Pakistan spent a total of $38.673 billion on import of different petroleum products during the last five years while a total of 291 new wells were drilled out in different parts of the country during the last three years for exploration of oil and gas to increase domestic output to meet the demand. The country's total import bill of the petroleum products during the financial year 2011-12 was $9.422 billion; $8.282 billion in 2012-13; $8.899 billion in 2013-14; $7.411 billion in 2014-15 and $4.659 billion in 2015-16.
The official documents say the oil marketing companies (OMCs) maintain reserves of the petroleum products in view of their commercial requirements. The petroleum products reserves for days as on December 6, 2016 are: HOBC (95/97 RON) is for 122 days; MS for11 days; JP-I for 12 days; SKO for 15 days; HSD for 23 days; and FO for 24 days. Production from 45 out of the 82 discoveries made during the last three years has already begun, whereas necessary work on 37 discoveries is being carried out by the exploration and production companies in order to start production.
The drilling has increased by 46 percent along with 36 percent increase in the 2D and 3D explorations, the documents say, adding the local production of crude oil has surged to 100,000 barrels per day, which meets 15 percent of the country's requirement.
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