While the oil production in Middle East is on the decline, Pakistan has managed to increase its oil production by three percent in 2016-17, reaching 88,189 barrels per day (bpd). This was confirmed by Topline Securities in a research report.
Despite brief shutdowns during the year, the oil companies managed to record impressive production rates of 95,000 bpd initially and touched 91,000 bpd during June this year, up by 11% on a month-on-month basis and 10% on year-on-year basis.
Major oil production companies, including Pakistan Oilfields (POL), (Oil and Gas Development Corporation (OGDCL), and Pakistan Petroleum (PPL), contributed to an overall 3% increase in production, while the individual numbers were even more impressive i.e. 11%, 9%, and 11% respectively.
Gas Production Numbers
Oil production was complemented by the additional inflows from new and existing projects. However, that was not the case with gas production, which posted some ordinary numbers owing to the natural depletion of gas fields and the lack of new inflows.
POL is highly reliant on Mardankhel field, which contributes to 8% of the overall gas production of POL, whereas PPL’s gas production is supported by Kandhkot field which results in 22% of its total product. Both these companies witnessed a 5% growth in gas production.
Lack of any significant contribution from OGDCL and additional inflows meant a placid 2016-17. The hydrocarbon production was recorded to be 761,000 barrels of oil equivalent (BOE).
While the overall numbers remained flat, POL, PPL, and OGDCL recorded a growth of 6%, 7%, and 1% respectively. The benchmark for oil and gas production companies, Arab Light Crude averaged $48.4 per barrel this year.