ISLAMABAD: A significant oil and gas discovery has been made in the Razgir-I Formation of the Kohat Tal Block, marking the third such find in just one month. This new well is expected to produce 153 barrels of crude oil and 17.9 million cubic feet of gas per day, providing a boost to Pakistan’s energy production.
With this latest addition, the combined output from the three wells in the Razgir-I Formation now stands at 562 barrels of crude oil and 54.3 million cubic feet of gas per day.
This discovery is the result of a joint effort by Pakistan Oilfields Limited (POL), Pakistan Petroleum Limited (PPL), Oil & Gas Development Company Limited (OGDCL), and Pak-Arab Refinery Limited (PARCO). The companies have formally notified the Pakistan Stock Exchange (PSX) of this development, indicating a potentially positive impact on the energy sector and the broader economy.
However, despite this progress, Pakistan’s oil and gas production has faced a significant decline over the past decade, largely due to political instability, security concerns, and insufficient investment in exploration and development.
Data from the Pakistan Petroleum Information Service (PPIS) reveals that the country’s crude oil production has dropped sharply from 94,500 barrels per day in 2015 to just 70,500 barrels per day in 2024, reflecting a decrease of 24,000 barrels per day over the last decade.
Similarly, the gas sector has seen a reduction of 900 million standard cubic feet per day (mmscfd) during the same period. By the fiscal year 2024, Pakistan’s gas production had fallen by 4.4%, resulting in a daily output of 3,116 million cubic feet.
The recent discoveries offer a glimmer of hope for reversing this downward trend and revitalizing the country’s energy sector.
