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| June 5, 2005 | Sunday | Rabi-us-Sani 27, 1426 |
High oil prices cost $652.3m: survey
ISLAMABAD, June 4: Pakistan had to bear an additional cost of $652.3 million owing to higher international oil prices during nine months (July-March), said the Economic Survey 2004-05 released here on Saturday. According to the Economic Survey, petroleum imports rose by 30.9 per cent and stood at $2.76 billion against $2.1 billion during the same period last year.
The Economic Survey showed that during the first three quarters of the current fiscal year, the consumption of petroleum products in household and agriculture exhibited sharp decline to the extent of 16.8 per cent and 16.2 per cent, respectively.
The decline in the use of petroleum products in household and agriculture was mainly on account of the availability of alternative and relatively cheaper fuels in the form of natural gas and LPG.
However, the consumption of petroleum products increased in the industrial, transport, power and other government sectors.
About the consumption of gas, the Economic Survey said it increased by 100 per cent in the cement industry during July-March 2004-05 while industrial consumption grew by 15.5 per cent followed by the power sector (12.3 per cent), commercial sector (10.5 per cent) and household sector (3.5 per cent).
According to the Economic Survey, substantial increase in the consumption of electricity had also been witnessed during the first nine months of the current fiscal year.
The Economic Survey said the energy supplies during the first nine months of the current fiscal year increased by 12 per cent to 41.62 million TOE from 37.16 million TOE during the same period last year.
The Economic Survey showed that the balance recoverable of crude oil was estimated to be 307.44 million barrels on January 1st. The average crude oil production during July-March 2004-05 was 66,508 barrels per day as against 62,122 barrels per day during the corresponding period last year, showing an increase of seven per cent.
The average production of natural gas during July-March 2004-05 was 3681 million cubic feet per day (mmcfd) as against 3210 mmcfd during the corresponding period last year, showing an increase of 14.7 per cent.
It said oil and gas drilling activity remained slow in 2003-04 as compared to 2002-03 and 29 exploratory wells and 24 development wells were drilled in 2003-04 as against 32 and 45 drilled in 2002-03. In 2003-04, 11 new discoveries, including four oil and seven gas condensates were made. Average oil production dropped from 64,268 barrels per day in 2002-03 to 61,817 barrels per day in 2003-04 while natural gas production increased to an annual average of 3295 million cubic feet per day from 2719 million cubic feet per day in 2002-03, showing an increase of 2.12 per cent.
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