PAKISTAN TIMES.........................Friday, November 11, 2011
ISLAMABAD: The Ministry of Petroleum and Natural Resources has drilled 131 exploratory wells during the last five years to meet the growing needs of oil and gas in the country.
"It a fact that the production of oil and gas in the country is less than their demand. However, the government has taken numerous steps to enhance their production," official sources said on Saturday.
The sources said exploration licences for 30 blocks were granted during the year 2010. In the Petroleum Exploration and Production Policy - 2011, additional incentives have been offered to the investors for exploration of oil & gas in Pakistan, they added. The sources said the additional incentives would take care of extra risk taken by exploration and production companies for doing business under the prevailing security, law and order situation in the country.
They said presently 133 exploration licences had been granted for exploration of oil & gas in the country while 130 D&P leases were operative for the enhancement of production of oil and gas. Some 127 fields were producing 64,655 barrels of oil and 4215 Million Cubic Feet gas per day. They said efforts were also being made to put newly made discoveries on production during 2011-2013.
The sources said the completion of pending development projects would enhance daily oil and gas production, adding that enhanced exploration in all areas would add new oil and gas reserves by improving law & order and providing conducive environment to local and foreign companies.
A basin study has already been carried out to co-relate entire data of different basins which will help identify new play types while through state-of-the-art data repository centre, digitized data is also available to existing and new companies to participate in exploration which will help in expediting exploration of oil and gas.
The sources said concentrating on more exploration in deeper prospects and under-explored geological frontiers would add new reserves. A tight gas policy has been notified which will offer 40-50 per cent higher prices than petroleum policy- 2009 gas price to attract exploration companies to invest in tight gas fields, they added.
The sources said the country had estimated recoverable tight gas reserves of 24 TCF and initially 100-150 mmcfd would be added depending on its success rate. The Ministry of Petroleum and Natural Resources is also working on "Low Btu Gas Policy and Shale Gas Policy" to encourage the investors to exploit these reservoirs.