Pakistan’s hydrocarbon reserves have significantly increased, with oil reserves rising by 26% to 243mn barrels and gas reserves up by 2% to 18.5tcf as of June 2024. The growth is primarily attributed to the improvement in the oil reserves of Oil and Gas Development Co. (OGDC) and Mari Petroleum Co. Ltd (MARI).

MARI’s oil and gas reserves increased by 115% and 25%, respectively, driven by the addition of Bannu West (Shewa) and Mari Ghazij and Bolan East reserve upgrades. OGDC’s reserves also saw a notable improvement, mainly due to the increase in Kunar and Pasakhi/Pasakhi North.

The increase in oil reserves is expected to benefit OGDC and MARI more than Pakistan Petroleum Ltd (PPL) and Pakistan Oilfields Ltd (POL). MARI’s addition of Bannu West will extend its reserve life, while OGDC’s improvement in Kunar and Pasakhi/Pasakhi North will support its reserves.

The article also mentions that POL relies heavily on Tal Block, contributing around 75% to its revenues. PPL’s reserves have remained flat since December 2023, mainly due to production.

Overall, the significant improvement in oil reserves is a positive development for Pakistan’s oil and gas sector.

Courtesy – IMS Research