STAFF REPORT ISB: As many as 64 new oil and gas discoveries were registered in Pakistan during the last two years.
According to an official, the governments efforts to fulfil the countrys growing energy needs have started yielding results with adding 65 new oil and gas discoveries so far.
However, a total of 227 wells have been drilled while 46 new petroleum exploration licenses were awarded, which was a record performance in the countrys history, he claimed.
Similarly, the source added around 560 MMCFD of additional gas and 27,000 BOPD of oil have been injected in the system and by virtue of these discoveries, the official added, so far, over one TCF of gas and 16 million of barrels of new oil reserves had been added to the system.
According to him, for the first time in the countrys history, “domestic oil production has touched the highest level of 100,698 BBL per day of oil during the present governments era.
Currently the country, he said, was producing 4.16 BCFD gas, which was not sufficient to meet the ever increasing demand.
“There is a gap of around 2 BCF gas between the indigenous supply and constraint demand. Spurred by growing energy needs and steady depletion of producing hydrocarbon resources, government is also diverting resources to get hands on shale gas deposits in the country which are over 10,000 trillion cubic feet (TCF).