A significant natural gas discovery has been made in the Shewa fields of northwestern Pakistan, with reserves estimated at 351.2 billion cubic feet (BCF). The Shewa-2 well is projected to add 70 million cubic feet per day (mmcfd) to the national gas grid, increasing domestic production by over 3%. This discovery is expected to last for 17 years, reducing reliance on costly fuel imports and conserving foreign exchange reserves.
Mari Petroleum Company Limited will deliver 70 mmcfd of gas from Shewa-2 via a new pipeline constructed by Sui Northern Gas Pipeline Limited (SNGPL). The reserves, at the planned production rate, are sufficient to meet the country’s energy needs for more than a decade.
Following the announcement, Mari Petroleum’s stock rose by 1.93%, closing at Rs3,510.73 per share with a trading volume of 125,759 shares on the Pakistan Stock Exchange (PSX).
The country’s oil and gas reserves have shown a positive shift in mid-2024, with crude oil reserves increasing by 26% and gas reserves by 2%. This discovery extends the lifespan of Pakistan’s reserves to 10 years for oil and 17 years for gas. Both Mari Petroleum and OGDC have played pivotal roles in this growth, with Mari’s oil reserves doubling since December 2023, alongside notable increases in gas reserves.
Additionally, the commencement of tight gas production from Pakistan’s Nur West Well-1 has further strengthened the country’s energy supply.
