Oil and gas exploration and production (E&P) companies have projected to drill 90 wells in four provinces in the current fiscal year, sources in Petroleum Division said. The companies have decided to drill 50 exploratory and 40 development wells in a bid to make the country self-sufficient in the energy sector.
According to data of Petroleum Division, Pakistan's domestic oil production was 2,458,250 metric tonnes out of total consumption of 7,386,362 metric tonnes in 2017-18 which had stood at 2,085,852 out of total consumption of 6,646,965 metric tonnes in 2016-17.
During the previous government of Pakistan Muslim League-Nawaz (PML-N), the oil and gas exploration companies drilled over 179 exploratory and 194 appraisal wells, which resulted in around 101 new oil and gas discoveries across the country, up almost 80 percent compared with the corresponding previous years.
The companies found that 68 out of total 101 discoveries had added proven reserves of about 5.4 trillion cubic feet gas, while the calculation of 33 wells is yet to be determined. As many as 87 findings have been made in Sindh and seven each in Punjab and Khyber Pakhtunkhwa.
For finding oil and gas reserves, the new government of Pakistan Tehreek-e-Insaf (PTI) is likely to amend the Petroleum Policy 2012 and announce an incentive package for oil and gas exploration companies interested in working in the frontier region.
The Petroleum Division would take all provinces on board and seek approval for creating one more zone in order to offer incentives to oil and gas exploration companies in the frontier region along with other amendments in the Petroleum Policy 2012.
Currently, there are three zones for onshore exploration activities based on risk and investment. Zone-I comprises west Balochistan, Pishin and Potohar basins; Zone-II consists of Kirthar, east Balochistan, Punjab and Suleman basins; while the Lower Indus Basin falls in Zone-III, sources said.
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