as foreign investors, the official said, were reposing full confidence in prudent and business-friendly economic policies introduced by the present government and making huge investments in the energy sector.
Presently, as many as six oil refineries are operating in the country and they have full capacity to refine the product as per needs of the country. However, a lot of work is yet to be done in the exploration sector to achieve autarky.
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