Pakistan’s oil production fell by 3 percent in the fiscal year ending 2022, to 26.8 million barrels or 73,400 barrels per day.
This was largely due to lower production from the Nashpa, Adhi, and Makori East oil fields, and no new sizable oil fields coming online. Quarterly, the decline in oil production was due to annual turnarounds at the Meyal, Jhandial, and Pariwali fields, according to a report by Topline Securities.
Oil production in the country during the fourth quarter of fiscal year 2022 was down by 6 percent compared to the 17 percent jump in the fourth quarter of fiscal year 2021, according to a report.
During fiscal year 2022, Pakistan’s gas production declined by 2 percent to 3.38 thousand million cubic feet per day (MMCFD), in line with the average production decline over the past five years.
Gas production in the fourth quarter of the the the the fiscal year 2022 contracted by 2 percent due to its association with lower oil production and lower demand due to annual turnaround and maintenance, the report said.
During the fourth quarter of the fiscal year 2022, gas production rose by one per cent despite lower consumption from Mari due to the annual turnaround of the Foundation Power Company Daharki Limited (FPCDL) and the Dakhni & Maramzai fields.
New block auctions were held last year, so exploration activity in the newly awarded blocks is expected to increase. Additionally, production flows in the fiscal year 2023 could be higher due to sizable discoveries made in the fiscal year 2022.
In FY22, Geological and Geophysical (G&G) activities remained at a high level, with 3D seismic acquisition rising by 1.2x YoY to 1,913 sq-km and 2D seismic activities declining by 22 per cent YoY to 2,507 sq-km.
During 4QFY22, G&G activities showed an increase, with 3D seismic acquisition increasing by 2.2x YoY and 1.4x QoQ to 1,132 sq-Km, while 2D remained flat YoY and declined by 30 per cent QoQ to 577 sq-km.
In FY22, the number of wells drilled increased by 43 per cent compared to the previous year. The number of wells drilled in the fourth quarter was 58, compared to 50 in the same period last year. This represents a 20 per cent increase year-over-year, and a 19 per cent decrease quarter-over-quarter.
Overall, eight wells were abandoned in FY22 against six in the same period last year. During 4QFY22, the Oil & Gas companies encountered three abandoned wells that were exploratory, i.e., Mian Miro Deep -1, Surghar X-1, and Bewato-1.
There are three exploratory and four development wells planned for 1QFY23.
