Pakistan’s oil reserves rose 15% YoY to 276mn barrels in Jun’26 (vs. 240mn barrels in Jun’25). The Baragzai field contributed significantly (49.09mn barrels vs. 21.01mn barrels in Dec’25), while growth in Mardankhel (+17% YoY), Mamikhel South (+3% YoY), Maramzai (+42% YoY), and Spinwam (+4.6x) further supported overall gains. These increases more than offset declines across mature fields, including Pasakhi/Pasakhi North East (-15% YoY), Nashpa (-28% YoY), Adhi (-17% YoY), Makori East (-8% YoY), Kunar (-12% YoY), and Sono (-9% YoY), resulting in net reserve growth for the year.
Pakistan’s natural gas reserves stood at 20,664 Bcf in Jun’26, up 9% YoY from 18,981 Bcf in Jun’25. The increase was driven by Mari Ghazij (+74% YoY – 1,723 bcf in Jun’26 vs 987 bcf reported in Dec’25), Spinwam (+5.3x YoY – 489 bcf in Jun’26 vs 92 bcf reported in Dec’25), and additional contributions from Baragzai and Soho. These additions more than offset declines in Uch (-5% YoY), Sui (-19% YoY), Kandhkot (-17% YoY), Qadirpur (-5% YoY), and Nashpa (-17% YoY), resulting in an overall improvement in the country’s gas reserve base.
Newly discovered fields (Spinwam, Baragzai, Bitrism East, Chakar, and Faakir) contributed 53.52mn barrels to oil reserves and 772.97 Bcf to gas reserves in Jun’26.
Within the AHL E&P universe, OGDC, PPL, and MARI oil reserves increased by 16%, 58%, and 5% YoY, respectively, reflecting reserve additions and field expansions during the year. In contrast, POL’s oil reserves declined by 5% YoY.
On the gas reserves front, MARI posted 15% YoY growth. Meanwhile, PPL, OGDC, and POL’s gas reserves declined by 3%, 4%, and 2% YoY.
Based on our estimates, remaining hydrocarbon reserve life stands at 19 years for OGDC, 10 years for PPL, 21 years for MARI, and 10 years for POL, compared to Pakistan’s overall reserve life of ~19 years.
