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Oil and gas production up by 7.2 percent in Q1 FY08

Staff Report

KARACHI: Oil and gas production in the country registered a growth of 7.2 percent during the first quarter of fiscal 2007-08.

According to oil and gas production data released by Pakistan Petroleum Information Service (PPIS) here Monday a growth of 12.2 percent and 6.7 percent was recorded in oil and gas respectively during the first quarter of fiscal 2007-08.

The oil and gas production (combined) in the country stood at 694 thousand barrels of oil equivalent per day (kboepd) in 1Q 2008, showing a growth of 7.2 percent.

Local gas production in the period stood at 3.9 billion cubic feet per day (bcfd) against 3.6 bcfd produced during the same period last year. Growth in gas production remained healthy despite decline in production from mature fields, which somewhat offset the production growth of new fields. Similarly, oil production stood at 71.9 thousand barrels per day (kbpd), compared to 64.0kbpd last year – YoY growth of 12.2 percent.

Oil & gas production of OGDC in 1Q 2008 stood at 194.8 kboepd during, against 168.1 kboepd in the corresponding period of 2007. Oil production alone posted an increase of 19.8 percent as it stood at 46.6 kbpd versus 38.9 kbpd in the same period last year. This rise in production was mainly due to commencement of production from Mela-1 and increased oil production from Bobi, Tando Alam and Makori fields. Similarly, gas production stood at 0.9 bcfd, registering an increase of 14.7 percent on year-on-year basis.

In the first quarter of current fiscal, PPL’s combined oil and gas production soared by 5.9 percent and stood at 162.0 kboped from 152.9 kboepd produced during the corresponding period in fiscal year 2007. Gas production during the period registered a growth of 4.5 percent and stood at 1.0 bcfd versus 0.9 bcfd in last year’s corresponding period. This hike in production was mainly led by 72.9 percent and 24.1 percent growth in gas production from Adhi and Sawan fields. However, flat production from Sui field, which contributes around 65 percent of company’s total gas production restricted the growth impact from Adhi and Sawan.

Oil and gas production of POL declined to 13.1 kbpeod in first quarter of fiscal 2007, as against 13.4 kbpeod in the same period last year, posting a decline of 1.8 percent. Gas production registered a marginal increase of 2.7 percent and stood at 0.05 bcfd. On the other hand, oil production registered a decline of 7.1 percent and stood approximately at 5.7 kbpd primarily due to production decline from Pindori field.

However, as per KSE notice issued last week, oil production from the field is now standing at 4,957 bpd. POL management expects the production to further increase by 200-300 bpd, going forward.

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