ISLAMABAD: Oil and Gas Exploration and Production (E&P) companies drilled over 179 exploratory and 194 appraisal wells resulting in 101 new discoveries during the last four years, which is 80 percent higher than the finds made during same period of the previous government.
“Pakistan witnessed exceptional growth in petroleum sector during last four years of the Pakistan Muslim League-Nawaz (PML-N) government under the bold and dynamic leadership of former prime minister Muhammad Nawaz Sharif,” official sources told.
The government, they said, encouraged oil and gas Exploration and Production (E&P) companies, by providing them maximum incentives to step up exploration activities in potential areas across the country.
During the period, oil and gas exploration activities registered 80 percent increase with 40 percent success rate, drilling of appraisal and development wells 12.8 percent, discoveries 151.3 percent, 2D and 3D seismic surveys by 37.2 percent and 43.1 percent respectively, oil production 29.8 percent, drilling in meterage 52 percent, grant of exploration licences and leases by 39.4 percent and 200 percent respectively as compared to corresponding years of the previous government.
The companies drilled 179 exploratory and 194 appraisal wells that resulted in 101 new oil and gas discoveries. While, during the same period of previous government, 100 exploratory and 172 appraisal/development wells were drilled, which made just 39 oil and gas discoveries.
Recounting the achievements, the sources termed the increased exploration activities and new finds a ‘record' and the hallmark of the present government.
In a short span of four years, they said the government added more than 944 million cubic feet per day (mmcfd) gas and 32,343 bpd oil in the transmission network across the country through indigenous resources.
They said 68 finds, out of total 101 discoveries, had added proven reserves of about 5.4 tcf gas, while the calculation of 33 wells were yet to be determined. As many as 87 finds have been made in Sindh, seven each in Punjab and Khyber Pakhtunkhwa.
During the same period, the country is estimated to have consumed about 5.2 tcf gas which means that more than 100 percent replacement had been made for the resource consumed.
Besides, over $10 billion foreign investment has poured in the country petroleum sector, despite low oil price scenario in international market.