ISLAMABAD: September 07 (TDI): After recent discovery of several oil and gas reserves petroleum division has started assessing data for geographical survey, according to media reports.
The concerned department will conduct bidding for offshore blocks in the first quarter of the next year to discover more reservoirs other than the current oil and gas reserves, a report by a widely published newspaper said while quoting unidentified sources in the division.
However any such discovery could only be confirmed once it happen, it is too early to speculate things, the official said.
Despite the fact that several oil and gas reserves have been discovered across the country recently, Pakistan’s oil reserves is declining, the report added.
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According to data released by Pakistan Petroleum Information Services, a significant decline of 14% year-on-year base was noticed, dropping to 193 million barrels in December 2023 from 2024 million barrels in the previous year.
While, gas reserves also declined by 5% year-on-year, standing at 18,109 billion cubic feet (bcf) compared to 19,042 bcf in December 2022.
Various media reports said that successful bidders will be awarded offshore blocks, and then work for exploration will be carried out with some possible discovery in sight.
The sources in the division revealed next step of the government for survey and discovery when masses are facing hardships due to hike in petroleum prices besides shortage in gases, the report added.
The country spends a significant amount of its foreign exchange reserves on petroleum imports and any major discovery of oil or gas reserves is likely to result in a considerable boost to the nation’s efforts in meeting its energy.
Such efforts would stabilize the economy, the official maintained.
In light of the prevailing situation, the incumbent government last month announced its plans to auction 20 offshore blocks for oil and gas exploration.
Speaking during a session of the National Assembly’s Standing Committee on Energy (Petroleum Division), Petroleum Minister Musadik Malik informed the parliamentary panel that Prime Minister Shehbaz Sharif’s administration was accelerating efforts on onshore tight gas exploration.
New incentives have been introduced to attract companies, as previous policies made exploration costly and unfeasible.
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Search for oil and gas reserves were already conducted in the sea by the the government but now we are moving to the next step that is discovery, the sources said.
Last month, TAL Joint Venture, comprising MOL Pakistan Oil & Gas Co. B.V. (Operator), Oil and Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited (PPL), Pakistan Oilfields Limited (POL) and Government Holdings Private Limited (GHPL) had announced the discovery of gas condensate in the Razgir-1 exploratory well, located in Kohat district
