Oil production in Pakistan declined by 3 percent year on year (YoY) to 26.8 million barrels or 73.4k barrels per day (bpd) in FY22.
This was largely due to the decline in production from Nashpa, Adhi, and Makori East oil fields, and no addition of any sizable oil field. Quarterly (QoQ), the decline in oil production was due to the annual turnaround at Meyal, Jhandial, and Pariwali, according to a report by Topline Securities.
Oil production in the country during 4QFY22 was also down by 6 percent YoY compared to the 17 percent YoY jump in 4QFY21.
During FY22, Pakistan gas production has come down by 2 percent YoY to 3.38 thousand (Million Cubic Feet per Day) MMCFD, which is largely in line with the last 5-year average production decline.
Gas production in 4QFY22 contracted by 2 percent YoY due to, its association with lower oil production, and the lower offtakes due to annual turnaround and maintenance, added the report.
During 4QFY22, gas production was up by 1 percent QoQ despite lower offtakes from Mari due to the annual turnaround of Foundation Power Company Daharki Limited (FPCDL) and Dakhni & Maramzai fields during the quarter. As new block auctions were held last year, exploration activity in the newly awarded blocks would likely increase. Production flows in FY23 could also be higher due to sizable discoveries in FY22.
In FY22, Geological and Geophysical (G&G) activities remained on a higher side, where 3D seismic acquisition rose by 1.2x YoY to 1,913 sq-km and 2D seismic activities declined by 22 percent YoY to 2,507 sq-km.
During 4QFY22, G&G activities showed an increase, with 3D seismic acquisition increasing by 2.2x YoY and 1.4x QoQ to 1,132 sq-Km, while 2D remains flat YoY and declined by 30 percent QoQ to 577 sq-km. Moving forward, there are seven seismic surveys of 2D & 3D, which are going to be conducted during 1QFY23.
In FY22, meterage drilling increased by 43 percent YoY as the number of well spudded was 58 compared to 50 in the same period last year. Drilling activities (meterage) rose by 20 percent YoY and fell by 19 percent QoQ to 44.5 thousand meters during 4QFY22.
Overall, eight wells were abandoned in FY22 against six in the same period last year. During 4QFY22, the Oil & Gas companies encountered three abandoned wells that were exploratory, i.e., Mian Miro Deep -1, Surghar X-1, and Bewato-1.
There are three exploratory and four development wells planned for 1QFY23.