Oil production remains flat in October

KARACHI: Pakistan’s oil production averaged 87.8k barrels / day (bpd) in October 2017, marginally up on yearly basis and four percent increase on monthly basis, a report issued by Topline Securities said on Thursday.

“Oil production remained flat on the back of lower flow from Nashpa, Adhi and Makori East fields, which collectively constitute around 43 percent of Pakistan’s total oil production, cumulatively down 14 percent,” Nabeel Khursheed at Topline Securities said. Average oil production during four months of FY18 from Adhi and Makori East fields went down five percent and seven percent, respectively.

Nashpa registered 15 percent growth during the same period, primarily owing to additions from Nashpa Well 6 and 7, which cumulatively added around 5k bpd of oil during September-October 2017.

During the outgoing month, Pakistan’s gas production declined three percent to average 3.7k mmcfd, affected mainly by lower production from Mari, Sui, Qadirpur, and Uch fields, which collectively constitute around 42 percent of the country’s total gas production, cumulatively down four percent YoY. On company-wise basis, Oil and Gas Development Company (OGDC), and Pakistan Petroleum Limited (PPL) recorded a decline of seven percent and six percent, respectively, in oil production, while Pakistan Oilfield Limited’s (POL) production grew four percent.