Pakistan’s Crude Oil Production Increases 12.8% in First Nine Months of FY 2018-19

Pakistan’s domestic production of crude oil increased by around 12.8% during the first nine months (July-March) of the fiscal year 2018-19.

According to official data, the domestic production of crude oil remained at 24.6 million barrels during the period under review, as compared to 21.8 million barrels in the same period of the previous fiscal year (FY18).

Meanwhile, oil imports decreased by 15.38% during the period under review, mainly due to an increase in international prices. The quantity of imported crude oil remained at 6.6 million tonnes (MT) ($3.4 billion) as compared to 7.8 MT ($2.9 billion) during the corresponding period of 2017-18.

The oil marketing companies, in the year 2017-18, imported around 13.3 MT of petroleum products to meet the ever-growing energy needs. Out of the total, the private sector companies imported around 38% of petroleum products, including high-speed diesel (HSD), high sulfur fuel oil and low sulfur fuel oil (HSFO/LSFO), jet fuel, motor gasoline (MOGAS) and RON (Research Octane Number) 95 and 97.

Imported Oil Stats

During the period, around 13,343,737 MT petroleum products were imported from nine countries, including the United Arab Emirates (UAE), Oman, Kuwait, Saudi Arabia, Singapore, Malaysia, Netherlands, Belgium, and Norway.

As many as 3,845,272 MT HSD, 4,247,374 MT HSFO/LSFO, 236,538 MT jet fuel, 5,014,553 MT MOGAS/RON-95/RON-97 was imported from these nine countries.

Pakistan imported 8,502,752 MT petroleum products from UAE, 1,070,193 MT from Oman, 2,078,882 MT from Kuwait, 182,574 MT from Saudi Arabia, 170,423 MT from Singapore, 127,496 MT from Malaysia, 1,064,206 MT from Netherlands, 89,355 MT from Belgium and 57,856 MT from Norway.

The Oil and Gas Regulatory Authority (OGRA) pursues an effective policy regarding sampling and testing of the imported petroleum products for distribution across the country.

Under the policy, imported petroleum products, conforming to the approved specifications notified by the Petroleum Division, are allowed to be used in the country.

Image via GettyImages

Ltd feature videos

Watch more at LTD