Islamabad (TDI): The country’s energy reserves have witnessed a significant increase as the Special Investment Facilitation Council (SIFC) efforts are continuing.
According to reports, the availability of Mari petroleum reserves has increased to 17 years while improvements in company policy and sustainability measures provided protection against the effects of circular debt.
The company showed a 17 percent improvement in the market last year and it’s income is expected to increase further due to development projects and discovery of new reserves, Radio Pakistan reported.
Also in August a significant boost was reported in Pakistan’s oil and gas sector with the country’s total oil reserves increasing by 26% to 243 million barrels as of June 2024, according to the data released by the Pakistan Petroleum Information Service (PPIS).
Read More: Iran and Pakistan discuss joint energy initiatives
IMS Research said that the significant rise is largely driven by notable reserve upgrades in key energy companies, particularly Oil and Gas Development Company (OGDC) and Mari Petroleum Company Ltd (MARI).
OGDC reported a 64% increase in its oil reserves, driven by major upgrades in key assets like Kunar and Pasakhi/Pasakhi North, which saw their reserves rise to 10.6 million barrels and 15.15 million barrels, respectively.
However in that month, OGDC experienced a 30% decline in the oil reserves of its Nashpa field and an 8% reduction in its overall gas reserves due to natural declines in mature fields.
While In August, MARI’s oil reserves have doubled since December 2023, reaching 13.4 million barrels, bolstered by the addition of reserves from the Bannu West (Shewa) field and the Bolan East reserve upgrade.
Also Read: Kohat Contains Significant Oil And Gas Reserves
MARI also saw a significant 25% increase in its gas reserves, with the Mari Ghazij field’s reserves surging from 35 billion cubic feet (bcf) to 789 bcf.Pakistan’s oil and gas sector has received a substantial boost, with the country’s total oil reserves increasing by 26% to 243 million barrels as of June 2024, according to the latest data released by the Pakistan Petroleum Information Service (PPIS).
According to IMS Research, this significant rise is largely driven by notable reserve upgrades in key energy companies, particularly Oil and Gas Development Company (OGDC) and Mari Petroleum Company Ltd (MARI).
