KARACHI: The country’s oil reserves declined by 17 percent to stand at 193 million bbl in June 2023 as compared to 233 million bbl in June 2022, which is owed to natural decline at major oil fields.

The decline in reserves of major field such as Jhandial, Pasakhi/Pasakhi North, Chanda, Adhi, Nashpa, Shahdadpur, and Makori East which depicted a plunge of 99.6 percent, 27 percent, 15 percent, 13 percent, 13 percent, 6 percent, and 3 percent YoY, respectively contributed to the overall decline in oil reserves.

Meanwhile, the oil reserves of fields such as Mehar, Umar, Halini, and Pindori witnessed a jump of 21 percent, 3x, 3x, and 4x YoY, respectively. Towards the end of June 2023, the total gas reserves arrived at 18,339 bcf against 19,513 bcf in June 2022, showcasing a drop of 6 percent YoY.

On a field wise basis, gas reserves of Kunnar West Deep, Uch, Adhi, Qadirpur, Shahdadpur, Nashpa, Sui, and Mari depleted by 5 percent, 5 percent, 6 percent, 7 percent, 8 percent, 9 percent, 9 percent, 10 percent and 12 percent YoY, respectively.

Oil and gas reserves from new fields such as Takhat, Mari Ghazij, Bolan East, Bettani (Wali), Kot Nawab, and Shahpur Chakar North were added to the country’s total reserves by June 2023, cumulatively contributing 66 million barrels of oil equivalent (BOE) to the total reserves. The oil reserves of PPL, POL and MARI declined by 10 percent, 59 percent, and 77 percent YoY, respectively, whereas, OGDCL’s oil reserves witnessed an uptick of 1.0 percent YoY.

In terms of gas reserves, OGDCL, PPL, MARI, and POL’s reserves were reduced by 4 percent, 4 percent, 11 percent and 55 percent YoY, respectively. “Our estimates for the remaining hydrocarbon reserve life of OGDCL, MARI, PPL and POL arrived at 20 years, 15 years, 11 years, and 8 years, respectively”, Muhammad Iqbal Jawaid at Arif Habib Limited said. Whereas, the country’s total hydrocarbon reserves have a reserve life of 15 years, he added.

Copyright Business Recorder, 2023