Pakistan Drilled 89 Oil, Gas Well in Last Four Years

Pakistan has drilled 89 oil and gas exploratory well during the last four years, which has resulted 25 gas discoveries, Daily Times has reported.

Of these, nine discoveries have already added 107.215 million cubic feet per day (MMCFD) gas to national distribution network and it is expected that 122.318 MMCFD gas will also be added from rest of the discoveries during 2012-13, the report said.

The government is planning to further enhance oil and gas development and production activities in the country, which will greatly help the country save foreign exchange earnings, Daily Times quoted as saying.

The sources further said that the government is concentrating on more exploration in deeper prospects and under explored geological frontiers to add new reserves.

The government is looking at unconventional natural gasses like tight gas and shale gas. The Council of Common Interests (CCI) approved Tight Gas (Exploration and Production) Policy, 2011 that offers 40 percent higher price than the price announced in Exploration and Production Policy, 2009, with an incentive of additional 10 percent price if the discoveries are made within a period of two years to attract exploration companies to invest in tight gas fields. Tight gas reserves are estimated at 24 TCF. Initially 100-150 MMCFD would be added depending on its success rate.

The Ministry of Petroleum and Natural Resources is also working on Shale Gas Policy to encourage the investors to exploit these reservoirs, the newspaper said.