E&P Companies To Produce 29 MBL Oil, 1.47 TCF Gas

Exploration and Production (E&P) companies would produce around 29 million barrel (MBL) crude oil and 1.47 trillion cubic feet (TCF) gas and 917,731 tons Liquefied Petroleum Gas (LPG) under the targets given by the government to meet the country's energy needs during the current fiscal year

ISLAMABAD, (UrduPoint / Pakistan Point News - 30th Nov, 2021 ) :Exploration and Production (E&P) companies would produce around 29 million barrel (MBL) crude oil and 1.47 trillion cubic feet (TCF) gas and 917,731 tons Liquefied Petroleum Gas (LPG) under the targets given by the government to meet the country's energy needs during the current fiscal year.

The companies produced around 27 MBL of crude oil, 1.27 TCF of gas and 764,775 tons LPG during the last year against the targets of 30 MBL oil, 1.43 TCF gas and 753,051 LPG, according to an official document available with APP.

The country's coal production stood at 3,800,000 tons that would be increased to 6,900,000 during the current year, while LPG import remained at around 492,437 tons which would be taken to 590,924 tons in 2021-22.

In 2020-21, the E&P companies drilled 28 hydrocarbon wells, out of which 13 were exploratory and 15 developmental.

To enhance the exploration activities in the country, as many as six new exploration blocks (Killa Saifullah, Sharan and Suleiman Blocks in Balochistan, Sujawal Block in South Sindh, and Jhelum, Lilla Blocks in Punjab) have been awarded to E&P companies through a transparent and competitive bidding process.

While, award of new exploration blocks is expected to add new hydrocarbon reserves over the next few years and bridge the oil and gas demand-supply gap in the country.

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