Pakistan’s exploration and production (E&P) sector posted steady gains in recoverable reserves, according to the latest update by the Petroleum Policy & Information Service (PPIS). Total recoverable oil reserves rose 6% year-on-year to 253 million barrels, while gas reserves increased 4% to 18,854 BCF.

The expansion in oil reserves was led by the Baragzai field, which added 21 million barrels, alongside contributions from Shewa, Soghri North, Shahdadpur, and Pindori. On the gas front, the Mari field remained the standout contributor, adding 545 BCF to the country’s reserves.

Company Highlights:

• OGDC: Oil reserves climbed 7% YoY to 132mn bbl, driven by Baragzai (+21mn bbl) and Bitrism East (+1.2mn bbl). Gas reserves rose 3% to 5,999 BCF, supported by Baragzai (+84.7 BCF) and Bettani (+62% YoY).
• MARI: Registered the strongest gas growth, up 11% YoY to 5,512 BCF, led by Ghazij, Deep/Tipu, and Shewa reservoirs. Oil reserves rose 9% YoY to 9mn bbl, with Shewa offsetting declines at Mari and Sujjal.
• PPL: Oil reserves surged 27% YoY to 27mn bbl, outperforming industry growth, while gas reserves slipped 5% to 2,112 BCF due to declines at Sui and Kandhkot.
• POL: Reserves remained largely flat, with oil at 14mn bbl and gas at 206 BCF, as TAL block gains at Maramzai and Mardan Khel were offset by steep declines at Makori Deep and Makori East.

Sector Outlook: Industry-wide reserves accretion was concentrated in new discoveries such as Baragzai, Bitrism East, and Dhok Sultan, while mature fields like Nashpa, Sui, and Kandhkot continued to show depletion. Analysts note that while oil reserves growth outpaced gas, the sector’s overall reserve life remains healthy, with MARI leading at approximately 15 years.