Crude oil production increases by 12.8pc, import downs by 15.38pc

ISLAMABAD: The country's domestic production of crude oil has witnessed around 12. 8 percent increase during a nine-month period (July-March) of the last fiscal year.

According to official data available with APP, the domestic production of crude oil remained 24.6 million barrels during the period under review as compared to 21.8 million barrels in the same period of year 2017-18.

While, the oil import decreased by 15.38 percent, mainly due to increase in international prices.  The quantity of imported crude oil remained 6.6 million tons worth $ 3.4 billion as compared to 7.8 million tons worth $ 2.9 billion during the corresponding period of 2017-18.

Oil Marketing Companies, in the year 2017-18, imported around 13.3 million ton (mt) of different petroleum products to meet its ever growing energy needs. Out of which, the private sector companies imported around 38 percent petroleum products including High Speed Diesel (HSD), High Sulphur Fuel Oil and Low Sulphur Fuel Oil (HSFO/LSFO),  Jet Fuel, Motor Gasoline (Mogas), RON (Research Octane Number) 95 and 97 under specified quality and testing mechanism notified by Oil and Gas Regulatory Authority (OGRA).

During the period, around 13,343,737 metric ton (mt) petroleum products were imported from nine countries including United Arab Emirates (UAE), Oman, Kuwait, Saudi Arabia, Singapore, Malaysia, Netherlands, Belgium and Norway.

As many as 3,845,272 mt HSD, 4,247,374 mt HSFO/LSFO, 236,538 mt Jet Fuel, 5,014,553 mt Mogas/RON-95/RON-97 was imported from these nine countries.

Pakistan imported 8,502,752 mt petroleum products from UAE, 1,070,193 mt from Oman, 2,078,882 mt from Kuwait, 182,574 mt from Saudi Arabia, 170,423 mt from Singapore, 127,496 mt from Malaysia, 1,064,206 mt from Netherlands, 89,355 mt from Belgium and 57,856 mt from Norway.

The Oil and Gas Regulatory Authority (OGRA), being a watchdog, pursues an effective policy regarding sampling and testing of the imported petroleum products for onward distribution in every nook and cranny of the country.

Under the policy, the imported petroleum products, conforming to the approved specifications notified by the Petroleum Division, are allowed to be used in the country.