ISLAMABAD: Pakistan witnessed an increase of around 80 percent in oil and gas exploration activities in different potential areas during the last four years of current government as compared to corresponding period of the previous regime.
In its stride to achieve self-sufficiency in the energy sector, the present government took a number of initiatives which resulted in drilling of over 179 exploratory and 194 appraisal/developmental wells.
"Subsequently, the Exploration and Production (E&P) companies made over 101 new oil and gas discoveries with 40 percent success rate, which is a hallmark of the PML-N government," official sources told APP.
They termed the increased number of discoveries a 'record' set by the present government in a short span of four years, which so far added over 944 million cubic feet per day (MMCFD) gas in the transmission network across the country and added 32,343 barrels oil per day (BOPD) in the domestic production.
“Pakistan witnessed exceptional growth in petroleum sector during the last four years of the Pakistan Muslim League-Nawaz (PML-N) government under the bold and dynamic leadership of former prime minister Muhammad Nawaz Sharif,” they observed.
The government, they said, encouraged the E&P companies, by providing them maximum incentives, to step up exploration activities in potential areas across the country.
During the period under review, oil and gas exploration activities registered increase by around 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.
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.
During the same period, the country is estimated to have consumed about 5.2 tcf gas which means that more than 100 percent replacement had been made for the resource consumed.
Besides, over $10 billion foreign investment has poured in the country’s petroleum sector, despite low oil price scenario in international market.
Comments
Comments are closed for this article.