· According to the latest hydrocarbon reserves data by PPIS, oil reserves during Jun’20 have tumbled up by 5% YoY, arriving at 540 mnbbl vis-à-vis 568 mnbbl in Jun’19. This drop is attributable to fall in oil reserves of significant fields such as Mela, Nashpa, Makori East, Adhi, Pasakhi/Pasakhi North East and Mardenkhel by 2%, 9%, 10%, 11%, 11% and 13% YoY, respectively. Similarly, total gas reserves in Jun’20 settled at 20,914 bcf vis-à-vis 21,446 bcf in Jun’19, down by 2% YoY given slide in gas reserves of major fields which consists of Uch, Mari, Qadirpur, Nashpa, Kandhkot and Sui by 4%, 5%, 7%, 7%, 9% and 12% YoY, respectively.
· In our AHL E&P Universe, oil reserves of PPL, POL, OGDC and MARI during Jun’20 plummeted by 4%, 4%, 9% and 12% YoY, respectively.
· In terms of gas reserves OGDC, MARI and POL portrayed a drop in reserves by 3%, 5% and 6% YoY, respectively. Whereas, gas reserves of PPL remain stable at 2,809 bcf.
· Dhok Hussain hydrocarbon reserves of 11mn BOE were included in reserves of OGDC.
· PPL witnessed an addition of Benari and Yasar to oil and gas reserves in Jun’20, having reserve size of 0.8mn BOE and 0.07mn BOE, respectively. Whereas, Bitro Field is also added in PPL’s gas reserves, having a size of 1.2mn BOE. On the other hand, Shahdadpur (Nasr, Wafiq and Sharf)’s oil and gas reserves witnessed a big surge of 98% and 101% YoY, respectively.
· Our estimates for remaining reserve life of MARI, OGDC, POL and PPL arrive at 19yrs, 19yrs, 16yrs and 11yrs, respectively. Meanwhile, the country’s total hydrocarbon reserves have a reserve life of 16yrs. (AHL Research)