Tuesday , June 2 2020

Oil and Gas companies make 110 new discoveries in the country

Oil and Gas companies

Oil and gas Exploration and Production (E&P) companies, operating in different hydrocarbon potential areas of Pakistan, have made around 110 discoveries during the last five years, with accumulative initial flow rate of 30,383 Barrel Per Day (BPD) oil and 926.6 Million Cubic Feet per Day (MMCFD) gas, Associated press of Pakistan reported.

“The companies found 83 oil and gas deposits in Sindh, 13 in Khyber Pakhtunkhwa, 12 in Punjab and two in Balochistan during the period from July 2014 to October, 2019″ ,according to a document, official provided to press.

The companies including Dewan Petroleum, Eni Pakistan, Hycarbex, MOL Pakistan, MPCL, Al-Haj, Nativus, New Horizon, OGDCL, OGIL, Tallahassee, OMV, OPL, PAIGE, OMV Maurice, PEL, POL, POGC, PPL,KPBV, RDC, Saif Energy, Tullow, UEPL and Chian ZhenHua incurred billions of rupees under their respective “exploration licences/mining/ drilling & production leases.”

Oil and Gas Development Company Limited (OGDCL) and MOL Pakistan have collectively produced around 80.345 Million Barrel (MBL) oil and 700,885 Million Cubic Feet (MMCFT) gas from three districts of Khyber Pakhtunkhwa (KP) during the five-year period, another official document reveals.

The Pakistan Tehreek-e-Insaf (PTI) government, during its first year in power, had awarded five new exploration blocks through a transparent bidding process, whereas the previous government did not award even a single block during its five-year term, A senior official told the press.

The official said that the government had made some policy changes to facilitate new companies in the E&P sector, abolishing 10 unnecessary steps, out of 24-30, required for getting approval to start drilling activities in potential areas.

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