Pakistan's oil production started the year on a sweet note, growing by 11 per cent year-on-year basis to reach 96,500bpd of oil in January 2017, compared with the average decline rate of 5.0pc in the last 12 months. This was due to additions from Nashpa and Mardan Khel fields which added around 7.0pc and 4.0pc, respectively, to January 2017's oil production. Further, improved flows from Adhi and Rajian fields cumulatively elevated production by 4.0pc.
However, gas production, in the absence of any major addition and natural depletion of existing fields, remained almost flat at around 4000mmcfd, causing disappoint to producers. During the outgoing month, Oil and Gas Development Company (OGDC), Pakistan Oilfields (POL) and Pakistan Petroleum (PPL) saw phenomenal growth in their oil levels, growing by 16pc, 20pc and 22pc, respectively, thanks to addition from Nashpa (OGDC and PPL hold 56pc and 26pc stakes) and Mardan Khel (POL and PPL hold 28pc stakes each, while OGDC holds 21pc). "We also saw improved flow from Kunnar Pasaki Deep (KPD) in which OGDC holds 100pc stake (added 1700bpd additional oil in January 2017)", Nabeel Khursheed, said an analyst at Topline Securities.
OGDC's gas production fell by 4.0pc year-on-year basis in January 2017, mainly on the back of lower flow from Qadirpur, Kadanwari and Bhit and Bhandra that cumulatively affected OGDC's gas production by 4.0pc during the period. POL's gas production grew by 11pc primarily due to 12mmcfd (POL's share) average gas addition from Mardankhel. On the other hand, improved flow from Kandhkot (76mmcfd) and additional flow from Shahdadpur and Mardankhel (cumulative flow of 43mmcfd) elevated the PPL's gas production by 10pc during January 2017.
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