Islamabad: Oil and gas exploration and production (E&P) companies have decided to drill 90 wells in Punjab, Sindh, Khyber Pakhtunkhwa and Balochistan, a news report quoted sources in Petroleum Division. The companies would drill 50 exploratory and 40 development wells.
According to figures disclosed by Petroleum Division, the country’s oil production stood at 2,458,250 metric tonnes out of a total consumption of 7,386,362 metric tonnes in 2017-18, which was 2,085,852 out of a total consumption of 6,646,965 metric tonnes in 2016-17.
The companies discovered as many as 101 oil and gas reserves during the tenure of the previous government, when it drilled over 179 exploratory and 194 appraisal wells. It was found that 68 out of total 101 discoveries had added proven reserves of about 5.4 trillion cubic feet gas.
The calculation of 33 wells is yet to be determined, and at least 87 findings have been made in Sindh, and seven each in Punjab and Khyber Pakhtunkhwa.
Moreover, the incumbent government is likely to amend Petroleum Policy 2012 and announce an incentive package for oil and gas exploration companies interested in working in the frontier region.
Petroleum Division would take all four provinces on board and seek approval for creating one more zone in order to offer incentives to oil and gas exploration companies in the frontier region.
At present, there are three zones for onshore exploration activities based on risk and investment. Zone-I comprises west Balochistan, Pishin and Potohar basins; Zone-II consists of Kirthar, east Balochistan, Punjab and Suleman basins; while the Lower Indus Basin falls in Zone-III.
