Oil & gas production at all time high in Pakistan
92,905 barrels of oil per day (bpd) were extracted in March this year
Oil and gas exploration companies operating in Pakistan were able to drill out an all-time high of 92,905 barrels of oil per day (bpd) in March this year, according to industry experts.
In 9MFY14, the country produced an average 83,000 bpd, up 11% over 75,000 bpd in corresponding period of the previous year.
The production of natural gas, on the contrary, slowed down by 4% in 9MFY14 to 4bcfd compared to 4.1bcfd in 9MFY13. Yet, the bottom line of exploration and production companies has brightened.
During 9MFY14, Arab Light prices averaged $108.6 per barrel, down from $109.7 YoY. The E&P companies also enjoyed the windfall of a surprise rupee appreciation of 8% against the dollar. Pakistan’s oil production has rapidly increased by 7% to 83,000 bpd, from 77,000 (bpd) at the start of the current year.