E&P companies to drill 90 wells in current fiscal year

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ISLAMABAD: During the current fiscal year, oil and gas Exploration and Production (E&P) companies are to drill 90 wells in different areas across the country.

“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,” officials told agencies.

To a question, they said the E&P companies drilled over 179 exploratory and 194 appraisal wells, resulting in around 101 new discoveries during the last five years. As many as 68 finds, out of a total 101 discoveries, had added proven reserves of about 5.4 tcf gas, while the calculation of 33 wells were 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 an increase by 80 per cent with a 40 per cent 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 per cent respectively, oil production 29.8 per cent, drilling in meterage 52 per cent, grants of exploration licenses and leases by 39.4 per cent and 200 per cent respectively as compared to the corresponding years of the previous government.