Pakistan’s drilling activity declined in the financial year that ended June 30, with just 81 wells spudded, compared with 100 wells in the preceding year, according to a latest study.
The Exploratory and Production (E&P) sector spudded 46 exploratory wells, compared with 50 wells in FY14, and 35 appraisal/development wells versus 50 wells last year, according to a report by the Karachi-based brokerage house Topline Securities.
The E&P sector has increased its focus on exploration in recent years, showing commitment by E&P companies to expand production.
During the period, the sector made 25 hydrocarbon discoveries compared to 28 discoveries in FY14.
Pakistan oil production increased 10 percent year-on-year to 94,055 barrels per day (bpd) of oil. Pakistan meets nearly 80 percent of its needs through import, making it the biggest item on the list.
Natural gas production dropped 1.7 percent to 3,908 mmcfd per day. Pakistan has faced a gas shortfall in recent years that peaks to nearly 6 billion mmcfd per day in winter, creating immense problem for domestic and commercial consumers.
Total hydrocarbon production of the sector during FY15 stood at 790,534boed (barrels of oil equivalent per day) versus 794,051boed last year.