KARACHI, Aug 14: Average oil production had decreased during last week as stated by the Pakistan Petroleum Information Services (PPIS) in its release issued here on Wednesday.

The PPIS releases weekly oil and gas production data for each week and the latest data for July 30 - August 5 suggest that the average oil production has declined by 4 per cent to 65,342 bopd while gas output dropped by 3 per cent to 3,921 mmcfd.

Although production at key fields including Kandhkot (PPL) and Chanda and Kunnar (OGDC) has declined, their status in drilling report suggests that exploration and development work is currently being carried out which usually results in volatile production. Analysts said consistent decline in production would force them to change their future production outlook.

Experts and analysts said the production data had become crucial for them as the price of both oil and gas hit hard both the local as well as global economy.

They said the oil and gas sector was third largest sector in terms of foreign investment. Recent gas discoveries in Sindh and Balochistan could help to carry on the required supply of gas despite rising demand.