As per the latest available data from PPIS, the country’s oil reserves stand at 193mn bbl in Jun’23 compared to 233mn bbl in Jun’22, a decline of 17% YoY (which is owed to natural decline at major oil fields). The decline in reserves of major fields such as Jhandial, Pasakhi/Pasakhi North, Chanda, Adhi, Nashpa, Shahdadpur, and Makori East which depicted a plunge of 99.6%, 27%, 15%, 13%, 13%, 6%, and 3% YoY, respectively contributed to the overall decline in oil reserves.

Meanwhile, the oil reserves of fields such as Mehar, Umar, Halini, and Pindori witnessed a jump of 21%, 3x, 3x, and 4x YoY, respectively.

Towards the end of Jun’23, the total gas reserves arrived at 18,339 bcf vis-à-vis 19,513 bcf in Jun’22, showcasing a drop of 6% YoY. On a field-wise basis, gas reserves of Kunnar West Deep, Uch, Adhi, Qadirpur, Shahdadpur, Nashpa, Sui, and Mari depleted by 5%, 5%, 6%, 7%, 8%, 9%, 9%, 10% and 12% YoY, respectively.

Oil and gas reserves from new fields such as Takhat, Mari Ghazij, Bolan East, Bettani (Wali), Kot Nawab, and Shahpur Chakar North were added to the country’s total reserves by Jun’23, cumulatively contributing 66mn barrels of oil equivalent (BOE) to the total reserves.

In AHL E&P universe, PPL, POL and MARI oil reserves declined by 10%, 59%, and 77% YoY, respectively. At the same time, OGDC’s oil reserves witnessed an uptick of 1% YoY.

In terms of gas reserves, OGDC, PPL, MARI, and POL’s reserves were reduced by 4%, 4%, 11% and 55% YoY, respectively

Our estimates for the remaining hydrocarbon reserve life of OGDC, MARI, PPL and POL arrived at 20yrs, 15yrs, 11yrs, and 8yrs, respectively. At the same time, the country’s total hydrocarbon reserves have a reserve life of 15 years.

Courtesy – AHL Research