Pakistan's oil reserves up 26% YoY, and gas reserves remained stable in Dec 24

Pakistan’s oil reserves witnessed a robust 23% YoY increase, reaching 238mn bbl in Dec’24 compared to 193mn bbl in Dec’23, fuelled by the rising reserve size of key oil fields and the addition of newly discovered wells. Major fields such as Pasakhi/Pasakhi North East, Rajian, Kunar, Sono, Thora, Jhandial, and Lashari witnessed a surge in reserves by 3x, 5x, 19x, 4x, 3x, 76x, and 10x YoY, respectively, driving the overall growth. However, some fields such as Nashpa, Adhi, Bettani, Makori East, and Shahdadpur experienced a decline of 37%, 15%, 26%, 25%, and 5% YoY, respectively.
By the end of Dec’24, Pakistan’s total gas reserves stood at 18,142 bcf, slightly up from 18,109 bcf in Dec’23. On a field-wise basis, stellar growth was registered in Uch and Mari Ghazij, with reserves climbing up by 4% and 21 % YoY, respectively. In contrast, gas reserves in key fields such as Mari, Zin, Sui, Qadirpur, Kandhkot, and Shahdadpur declined by 5%, 26%, 11%, 16%, 8%, and 8% YoY, respectively.
Oil and gas reserves from newly discovered fields, including Isra, Mahaan, Taj South, Baloch-2, Shewa, and Toot Deep, were incorporated into the country’s total reserves in Dec’24, contributing a combined 6.73mn bbl of oil. On the gas front, reserves from fields such as Shahu, Mahaan, Sonhal, Isra, Akhiro, Takri, Shewa, Baloch-2, Dhodak Deep, Jandran West, Kalerishum, Lakhi Rud, Nur West, Toot Deep, Latif South, Rayyan, Tor, and Taj South added a total of 23.33 bcf to Pakistan’s cumulative gas reserves.
In the AHL E&P universe, OGDC, MARI, and POL oil reserves swelled by 76%, 77%, and 27% YoY, respectively. However, PPL’s oil reserves declined by 16% YoY.
In terms of gas reserves, MARI and POL saw increases of 19% and 17% YoY, respectively. Meanwhile, OGDC and PPL experienced declines of 8% and 9% YoY, respectively.
Our estimates for the remaining hydrocarbon reserve life of OGDC, MARI, PPL, and POL are 21 years, 15 years, 11 years, and 9 years, respectively. Meanwhile, the country’s total hydrocarbon reserves have a reserve life of 15 years.

Courtesy – AHL Research