Oil and gas production up by 6.3 percent

Staff Report

KARACHI: The exploration and production companies have paced up their engines to meet the country’s rising energy demand as oil and gas production during the first two months of the current fiscal year stood at 688 kbpeod (thousand barrels of oil equivalent per day), depicting a year-on-year growth of 6.3 percent.

Oil production, alone with a growth of 11.1 percent, stood at 72.3 kbpd (thousand barrels per day). Similarly, gas production with a growth of 5.6 percent rose to 3.8 bcfd (billion cubic feet per day) versus 3.6 bcfd in the same period last year.

Oil and gas production by the Oil and Gas Development Company (OGDC) increased to 193.1 kbpeod in July-Aug 2007 with a growth of 21.2 percent against the corresponding period of last year. Oil production rose by 19.1 percent to 47.0 kbpd (thousand barrel per day) mainly on the back of increased production from Mela, Chanda, Bobi and Tando Alam oil fields. Production from Mela in the month of Aug 2007 stood at 4,797 bpd, which slightly declined to 4,655 bpd in the last week of September 2007.

In the first two month of FY08, oil and gas production by Pakistan Petroleum Limited (PPL) stood at 159.4 kbpd registering a growth of 3.8 percent.

The combined oil and gas production by Pakistan Oil Fields (POL) Jul-Aug 2007 stood at 13.2 kbpeod versus 13.6 kbpeod in Jul 2006 posting a decline of 3.1 percent. Oil production of the company declined by 10.0 percent to 5.8 kbpd compared to 6.4 kbpd in the corresponding period last year. This decline is mainly due to lower oil production from Pindori field.



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