Oil and gas discoveries made in last three years

Oil and gas discoveries made in last three years

ISLAMABAD: (APP) Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi said Thursday that 84 oil and gas discoveries were made in the country during the last three years.

Replying to a question during the Question Hour in the Senate the minister said estimated reserves of 50 discoveries had been evaluated with 23 million barrels of recoverable oil and 1409 Billion Cubic Feet of recoverable gas, adding that reserves of 32 discoveries were being appraised,.

To another question the minister said it is a fact that LNG is being imported to fill the gap between demand and supply of gas in the country.

He said total quantity of LNG imported from March 2015 to June 2016 was 117,316,664 MMBTU and the expenditures incurred on the same were US$ 773,454,382.

He said estimated quantity of LNG to be imported up to December 31 2016 is 76,800,000 MMBTU which would be imported mainly from Qatar under Sale and Purchase Agreement (SPA).

However, one-fourth of estimated quantity was sourced from M/s Gunvor under a five year term tender agreement and their source would vary from cargo to cargo.

He said that the LNG could also be imported from other countries including Russia etc to fulfill energy requirements of the country.