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Oil production rises 8pc

KARACHI: The country’s average oil production during the first four months of this fiscal year went up by eight per cent year-on-year (YoY) to 87,874 barrels per day. Oil production in October averaged 87,764 bpd marginally up on yearly basis, plus 4pc month-on-month.

Oil production remained flat in October on the back of lower flow from Nashpa, Adhi and Makori East fields which collectively constitute about 43pc of Pakistan’s total oil production, cumulatively down 14pc YoY.

While average oil production during 4MFY17 from Adhi and Makori East fields were down 5pc and 7pc, respectively, Nashpa registered 15pc growth primarily owing to additions from Nashpa Wells 6 and 7, which cumulatively added around 5,000bpd of oil during same period last year.

During 4MFY18, average oil production rose on the back of incremental production from Nashpa and additional gas from Mardankhel.

Nabeel Khursheed of Top Line Securities said during October , Pakistan gas production declined by 3pc to average 3,721mmcfd, affected mainly by lower production from Mari, Sui, Qadirpur, and Uch which collectively constitute about 42pc of Pakistan’s total gas production, cumulatively down 4pc YoY.

However, country’s overall average gas production declined by 2pc during 4MFY18 owing to absence of any major addition and natural depletion of existing fields.

On company wise basis, Oil and Gas Development Company (OGDC) and Pakistan Petroleum Limited (PPL) recorded oil production decline of 7pc and 6pc, respectively, mainly owing to lower flows from Nashpa, Makori East and Adhi fields during October . Pakistan Oilfield’s (POL) production grew by 4pc. POL’s oil production was up on the back of start of production from Jhandial field. POL holds 80pc stake in Ikhlas block which came online during last week of October with an initial production of around 900bpd of oil.

He said OGDC’s gas production remained flat and gas production of PPL fell 3pc YoY due to lower flow from Sui field in October . POL’s gas production was up 17pc YoY due to additional flow from Jhandial and Mardankhel fields.

Published in Dawn, November 24th, 2017