According to the PPIS’s data, Pakistan’s oil reserves reduced by 14% YoY, arriving at 193mn bbl in Dec’23 compared to 224mn bbl in Dec’22 amid natural decline at major oil fields. Oil reserves of major oilfields such as Adhi, Nashpa, Chanda, Makori East, Pasakhi/Pasakhi North East, Mardankhel, and Jhandial plunged by 14%, 14%, 15%, 18%, 33%, 39%, and 100% YoY, respectively which contributed to the overall decline in oil reserves. Meanwhile, the oil reserves of fields such as Tolanj West, Pindori, Halini and Jagir witnessed a 2x, 2x, 4x, and 21x YoY jump, respectively.

By Dec’23, the total gas reserves arrived at 18,109 bcf vis-à-vis 19,042 bcf in Dec’22, depicting a decline of 5% YoY. On a field wise basis, gas reserves of Uch, Kunar West Deep, Qadirpur, Shahdadpur, Sui and Mari plummeted by 5%, 5%, 7%, 8%, 10% and 23% YoY, respectively. Whereas, gas reserves of Rizq, Kandkhot, Makori East, Pindori, and Tolanj West augmented by 12%, 17%, 28%, 2x, and 2x YoY, respectively.

Oil and gas reserves from new fields such as 92 Kot Palak, Mari Ghazij, Bolan East, Bettani (Wali), Kot Nawab, Nim East, Taj South, Fatah, Umair South East, Jhim East, and Shahpur Chakar North were added to the country’s total reserves by Dec’23, cumulatively contributing 130mn barrels of oil equivalent (BOE) to the total reserves.

In the AHL E&P universe, PPL, POL and MARI oil reserves declined by 12%, 63%, and 76% YoY, respectively. OGDC’s oil reserves witnessed an uptick of 2% YoY.

Regarding gas reserves, PPL, OGDC, MARI, and POL’s reserves were reduced by 3%, 5%, 12% and 56% YoY, respectively.

Our estimates for the remaining hydrocarbon reserve life of OGDC, MARI, PPL, and POL were 20 years, 13 years, 11 years, and 7 years, respectively. The country’s total hydrocarbon reserves have a reserve life of 15 years.

Courtesy – AHL Research