ISLAMABAD – Oil and gas Exploration and Production (E&P) companies woulddrill 90 wells in different areas across the country during current fiscalyear.
“Under the plan, 50 exploratory and 40 development wells will be drilled ina bid to make the country self-sufficient in the energy sector,” officialstold APP.
To a question, they said the E&P companies drilled over 179 exploratory and194 appraisal wells, resulting in around 101 new discoveries during lastfive years. As many as 68 finds, out of total 101 discoveries, had addedproven reserves of about 5.4 tcf gas, while the calculation of 33 wellswere yet to be determined. As many as 87 finds have been made in Sindh,seven each in Punjab and Khyber Pakhtunkhwa.
The government, they said encouraged the E&P companies by providing themmaximum incentives to step up exploration activities in different areas.
Following which, oil and gas exploration activities registered increase by80 per cent with 40 percent success rate, drilling of appraisal anddevelopment wells 12.8 per cent, discoveries 151.3 per cent, 2D and 3Dseismic surveys by 37.2 per cent and 43.1 percent respectively, oilproduction 29.8 per cent, drilling in meterage 52 per cent, grant ofexploration licenses and leases by 39.4 percent and 200 per centrespectively as compared to corresponding years of the previous government.