65 oil, gas discoveries made in 227 drills
ISLAMABAD: The Ministry of Petroleum and Natural Resources is following an innovative and radical strategy to achieve self-sufficiency in oil and gas sector by stepping up local exploration and production activities.
Official sources in the ministry said “During current tenure of the government, record 227 wells have been drilled, which resulted in 65 new oil and gas discoveries,”
With new discoveries over one trillion cubic feet (TCF) of gas and 16 million of barrels of new oil reserves had been added to the system, they said.
The country was moving on a fast track towards achieving autarky in the energy sector as all-out efforts were being made to achieve the target by utilising conventional as well as non-conventional reserves like tight gas, shale gas and marginal fields and British thermal unit (BTU) gas.
Under these steps, they said, around 560 million cubic feet per day (mmcfd) of additional gas and 27,000 barrels per day (bpd) of oil have been injected in the system so far due to the government’s effective policies.
For the first time in the country’s history, the sources also informed that domestic oil production had touched the highest level of 100,698bpd on December 7 last year. They said Pakistan was a gas prone country and 48% of its energy mix requirements were met through indigenous gas supply.
Currently the country, they said, was producing 4.16bcfd gas, which was not sufficient to meet the ever-increasing demand. “There is a gap of around 2 BCF gas between the indigenous supply and constraint demand,” they added.
Commenting on the existing petroleum policy, the sources said 46 new exploration licences covering an area of 94,608 kilometres had been granted to different exploration and production (E&P) companies.