ISLAMABAD: Pakistan has around 568 Million Barrel (MMBBL) oil and 21,446Billion Cubic Feet (BCF) gas reserves, out of which 82,653 barrel oil and3,755 MMCF gas is being extracted on daily basis from the existing fieldsoperating in different parts of the country.
“The existing reserves are depleting fast as there is no major oil and gasdiscovery since long.
The country’s total gas demand is more or less 7,000 Million Cubic per Day(MMCFD) against the total production of 3,755 MMCFD, which is being metthrough import of Liquefied Natural Gas (LNG) to some extent,” a seniorofficial privy to petroleum sector developments told APP.
While, almost 50 percent of the total oil consumption is met through importof the commodity, he added.
Oil and Gas Development Company Limited (OGDCL)’s share in oil and reservesis 23 percent and 38 percent respectively, while it is producing 46 percentof the country’s total oil production and 28 percent of gas production.
According to an official report, oil and gas Exploration and Production(E&P) companies, during the last 71 years drilled as many as 2,366exploratory, appraisal and development wells, yielding around 330discoveries.
Cognizant of the increasing demand of energy and depleting hydrocarbonreserves, the official said, the government was preparing a summary forcreation of new oil and gas exploration block in potential areas oferstwhile Federally Administered Tribal Areas (FATA) and Balochistan.
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Explaining the existing exploration licensing zones, he said the countryhad been divided into four zones, consisting of WestBalochistan-Pishin-Potowar Basins, Kirthar, East Balochistan-Punjabplatform-Suleman Basins, Lower Indus Basins and Indus & Makran Basins.
He said earlier the new zone was considered high security risk area, butnow after the improved situation, these parts of the country were beingadded in potential hydrocarbon reserves under a sufficient securitymechanism.
Answering a question, the official said currently the country’s totalsedimentary area was around 827,268 square kilometers (KM2), out of which320, 741 KM or 39 percent of the area was under exploration.
He said it was a fact that multinational companies were least interested inoil and gas exploration sector due to non-discovery of any majorhydrocarbon reserve since long. However, the country has sufficientpotential in different sedimentary pockets, but it needed a more robuststrategy to explore it.
Accordingly, the official said, the Petroleum Division was planning toinitiate international bidding process for award of 35 to 40 newexploration blocks in December this year.
