ISLAMABAD: Pakistan’s oil reserves saw a 26% rise, while gas reserves increased by 2% by the end of the 2024 financial year, according to official data from the Petroleum Information Service.
These positive developments were achieved with the support of the Special Investment Facilitation Council (SIFC), which enabled new discoveries in the exploration and production sectors.
By June 2024, Pakistan’s crude oil reserves reached 243 million barrels, compared to 193 million barrels in December 2023.
Similarly, gas reserves grew from 18.10 trillion cubic feet in December 2023 to 18.47 trillion cubic feet by mid-2024. Experts note that the newly discovered oil reserves can meet Pakistan’s needs for 10 years, while gas reserves are sufficient for 17 years.
Energy expert Hamdan Ahmed praised the government’s proactive measures, attributing the 50 million barrel increase in oil production and the 1.1 trillion cubic feet growth in gas reserves to effective exploration and well-managed initiatives.
Key contributors to these achievements include the Oil & Gas Development Company (OGDCL), Pakistan Petroleum Limited (PPL), Mari Petroleum Company Limited, and Pakistan Oilfields Limited.
This promising progress, aided by SIFC reforms, is expected to attract more investments in Pakistan’s gas sector, especially in exploration and production.
According to experts, these local reserves help refineries meet 70% of the country’s diesel demand and 30% of its petrol demand.
The government’s new hydrocarbon exploration policies, developed with SIFC support, are expected to drive further growth in the sector.
Earlier, A substantial deposit of petroleum and natural gas has been discovered in Pakistan’s territorial waters, a cache so large its exploitation could change the country’s destiny.
According to the official, who is understood to be privy to the development, a three-year survey was undertaken in collaboration with a friendly country to verify the presence of the oil and gas reserves.
The geographic survey has allowed Pakistan to identify the location of the deposits, and the relevant departments have informed the government of the resources found in Pakistani waters.
Terming it an effort to benefit from what he called the ‘blue water economy’, the official said that proposals for bidding and exploration were being studied, meaning that the exploration work can be started in the near future.
However, he said the work of digging wells and actually getting oil out could take several years.
But the ‘blue water economy’ can yield more than just oil and gas; there are several other valuable minerals and elements that can be mined from the ocean.
The official said that taking the initiative and acting quickly could help turn around the country’s economic fortunes.
Some estimates suggest that this discovery constitutes the fourth largest oil and gas reserves in the world.
Currently, Venezuela is thought to be the leader in oil reserves with around 3.4 billion barrels, while the US has the most untapped shale oil reserves. Saudi Arabia, Iran, Canada and Iraq constitute the rest of the top five. –Agencies
