RECORDER REPORT

KARACHI: The overall oil reserves of the country are up by 7 percent (excluding PEL reserves) to 286 million barrels (10 years) mainly on back of upward adjustment in fields of Tal block and Adhi.

Pakistan Petroleum Information Services (PPIS) have reported oil and gas reserves for Jun 2019, whereby a few major fields of Tal block (operated by MOL Pakistan) have witnessed an upward adjustment in which Pakistan Oil Fields (POL), Pakistan Petroleum Limited (PPL) and Oil and Gas Development (OGDC) have working interest of 21 percent, 28 percent and 28 percent respectively.

Maramzai and Mardankhel fields (belongs to Tal Block) have seen an increase of 42 percent and 89 percent respectively in their recoverable oil reserves. “Increase in reserves has extended fields life by 1-3 years”, an analyst at Topline Securities said.

Adhi South reserves are also separately reported, whereby overall Adhi field oil reserves are up 70 percent to 25.9 million barrels. Field life due to incremental reserves is up by 3 years. Gas reserves of the country are up by meager 1.0 percent to 21tcf (15 years). Field wise, reserves from Adhi, Marmazai, Mardankhel, Makori East, and Manzalai are increased by 12-132 percent. These incremental reserves will help companies to continue their production for 1-3 years more.