The oil and gas production in the country showed a healthy growth of 7.3 percent on year-on-year basis to reach 746,000 barrels of oil equivalent per day (boepd) in the first quarter of 2008 financial year as compared to 696,000boepd in the same period last year. On the other hand, the oil and gas production increased by 9.5 percent in October 2007 as compared to the production in September 2007.
The three major listed companies gained market share and contributed 53 percent to the total production in this quarter as compared to 51 percent during the same period last year, Ambreen Jiwani at Invest Capital & Securities said.
Oil production increased by 12.2 percent to 73,449 barrel per day (bpd) in the first quarter of 2008 financial year against 65,457bpd in the same quarter in 2007 financial year, gas production surged by 6.7 percent to 3,967mmcfd in this period against 3,719mmcfd in the same period last year, while the liquefied petroleum gas (LPG) production increased by 13.7 percent to 1,564tpd in this quarter against 1,375tpd in the first quarter of 2007 financial year.
Oil and Gas Development Company (OGDC) topped the list as its production of oil and gas increased by 15 percent and 17 percent respectively. The oil production of OGDC increased by 15.3 percent to 45,640bpd in this quarter against 39,567bpd in the same quarter last year, gas production surged by 17.0 percent to 969mmcfd against 828mmcfd, while the LPG production increased by 15.7 percent to 373tpd against 322tpd.
The OGDC''s oil production increased on the back of rise in production from fields namely Bobi, Chanda, Dhakni, Makori and Kunnar; as well as inclusion of production from the fields not producing last July namely Mela and Pasakhi North.
The increase in gas production of OGDC can be attributed to increase in production from Uch, which was completely stopped due to maintenance shutdown during July-August 2006, while only a slowdown was observed this year. The much-awaited LPG production from Chanda came online during the month supporting the total production.
Outstanding oil production performance was displayed by Pakistan Petroleum Limited (PPL) as its production from Adhi, Makori and Mela contributed to it. Increased gas production from Adhi, Kandhkot, Mela, Sawan and Makori offset the decline from Sui and Miano.
LPG production from Adhi improved during the quarter. PPL''s oil production increased by 113.9 percent to 4,242bpd in this quarter against 1,983bpd in the same period last year, gas production surged by 3.6 percent to 1,002mmcfd against 968mmcfd, while the LPG production increased by 62.2 percent to 44 tpd against 27 tpd in the same quarter last year.
The oil production of Pakistan Oilfields Limited (POL) declined by eight percent to 5,703bpd in this quarter against 6,201 bpd in the same quarter last year, gas production increased by 4.1 percent to 47mmcfd against 45mmcfd, while LPG production surged by 6.6 percent to 131tpd against 123tpd.
The POL''s oil production continued to remain depressed caused by 37 percent drop in average production from Pindori. This drop has managed to offset the increase in production from other fields namely Pariwali, Balakssar, Makori and Adhi.
Oil production from Pindori averaged around 3900bpd during the first quarter 2008 financial year. Gas production, however, increased by four percent backed by production from Adhi and Makori.
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