The daily production of oil has reached around 70,000 barrels and gas over 4 billion cubic feet in the country this year. The per day oil and gas production remained 696,000 barrels and 967 million cubic feet respectively during the last year.
According to official sources here on Thursday, gas is being supplied to more than 4.5 million consumers in the country. Presently, 42 companies are working in Pakistan with 118 exploration licences and 127 leases.
Seventeen new blocks have been opened which would give further impetus to the ongoing exploration activities in the country and would open tremendous opportunities for the prospective investors in diversified fields. The atate-run Oil and Gas Development Company Limited (OGDCL) is engaged in exploration and production activities in the country for last four decades.
The company holds the largest share of oil 31 percent and gas 31 percent of the total reserves in the country. Presently, it is 100 percent working interest owner in 28 exploration licenses.
In addition, OGDCL is operator in 15 exploration licences and partner in 6 exploration licenses. The company has 40 mining and development and production leases which are operated by it and partner in 32 non-operated mining and development and production leases.
In a bid to enhance oil and gas production in the country, the government has deregulated the petroleum sector and provided the investors a level playing field in a transparent, competitive and business-friendly environment.
In the new petroleum policy, more incentives have been offered to investors for oil and gas exploration and production in the on shore and off shore areas.