Pakistan Agriculture News

Gas, oil sectors see exceptional growth in 4 years

ISLAMABAD : The government has added more than 944 million cubic feet per day (mmcfd) gas and 32,343 barrels per day (bpd) oil in the transmission network across the country through indigenous resources during the last four years.

“During the period, the country is estimated to have consumed about 5.2 trillion cubic feet (tcf) gas which means that more than 100 percent replacement has been made for the resource consumed,” official sources told APP.

They said Pakistan witnessed exceptional growth in petroleum sector during last four years of the PML-N govt under the bold and dynamic leadership of former prime minister Nawaz Sharif.

Answering to a question, the sources said the E&P companies drilled over 179 exploratory and 194 appraisal wells resulting in 101 new discoveries in last four years, which is almost 80 percent higher than the finds made during the period under review.

They said 68 finds, out of total 101 discoveries, had added proven reserves of about 5.4 tcf gas, while the calculation of 33 wells were yet to be determined. As many as 87 finds have been made in Sindh, seven each in Punjab and Khyber Pakhtunkhwa.

The government, they said encouraged the Exploration and Production E&P companies, by providing them maximum incentives, to step up exploration activities in potential areas across the country.

Following which, oil and gas exploration activities registered increase by 80 percent with 40 percent success rate, drilling of appraisal and development wells 12.8 percent, discoveries 151.3 percent, 2D and 3D seismic surveys by 37.2 percent and 43.1 percent respectively, oil production 29.8 percent, drilling in meterage 52 percent, grant of exploration licences and leases by 39.4 percent and 200 percent respectively as compared to corresponding years of the previous government.

The companies drilled 179 exploratory and 194 appraisal wells that resulted in over 101 new oil and gas discoveries. While, during the same period of previous government, 100 exploratory and 172 appraisal/development wells were drilled, which made just 39 oil and gas discoveries.