Petroleum Division officials stated that the finding of oil and gas deposits in Pakistan’s territorial seas could only be verified after proper exploration, as the government attempts to meet its rising fuel and energy requirements.
Sources in the Petroleum Division stated that “a geological survey was carried out to search for oil and gas in the sea as well as its data is being studied,” adding that it would be premature to declare that the nation has found enormous deposits of both natural gas and oil.
The Director General (DG) Petroleum Concessions Office to hold bidding in the first quarter of the next year, according to sources in the Petroleum Division, who elaborated on the next steps.
They also stated that offshore blocks will be granted to successful bidders.
Reports describe the development as the public, sick of inflation, are nevertheless forced to deal with skyrocketing costs and expensive electricity bills due to a number of factors, including the rise in petroleum prices in recent years.
The nation imports a large portion of its petroleum, thus any big finding of oil or gas reserves is expected to significantly enhance the country’s attempts to satisfy its energy needs and stabilize the economy.
Local media had reported in March of this year that Pakistan’s oil reserves had significantly decreased, falling to 193 million barrels in December 2023 from 2024 million barrels in the year prior, based on statistics supplied by Pakistan Petroleum Information Services. The dip was 14% year over year.
Additionally, the report said that gas reserves decreased by 5% annually, reaching 18,109 billion cubic feet (bcf) as opposed to 19,042 bcf in December 2022.
The current administration last month said that it will put 20 offshore blocks up for sale to be used for oil and gas development, given the current circumstances.
Discoveries of gas condensate were made last month by the TAL Joint Venture, which is made up of MOL Pakistan Oil & Gas Co. B.V. (Operator), Oil and Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited (PPL), Pakistan Oilfields Limited (POL), and Government Holdings Private Limited (GHPL).
The Razgir-1 exploratory well is situated in the Kohat district.Before it, the areas of Sujawal and Khairpur in Sindh and Rahim Yar Khan in Punjab both discovered gas.
