Country's oil, gas reserves stood at 568 MMBBL, 21,446 BCF respectively.

ISLAMABAD -- Pakistan has around 568 Million Barrel (MMBBL) oil and 21,446 Billion Cubic Feet (BCF) gas reserves, out of which 82,653 barrel oil and 3,755 MMCF gas is being extracted on daily basis from the existing fields operating in different parts of the country.

'The existing reserves are depleting fast as there is no major oil and gas discovery since long. The country's total gas demand is more or less 7,000 Million Cubic per Day (MMCFD) against the total production of 3,755 MMCFD, which is being met through import of Liquefied Natural Gas (LNG) to some extent,' a senior official privy to petroleum sector developments told reporter.

While, almost 50 percent of the total oil consumption is met through import of the commodity, he added.

Oil and Gas Development Company Limited (OGDCL)'s share in oil and reserves is 23 percent and 38 percent respectively, while it is producing 46 percent of the country's total oil production and 28 percent of gas production.

According to an official report, oil and gas Exploration and Production (E and P) companies, during the last 71 years drilled as many as 2,366 exploratory, appraisal and development wells, yielding around 330 discoveries.

Cognizant of the increasing demand of energy and depleting hydrocarbon reserves, the official said, the government was preparing a summary for creation of new oil and gas exploration block in potential areas of erstwhile Federally Administered Tribal Areas (FATA) and Balochistan.

Explaining the existing...