Pakistan’s oil reserves drop 8% in June

KARACHI: The oil reserves dropped 8 per cent during June 2021 to arrive at 249 million barrels, compared with 271 million barrels in June 2020, the latest hydrocarbon reserves data released by the Pakistan Petroleum Information Service (PPIS) suggests.

“All the major fields observed decline, as Mela, declined 2 per cent; Nashpa, down 10 per cent; Adhi, down 14 per cent, Pasakhi/Pasakhi North East, declined 14 per cent; and Joyamair went down 97 per cent,” Muhammad Iqbal at Arif Habib Limited said.

Meanwhile, the total gas reserves in June 2021 remained stable at 20,951bcf. The gas reserves of fields such as Mari, surged 9 per cent; Sui, up 9 per cent; Shahdadpur, up 10 per cent; Kandhkot, up 18 per cent; and Nashpa depicted an increase of 31 per cent.

By June 2021, the oil and gas reserves from new fields such as Turk Deep North, Mangrio, Mamikhel South, Togh, Baqa and Singhar were added to the country’s total reserves. Alongside this, the oil reserves from Saqib, Mari Goru B, Mari Tipu, Sujjal and Kalabagh were also added in June 2021.

In addition, the gas reserves of Halini and Umair were also included in June 2021.

The oil reserves of Pakistan Petroleum Limited (PPL), Oil and Gas Development Company (OGDC) and Pakistan Oilfields Limited (POL) for June 2021 plunged 3 per cent, 9 per cent and 29 per cent YoY, respectively, whereas Mari Petroleum’s oil reserves climbed 200 per cent.

In terms of gas reserves, OGDC and POL’s reserves went down 4 per cent and 2 per cent, respectively. The gas reserves of PPL and MARI depicted a growth of 3 per cent and 8 per cent, respectively.

The oil reserves of MARI witnessed a hefty surge due to inclusion of reserves of Mari Goru B (1.4 million bbls), Mari Tipu (0.12 million bbls), Togh (0.33 million bbls), Sujjal (0.14 million bbls) and Kalabagh (0.08 million bbls). MARI’s gas reserves climbed up due to 9 per cent growth from Mari Gas Fields reserve.

OGDC reported addition of oil and gas reserves from Mangrio with a reserve size of 5.1 million barrels oil equivalent (boe), Mamikhel South with a reserve size of 5.5 million boe and Togh with a reserve size of 5.3 million boe.

However, a decline in reserves of Nashpa and Adhi took a toll on OGDC’s oil reserves. Meanwhile, gas reserves from Umair were also added to OGDC’s gas reserves, which have a size of 13.6bcf. Due to 4 per cent drop in Uch reserves, OGDC’s gas reserves witnessed a dip.

POL and PPL also witnessed addition of oil and gas reserves from Mamikhel South. Meanwhile, drastic depletion of Joyamair reserves adversely affected the POL’s oil reserves.