Pakistan noticed the production of Oil & Gas down 2%4% MoM in Mar’24

· As per latest figures from PPIS for Mar’24, crude oil production stood at 71.6k BPD, depicting a change of -2%/+3% on a MoM/YoY basis.

· The natural gas sector, in particular, saw a significant drop in production, falling below the 3.1BCFD mark for the first time in three months. This decrease, clocking in at 3,060 MMCFD, represents a 4-5% decline on a MoM/YoY basis, respectively, a trend that requires immediate attention.

· Companies remained heavy regarding acquiring Geological and Geophysical data during FYTD, resulting in total industry seismic survey acquisition amounting to 2,060/901 sq. Km of 2D/3D seismic line data during 10MFY24.

· These exploration efforts amounted to twelve discoveries during the period (vs. 11 discoveries in FY23), which are expected to cumulatively yield 2.5k BPD/123 MMCFD of oil/gas respectively

Courtesy – AKD Research

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