KARACHI: The oil production of Pakistan has increased by 1.4 percent on year-on-year basis during FY24, however gas production decreased by 4.4 percent in this period.
The growth in oil production was contributed by fields such as Chak 2, Pasakhi, Takhat, Lashari Centre, Bolan East, and Bettani, said Muhammad Iqbal Jawaid at Arif Habib Limited.
Furthermore, the commencement of production from Mamikhel South in FY24 also contributed to the growth, he added.
The reduction in gas production is attributable to decline production from fields such as Qadirpur, Sui, Kandhkot, and Uch (due to ATA at Uch Power Limited), he said.
On a quarterly basis, oil production of Pakistan showcased 1.1 percent YoY growth in the fourth quarter of FY24, while gas production of Pakistan witnessed a decline of 8.8 percent on YoY in this period.
During the FY24, a total of 22 exploratory wells and 37 appraisal/development wells were spud against a target of 21 exploratory wells and 35 appraisal/development wells.
Copyright Business Recorder, 2024
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