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E&P companies produce 89,030 bpd oil, 3,935 mmcfd gas in 2018-19

E&P companies produce 89,030 bpd oil, 3,935 mmcfd gas in 2018-19

(APP) – The Exploration and Production (E&P) companies, operating in different parts of the country, produced 89,030 Barrels per Day (BPD) oil, 3,935 Million Cubic Feet per Day (MMCFD) during the last fiscal year.

“The total oil and gas production in the country for the year 2018-19 remained 89,030 BBL per day oil and 3,935 mmcfd gas, while the overall energy mix of the country comprises of 34 percent natural gas, 9 percent Liquefied Natural Gas (LNG), 31 percent oil, 1 percent Liquefied Petroleum Gas (LPG), 13 percent coal and 8 percent other sources,” according to an official document available with APP on Thursday.

According to which, currently around 224,976 square kilometre area was under exploration, out of the total 827, 268 square kilometre area. While, the E&P companies have so far made 394 discoveries, out of which 85 were of oil and 309 of gas with a success rate of 34 percent since the drilling activities started in the country.

Meanwhile, a senior official privy to petroleum sector developments told APP that the government was preparing a summary for creation of new oil and gas exploration zone in potential areas of erstwhile Federally Administered Tribal Areas and Balochistan.

Explaining the existing exploration licensing zones, he said the country had been divided into four zones, consisting of West Balochistan-Pishin-Potowar Basins, Kirthar, East Balochistan-Punjab platform-Suleman Basins, Lower Indus Basins and Indus & Makran Basins.

He said earlier the proposed new zone was considered high security risk area, but now after the improved situation, these areas of the country were being added in potential hydrocarbon reserves under a sufficient security mechanism.

Quoting a recent study about fast depletion of existing hydrocarbon reservoirs in the country, he feared that the deposits would further deplete by 60 percent by the year 2027.

The official underlined the need for accelerating exploration activities in potential areas on war-footing, saying “The country’s energy demand is increasing and local production is decreasing. So, our reliance on imported petroleum products is escalating with each passing day,” he added.

Commenting on Pakistan Tehreek-e-Insaf (PTI) government’s multi-pronged strategy to step up oil and gas exploration activities, he said the Petroleum Division was all set to initiate bidding process for award of 35 to 40 new exploration blocks during next month.

After coming into power the last year, he said the government tendered 7 to 8 blocks but without any road show or marketing, due to which, most of the blocks, not all, ended up with national companies.

But this time, the official said the country’s energy experts launched a campaign in US, Canada, Abu Dhabi, China and Russia to make people aware that Pakistan was coming out with new and big round of bidding. He said the new exploration blocks would be awarded in three rounds during the next 12 months.