According to the latest hydrocarbon reserves data by PPIS, oil reserves during Jun’22 have reduced by 7% YoY, arriving at 233mn bbl compared to 249mn bbl in Jun’21. The decline comes on the back of the reduction in oil reserves of major fields such as Mardenkhel, Adhi, Shahdadpur, Pasakhi/Paskhi North East, Nashpa and Mela by 13%, 14%, 15%, 22%, 38% and 74% YoY, respectively. Whereas, oil reserves of Makori East, Chanda, Tolanj West and Togh reported a healthy growth of 18%, 185%, 4x, and 5x YoY respectively. Total gas reserves in Jun’22 plummeted by 7% YoY, settling at 19,513 bcf. Gas reserves of fields such as Mari, Uch, Shahdadpur, Kandhkot, Kunnar West Deep, and Qadirpur depicted a decline of 5%, 5%, 7%, 8%, 14%, and 26% YoY, respectively. Meanwhile, the gas reserves of Sui registered an increase of 5% YoY.

By Jun’22, oil and gas reserves from new fields such as Turk South, Mulaki West, Naimat West DT, Bhatti North, Taj, Pandhi, Siab, Sial, Fazil, Mohar, Bashar, Jugan and Mari fields (Hilal, Iqbal, Bhitai, SML, Shahbaz and Shaheen) were added to the country’s total reserves.

In AHL E&P universe, oil reserves of OGDC and PPL for Jun’21 plunged by 9% and 27% YoY, respectively. Whereas, MARI’s oil reserves showed a massive surge of 7.6x YoY.

In terms of gas reserves, POL, OGDC MARI and PPL’s reserves decline by 3%, 4%, 5% and 10% YoY, respectively.

Our estimates for the remaining reserve life of OGDC, MARI, POL and PPL arrive at 19yrs, 18yrs, 16yrs, and 11yrs, respectively. Whereas, the country’s total hydrocarbon reserves have a reserve life of 15yrs.

Courtesy – AHL Research