KARACHI: The oil production in Pakistan declined by 3 percent on year-on-year basis to 26.8 million barrels during FY22. The oil production in the country during the fourth quarter of FY22 is down by 6 percent against a jump of 17 percent in the same quarter in FY21.
This is largely due to decline in production from Nashpa, Adhi, and Makori East oil fields, and no addition of any sizable oil field, Mehroz Khan at Topline Securities said. On QoQ basis, the decline in oil production was due to annual turnaround at Meyal, Jhandial and Pariwali.
During FY22, Pakistan gas production has come down by 2 percent on YoY to 33,800mmcfd which is largely in line with last 5-year average production decline.
The gas production in the fourth quarter of FY22 contracted by 2 percent on YoY due to their association with lower oil production, and lower offtakes due to annual turnaround and maintenance, Mehroz said.
During the fourth quarter of FY22, gas production was up by 1.0 percent on QoQ despite lower offtakes from MARI due to annual turnaround of Foundation Power Company Daharki Limited (FPCDL) and Dakhni and Maramzai fields during the quarter. As new block auctions were held last year, exploration activity in the new awarded blocks would likely to increase. Production flows in FY23 could also be higher due to sizable discoveries in FY22.
In FY22, Geological and Geophysical (G&G) activities remained on a higher side where 3D seismic acquisition rose by 1.2x YoY to 1,913 Sq. kms and 2D seismic activities decline by 22 percent on YoY to 2,507 sq. kms.
During the fourth quarter of FY22, Geological and Geophysical activities showed an increase, with 3D seismic acquisition increasing by 2.2x YoY and 1.4x QoQ to 1,132 sq. kms, while 2D remains flat YoY and declined by 30 percent QoQ to 577 sq. kms. Moving forward, there are 7 seismic surveys of 2D and 3D which are going to be conducted during the first quarter of FY23.
In FY22, meterage drilling increased by 43 percent on YoY as the numbers of well spudded were 58 versus 50 in the same period last year. Drilling activities (meterage) rose by 20 percent on YoY and fell by 19 percent on QoQ to 44,500 meters during fourth quarter of FY22.
Overall, 8 wells were abandoned in FY22 as against 6 in the same period last year. During the fourth quarter of FY22, the Oil and Gas companies encountered 3 abandoned wells which were Exploratory (Mian Miro Deep -1, Surghar X-1 and Bewato-1. There are 3 exploratory and 4 development wells planned for the first quarter of FY23.
Copyright Business Recorder, 2022
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