Pakistan produced an average 66,000 barrels per day (bpd) of crude oil during the first ten months of the ongoing fiscal (Jul-Apr 2009), five percent less than the previous year's 10-month average output of 70,000 bpd. On the other hand, gas production remained flatter with average supply recorded at 3.99 billion cubic feet (bcf) per day in the 10 months of FY09 compared to 3.98bcf/day during the similar period of last year.
The combined oil and natural gas production, in barrel equivalent (boe), topped-out at 707,000 bpd, depicting a flat trend versus the level of 709,000 bpd, previously. All three listed E&Ps registered production decline in the period under review. OGDC produced 41,356 bpd oil in the first 10 months of FY09 - a dip of 5 percent over the last corresponding period's production of 43,415 bpd.
Faraz Farooq, an analyst at First Capital Equities said that lower production volumes mainly ensued from the decline in production from Dhodak (-75 percent), Bobi (-21 percent), Chanda (-13 percent), Lashari Center (-32 percent), Thora (-31 percent), Pasahki NE (-25 percent), Noorai Jagir (-64 percent) fields in the operated and Pindori (-71 percent) and Adhi (-7 percent) in the non-operated areas. Nonetheless, the production declines from these fields were largely, though not completely, offset by the improved volumes at Pasakhi (+31 percent), Kunnar (+31 percent), Mela (+26 percent) and 'First Oil' from Moolan North and Chak-66 NE fields.
OGDC's gas production remained flatter with one percent increase at 995mmcf/day versus that of 982mmcf/day, previously. While the company reported better yields at Dakhni (+36 percent), Nandpur (+40 percent), Mela (+57 percent) in operated and Bhit (+10 percent) in non-operated divisions, decline at Dhodak (-79 percent) and lower output at Uch (-2 percent) in operated and Miano (-21 percent) in non-operated sections restricted the overall gas volumetric growth in the 10 months of FY09. Average gas production in April 2009 was at 1,055mmcf/day (+11 percent on year-on-year basis).
PPL produced 4,087bpd oil in the 10 months of Y09, just 2 percent above the previous year's 10-month average of 4,014bpd. In this regard, the production decline at operating filed, Adhi (-7 percent) and non-operating Makori (-7 percent) was more than offset by the higher volumes at Kandhkot (+19 percent) and Mela (+26 percent) fields. Whereas, the gas production topped-out at 875mmcf/day in this period- down by 3 percent over that of 902mmcf/day, previously.
Faraz said that the main reason for this decline was 6 percent lower production from heavyweight Sui field. Moreover, production volumes also remained lower at non-operating Sawan (-10 percent) and Miano (-21 percent) fields. The impact was, however, partially offset by the better averages at Adhi (+3 percent), Kandhkot (+11 percent), Qadirpur (+3 percent) and 'First Gas' from Tajjal and Latif fields commenced from January 2009. In the month of April 2009, PPL's oil output was 9 percent on year-on-year higher at 4.3kbpd while gas supply remained flat on yearly basis at 882mmcf/day.
POL's oil production during the first ten months of FY09 averaged at 3,828bpd - a massive decline of 26 percent over 5,200bpd recorded in the similar period of last year. This decline was largely contributed by subdued production volumes at Pindori (-71 percent).
The average oil production from this filed in the 10 months of FY09 was 912bpd versus that of 3,149bpd, previously. In April 2009, the oil volumes even dropped below the first three digit mark (100bpd) and recorded at 74bpd - a decline of 97 percent over 2,125bpd in April 2008. The current production (2nd week of May) at Pindori is 312bpd.
In addition to Pindori, lower volumes at Pariwali (-22 percent) also shared the dip in headline oil volumes. The similar pattern was observed when it comes to gas production which depicted 13 percent decline in this period at 39mmcf/day compared to 45mmcf/day, previously. Again this was largely led by substantial declines at Pindori (-70 percent) and Pariwali (-17 percent).
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