Daily Times

Exploration and production (E&P) companies would produce around 29 million barrels (mbl) crude oil and 1.47 trillion cubic feet (tcf) gas and 917,731 tons liquefied petroleum gas (LPG) under the targets given by the government to meet the country’s energy needs during the current fiscal year 2021-22.

The companies produced around 27 MBL of crude oil, 1.27 TCF of gas and 764,775 tons LPG during the last year against the targets of 30 MBL oil, 1.43 TCF gas and 753,051 LPG. The country’s coal production stood at 3,800,000 tons that would be increased to 6,900,000 during the current year, while LPG import remained at around 492,437 tons which would be taken to 590,924 tons in 2021-22. In 2020-21, the EandP companies drilled 28 hydrocarbon wells, out of which 13 were exploratory and 15 developmental.

To enhance the exploration activities in the country, as many as six new exploration blocks (Killa Saifullah, Sharan and Suleiman Blocks in Balochistan, Sujawal Block in South Sindh, and Jhelum, Lilla Blocks in Punjab) have been awarded to EandP companies through a transparent and competitive bidding process.

While, award of new exploration blocks is expected to add new hydrocarbon reserves over the next few years and bridge the oil and gas demand-supply gap in the country.

Pakistan during the first two months of the current fiscal year imported at least 785,000 tonnes of fuel oil through tenders, up 52pc from what it imported all of last year. Its total imports of oil and refined fuels went up by 24pc to about 10 million tonnes in the financial year which ended in June, data from Pakistan’s ministry of petroleum showed. Its overall LNG imports rose by 23pc to about 5.3 million tonnes though August this year, compared with the same period last year, Refinitiv Eikon shiptracking data showed.

“Many plants are revving up production as the economic activities are going back to normal, which has been the main driver in the power sector,” a source said, declining to be named as he was not authorised to speak with media.