E&P companies to drill 90 oil, gas wells in next fiscal year

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ISLAMABAD: Oil and Gas Exploration and Production (E&P) companies have planned to drill 90 wells in different areas of the country in the next fiscal year.

“Under the plan, 50 exploratory and 40 development wells will be drilled in a bid to make the country self-sufficient in the energy sector”.

Answering a question, officials informed that the present government had added more than 944 million cubic feet per day (mmcfd) gas and 32,343 barrels per day (bpd) oil in the transmission network across the country through indigenous resources during its first four years.

They said Pakistan witnessed exceptional growth in the petroleum sector during the period of the Pakistan Muslim League-Nawaz (PML-N) government under the bold and dynamic leadership of Muhammad Nawaz Sharif.

To another question, they said the E&P companies drilled over 179 exploratory and 194 appraisal wells, resulting in around 101 new discoveries in a period of four years, which is almost 80 per cent higher than the finds made during four years of the previous government.

They said 68 finds, out of total 101 discoveries, had added proven reserves of about 5.4 tcf gas, while the calculation of 33 wells was yet to be determined. As many as 87 finds have been made in Sindh, seven each in Punjab and Khyber Pakhtunkhwa.

The government, they said encouraged the E&P companies by providing them maximum incentives to step up exploration activities in different areas. Following which, oil and gas exploration activities registered increase by 80 per cent with 40 percent success rate, drilling of appraisal and development wells 12.8 per cent, discoveries 151.3 per cent, 2D and 3D seismic surveys by 37.2 per cent and 43.1 percent respectively, oil production 29.8 per cent, drilling in meterage 52 per cent, grant of exploration licenses and leases by 39.4 percent and 200 per cent respectively as compared to corresponding years of the previous government.