KARACHI: Pakistan's net oil reserves have declined by five percent to 540 million barrels as of June 2020, given no significant upward revisions to existing fields or additions of new fields to compensate for natural depletion of 4-5 percent, experts said.
During the last six months, Pakistan's local crude oil production was 13.2 million barrels. However, new reserves of only 1.82 million barrels were injected through five new fields, namely, Kandiari, Ranjho, Dhok Hussain, Benari and Yasar, said Shankar Talreja, an analyst at Topline Securities.
Makori East (operated by MOL) reserves are up 7 percent (or 2.9 million barrels). This is equivalent to 1-year production from this field, enhancing remaining life to 3.3 years.
Shahdadpur (operated by PPL) reserves have increased by 94 percent to 7.57 million barrels. This upward revision in two fields was clouded by downward revision in Makhdumur Deep Field to the extent of 14 million barrels.
Pakistan gas reserves have remained unchanged in the last six months despite production of 634bcf. This is largely due to upward revision in Shahdadpur (operated by PPL) by 332.5bcf, Miano (operated by Omv) by 149bcf and Buzdar South (operated by UEP) by 30bcf.
Along with these upward revisions in existing fields, five new field reserves are also updated, contributing 64bcf cumulatively.
Reserves for major fields like MARI, Uch, Qadirpur, Sui and Kandhkot were down in line with production rates. Average remaining life of the country's gas reserves is at around 17 years.
Copyright Business Recorder, 2020
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