{"id":6116,"date":"2024-08-26T04:17:34","date_gmt":"2024-08-25T23:17:34","guid":{"rendered":"https:\/\/ksestocks.com\/blog\/?p=6116"},"modified":"2024-08-31T00:55:35","modified_gmt":"2024-08-30T19:55:35","slug":"pakistans-hydrocarbon-reserves-see-notable-growth-in-2024","status":"publish","type":"post","link":"https:\/\/ksestocks.com\/blog\/pakistans-hydrocarbon-reserves-see-notable-growth-in-2024\/","title":{"rendered":"Pakistan\u2019s Hydrocarbon Reserves see notable growth in 2024"},"content":{"rendered":"\n

As of June 2024, Pakistan’s hydrocarbon reserves experienced a notable uptick, with a 2%<\/strong> YoY<\/strong> increase, reaching a total of 3,544 million<\/strong> barrels of oil equivalent (BOE). <\/p>\n\n\n\n

This growth is largely attributed to the expansion in oil reserves and the addition of newly discovered wells, contributing significantly to the country\u2019s overall hydrocarbon reserve base.<\/p>\n\n\n\n

Oil Reserves<\/strong><\/h2>\n\n\n\n

Pakistan\u2019s oil reserves witnessed a substantial 26% YoY<\/strong> increase, reaching 243 million barrels (bbl) by June 2024, up from 193 million bbl in June 2023. <\/p>\n\n\n\n

This sharp rise can be attributed to the significant expansion in reserves across major oil fields<\/strong>. <\/p>\n\n\n\n

Noteworthy contributions came from fields such as Pasakhi\/Pasakhi North East, Thora, Sono, Rajian, Bolan East, Kal, and Kunar, which saw their reserves multiply several times over. <\/p>\n\n\n\n

For instance, the reserves in Kunar surged by an impressive 11 times<\/strong>, while Kal\u2019s reserves increased eightfold<\/strong>.<\/p>\n\n\n\n

In addition to these major fields, new reserves from fields like Shewa, Toot Deep, and Nim East have further bolstered the country’s oil reserve levels, contributing 149 million <\/strong>barrels of oil equivalent (BOE) to the total. <\/p>\n\n\n\n

However, it wasn\u2019t all positive, as some fields such as Adhi, Bettani, and Makori East experienced declines in reserves, with reductions of 14%<\/strong>, 25%<\/strong>, and 36%<\/strong> YoY, respectively.<\/p>\n\n\n\n

Gas Reserves<\/strong><\/h2>\n\n\n\n

The gas reserves in Pakistan showed a modest 1%<\/strong> YoY increase, rising to 18,472 billion cubic feet (bcf) in June 2024 from 18,339 bcf in June 2023. <\/p>\n\n\n\n

While this growth is less dramatic than that seen in oil reserves, it is still a positive indicator of the country\u2019s energy resources. <\/p>\n\n\n\n

The Uch<\/strong> and Mari Ghazij<\/strong> fields were significant contributors to this increase, with Uch reserves growing by 4% and Mari Ghazij\u2019s reserves soaring by an impressive 23 times.<\/p>\n\n\n\n

However, several key fields, including Sui, Qadirpur, and Kandhkot, witnessed declines in their gas reserves. For instance, Sui’s reserves decreased by 11%<\/strong> YoY, while Qadirpur\u2019s reserves dropped by 16%<\/strong>.<\/p>\n\n\n\n

Company-wise performance<\/strong><\/h2>\n\n\n\n

The Oil and Gas Development Company (OGDC) saw its oil reserves swell by 56%<\/strong> YoY, reaching 136 million bbl, thanks to substantial increases in fields like Pasakhi and Kunar. <\/p>\n\n\n\n

Meanwhile, MARI\u2019s oil reserves surged by 71%<\/strong> YoY, supported by new reserves from fields like Shewa. <\/p>\n\n\n\n

On the flip side, Pakistan Petroleum Limited (PPL) and Pakistan Oilfields Limited (POL) experienced declines in their oil reserves by 18%<\/strong> and 16%<\/strong> YoY, respectively.<\/p>\n\n\n\n

In terms of gas reserves, OGDC, PPL, and POL saw reductions of 8%<\/strong>, 9%<\/strong>, and 11%<\/strong> YoY, respectively, while MARI stood out with a 17% YoY increase, driven largely by the substantial growth in reserves at the Mari Ghazij field<\/strong>.<\/p>\n\n\n\n

With the reserve life of key companies ranging from 7 to 20 years, the future of Pakistan’s energy resources will depend heavily on strategic exploration and development efforts.<\/p>\n\n\n\n

Source: Arif Habib Limited<\/p>\n","protected":false},"excerpt":{"rendered":"

As of June 2024, Pakistan’s hydrocarbon reserves experienced a notable uptick, with a 2% YoY increase, reaching a total of 3,544 million barrels of oil equivalent (BOE). <\/p>\n","protected":false},"author":4890,"featured_media":5304,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[153,48],"tags":[327],"class_list":["post-6116","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-news","tag-hydrocarbon-reserves"],"featured_image_src":{"landsacpe":["https:\/\/ksestocks.com\/blog\/wp-content\/uploads\/2024\/05\/OGRA-Oil-Gas-Sector-1140x445.jpg",1140,445,true],"list":["https:\/\/ksestocks.com\/blog\/wp-content\/uploads\/2024\/05\/OGRA-Oil-Gas-Sector-463x348.jpg",463,348,true],"medium":["https:\/\/ksestocks.com\/blog\/wp-content\/uploads\/2024\/05\/OGRA-Oil-Gas-Sector-300x188.jpg",300,188,true],"full":["https:\/\/ksestocks.com\/blog\/wp-content\/uploads\/2024\/05\/OGRA-Oil-Gas-Sector.jpg",1920,1200,false]},"_links":{"self":[{"href":"https:\/\/ksestocks.com\/blog\/wp-json\/wp\/v2\/posts\/6116","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ksestocks.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ksestocks.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ksestocks.com\/blog\/wp-json\/wp\/v2\/users\/4890"}],"replies":[{"embeddable":true,"href":"https:\/\/ksestocks.com\/blog\/wp-json\/wp\/v2\/comments?post=6116"}],"version-history":[{"count":0,"href":"https:\/\/ksestocks.com\/blog\/wp-json\/wp\/v2\/posts\/6116\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ksestocks.com\/blog\/wp-json\/wp\/v2\/media\/5304"}],"wp:attachment":[{"href":"https:\/\/ksestocks.com\/blog\/wp-json\/wp\/v2\/media?parent=6116"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ksestocks.com\/blog\/wp-json\/wp\/v2\/categories?post=6116"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ksestocks.com\/blog\/wp-json\/wp\/v2\/tags?post=6116"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}