As per the latest hydrocarbon reserves data by PPIS, oil reserves during Dec’21 have reduced by 16% YoY, arriving at 223mn bbl compared to 266mn bbl in Dec’20. The decline is attributable to decline in oil reserves of major fields such as Joyamair, Kunar, Mela, Nashpa, Maramzai, Adhi, Pasakhi/Pasakhi North East and Mardankhel by 97%, 85%, 74%, 37%, 32%, 17%, 13% and 12% YoY, respectively.

Whereas, oil reserves of Chanda and Makori East registered hefty growth 141% and 77%, respectively. Total gas reserves in Dec’21 dropped by 6% YoY, settling at 19,986 bcf. Gas reserves of fields such as Qadirpur, Nashpa, Kandhkot, Shahdadpur, Mari, and Uch witnessed a fall of 14%, 8%, 7%, 6%, 5% and 5% YoY, respectively. Meanwhile, gas reserves of Sui reported a jump of 20% YoY.

By Dec’21, oil and gas reserves from new fields such as Turk Deep North, Turk South, Mulaki West, Taj, Pandhi, Siab, Sial, Fazil and Jugan were added to country’s total reserves.

In our AHL E&P Universe, oil reserves of PPL, OGDC and POL for Dec’21 plunged by 24%, 14% and 28% YoY, respectively. Whereas, MARI’s oil reserves showed a growth of 7% YoY.

In terms of gas reserves, OGDC, MARI and POL’s reserves went down by 4%, 4% and 5% YoY, respectively. On the other hand, gas reserves of PPL depicted an uptick of 1% YoY.

Our estimates for remaining reserve life of OGDC, MARI, POL and PPL arrive at 19yrs, 18yrs, 15yrs and 12yrs, respectively. Whereas, the country’s total hydrocarbon reserves have a reserve life of 15yrs.

Courtesy – AHL Research