Pakistan oil fields production seen jumping 120% by 2008
ISLAMABAD (IRNA) -- Pakistan oil fields overall oil and gas production will reach 29,500 barrels per day (bpd) by financial year 2008, a substational jump of 120 percent from financial year 2005 production of 13,300 bpd, a local press report said on Monday.
"The oil fields production has constantly lagged the industry growth due to its fast depleting fields. However, extensive efforts on exploration during the last few years have started paying off," the Business Recorder daily reported.
Pakistan largely depends on import of petroleum products to meet its energy needs.
According to the report, that additional production from recently discovered Pariwal and Manzalai fields of Tal Block has enhanced oil and gas production by 4,300 bpd, which is 35 percent more than average production during July-March financial year.
Pakistan has large gas reserves, but it has been announced by the government that the country could face energy crisis by 2010, if new avenues were not explored.
Pakistan is engaged in talks with different countries on the laying of gas pipelines. In this connection, experts strongly favor the inter-state multi-billion dollar gas pipeline from Iran to India through Pakistan.
It is believed that the 2670-kilometer pipeline can trigger greater economic activity in the region, in addition to meeting the growing energy requirements of India and Pakistan.
Pakistan has said that in case, India did not join the project, Iran and Pakistan would go for a bilateral project.