Reserves Of 30 Oil, Gas Discoveries Being Evaluated

ISLAMABAD, (UrduPoint / Pakistan Point News - 20th Jun, 2017 ) : Oil and gas Exploration and Production (E&P) companies made 98 discoveries, drilled 373 exploratory and appraisal/development wells during the last four years, which helped in addition of 5.4 TCF gas and 90 million barrel oil in the reserves.

"Around 2.08 TCF gas and 42 million barrel oil have been added in the system from 68 new finds, while reserves of 30 oil and gas discoveries are under evaluation yet," official sources in the Ministry of Petroleum and Natural Resources told APP.

Answering a question, they said Pakistan witnessed an increase of 79 percent in oil and gas exploration activities in different potential areas during the last four years of current government as compared to corresponding period of the previous government.

In its stride to achieve self-sufficiency in the energy sector, the present government took a number of initiatives which resulted in drilling of 179 exploratory wells and 194 appraisal/development wells.

"Subsequently, the Exploration and Production (E&P) companies made 98 new oil and gas discoveries with 40 percent success rate," they added. The sources informed that the government granted 46 exploration licences and 33 leases, carried out 25,568 L.km 2D and 19,478 Sq.km 3D seismic surveys, besides it made 1,073,283 meter drillings which is 52 percent higher than the last government's tenure.

Replying to another question, they said over Rs 836 billion investment poured in the E&P sector of the country during tenure of the current government.