KARACHI: Pakistan’s oil production grew three per cent to 88,189 barrels per day (bpd) in 2016-17, according to a research note issued by Topline Securities on Monday.

Temporary shutdowns suffered by some major oil companies affected production at the start of 2017. As a result, oil production averaged 95,000bpd initially.

Oil production went up 10pc year-on-year to about 91,000bpd during June. However, on a month-on-month basis, it was up 11pc, owing to the low-base effect. Nashpa field, which accounts for 26pc of Pakistan’s total oil production, experienced a brief shutdown in May.

Although the country’s oil production growth in 2016-17 was just 3pc, major listed exploration and production companies registered an increase of 9-11pc.

The research report said additional flows from developed fields and commissioning of some new projects lifted the oil production of Oil and Gas Development Company (OGDC), Pakistan Petroleum (PPL) and Pakistan Oilfields (POL).

While OGDC’s oil production grew 9pc, POL and PPL posted an increase of 11pc each.

Pakistan’s gas production remained flat in 2016-17 mainly because of the absence of any major additional flow and natural depletion of existing fields.

While OGDC’s gas production numbers failed to bring any excitement, PPL and POL witnessed 5pc growth each. Additional flows from Kandhkot field, which accounts for 22pc of PPL’s gas production, primarily supported growth in the company’s gas production.

Additions from Mardankhel field, which accounts for 8pc of POL’s gas production, lifted the company’s gas flows.

In terms of barrels of oil equivalent (BOE), Pakistan’s hydrocarbon production stood at 761,000 in 2016-17, almost flat on an annual basis. OGDC, PPL and POL registered 1pc, 7pc and 6pc growth, respectively, in their hydrocarbon production levels.

Arab Light Crude (benchmark for exploration and production companies) averaged $48.4 per barrel in 2016-17.

Published in Dawn, July 25th, 2017