26 oil, gas discoveries under evaluation in country : Ministry
ISLAMABAD : Oil and Gas exploration companies operating in the country are evaluating around 26 discoveries having estimated over one trillion cubic feet (TCF) reservoirs, made in different localities, to determine exact potential of the new finds, official sources in the Ministry of Petroleum and Natural Resources said on Monday.
The government’s efforts to fulfill the growing energy needs, they said, had started yielding results as 67 new oil and gas discoveries had so far been made.
Sharing achievements of the government, they said, a total of 227 wells had been drilled while 46 new petroleum exploration licenses were awarded to different oil and gas exploration companies, which was a record performance in the country’s history.
During tenure of the current government, the sources informed that the country had witnessed oil production level exceeding 1,00,000 barrels per day for the first time in its history.
Enhanced exploration and production activities have resulted in additional discoveries of 500 MMCFD of gas, maintaining supplies of gas up to 4 bcfd (billion cubic feet per day), they added.
Sui Southern Gas Company and Sui Northern Gas Pipelines Limited, they said, were vigorously undertaking system augmentation projects to carry additional volumes of gas up to 1.2 BCF at the cost of Rs. 133 billion.
Answering a question, they said, the government was eyeing on imported gas along with accelerating local oil and gas exploration and production activities to meet ever-growing energy needs.
“The country has no option other than to import gas whether it is Liquified Natural Gas (LNG) or Iran-Pakistan (IP) and Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline projects as the country’s existing reserves are depleting,” the sources remarked.
They said 2015 had been a ‘breakthrough year’ in energy sector of the country due to commencement of first-ever LNG terminal in Pakistan on March 27, 2015, bringing Pakistan on the global LNG map.
They said 200 mmcfd (million cubic feet per day) of regassified-LNG was being supplied to the power sector, minimizing load-shedding and reducing the power generation cost by about Rs. 66 billion per annum.
They said “Shale Gas Study” conducted by US experts had shown promising potential of this unconventional hydrocarbon resource in the country
“Pakistan is also blessed with huge shale gas and oil resources in lower-mid Indus basins with 95 TCF (trillion cubic feet) risked technically recoverable free gas and 14 Billion Barrels of risked technically recoverable oil,” the sources said.
“The Ministry of Petroleum is committed to enhance oil and gas exploration activities, implement transnational gas projects, execute gas infrastructure projects, import 2 bcfd LNG, increase LPG supplies, separate transmission and distribution systems of gas companies, install LPG-air-mix plants in remote areas and import RON 92 (Green Fuel Technology),” the sources remarked.