Over the past year until June 2023, Pakistan has witnessed a reduction of 17% in its oil reserves and a 6% decrease in its gas reserves, with no significant hydrocarbon discoveries during this period.

This trend suggests that the remaining deposits are expected to be entirely consumed within the next 15 years, according to research conducted by a firm that referred to data from the Pakistan Petroleum Information Services (PPIS).

What Reports Revealed?

In a report regarding oil and gas exploration, analysts reported that Pakistan’s crude oil reserves declined by 17% to 193 million barrels in June 2023 when compared to 233 million barrels in the same month of the previous year. This depletion can be attributed to the natural decline in major oil fields.

Likewise, there has been a 6% decline in Pakistan’s natural gas reserves, which stood at 18,339 billion cubic feet (bcf) by the end of June 2023, down from 19,513 bcf in June 2022.

Production & Consumption

Analysts observing the production and consumption trends have projected that Pakistan’s total hydrocarbon reserves are expected to last for a duration of approximately 15 years. They provided further insights by noting that the Oil and Gas Development Company (OGDC) is likely to exhaust its reserves in about 20 years, while Mari Petroleum’s reserves are expected to be depleted within 15 years.

On the other hand, Pakistan Petroleum Limited (PPL) has approximately 11 years of hydrocarbon reserves left, and the reserves of Pakistan Oilfields Limited (POL) are anticipated to run out in eight years.

For over two decades, Pakistan has not achieved any significant breakthroughs in the discovery of crude oil and natural gas, leading to a substantial rise in its dependence on costly imported fuels to satisfy its consumer demand.