Oil reserves jump 23% on field additions

KARACHI: Pakistan’s oil reserves rose 23 per cent year-on-year to 238 million barrels in December 2024, driven by rising output from major fields and the incorporation of new discoveries, according to a report by Arif Habib Limited.

The increase from 193 million barrels a year earlier was led by gains in fields such as Pasakhi/Pasakhi North East, Rajian, Kunar, Sono, Thora, Jhandial, and Lashari Centre. However, reserves declined in key areas, including Nashpa (-37 per cent), Adhi (-15 per cent), Bettani (-26 per cent), Makori East (-25 per cent) and Shahdadpur (-5 per cent).

Gas reserves remained broadly stable at 18,142 billion cubic feet (bcf) as of December 2024, compared to 18,109 bcf in the same month last year. Notable gains came from the Uch and Mari Ghazij fields, up 4.0 per cent and 21 times year-on-year, respectively. Fields showing declines included Mari (-5.0 per cent), Zin (-26 per cent), Sui (-11 per cent), Qadirpur (-16 per cent), Kandhkot (-8.0 per cent), and Shahdadpur (-8.0 per cent).

New oil and gas discoveries contributed to the overall reserve growth. Fields including Isra, Mahaan, Taj South, Baloch-2, Shewa, and Toot Deep added a combined 6.73 million barrels of oil. On the gas front, contributions from Shahu, Mahaan, Sonhal, Isra, Akhiro, Takri, Shewa, Baloch-2, Dhodak Deep, Jandran West, Kalerishum, Lakhi Rud, Nur West, Toot Deep, Latif South, Rayyan, Tor, and Taj South totalled 23.33 bcf.

Among listed companies, Oil and Gas Development Company’s oil reserves jumped 76 per cent year-on-year, while MARI and POL posted gains of 77 per cent and 27 per cent, respectively. In contrast, PPL’s oil reserves declined by 16 per cent. In gas, MARI and POL reported increases of 19 per cent and 17 per cent year-on-year, respectively. OGDC and PPL saw gas reserves fall 8.0 per cent and 9.0 per cent, respectively.