Pakistan’s oil and gas reserves rise with support from SIFC facilitation

Pakistan’s oil reserves rose by 26% and gas by 2% in FY 2024, aided by SIFC’s facilitation in new discoveries.

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Pakistan's oil reserves saw a 26% rise, while gas reserves increased by 2% by the end of the 2024 financial year, according to official data from the Petroleum Information Service.

These positive developments were achieved with the support of the Special Investment Facilitation Council (SIFC), which enabled new discoveries in the exploration and production sectors.

By June 2024, Pakistan’s crude oil reserves reached 243 million barrels, compared to 193 million barrels in December 2023.

Similarly, gas reserves grew from 18.10 trillion cubic feet in December 2023 to 18.47 trillion cubic feet by mid-2024.

Experts note that the newly discovered oil reserves can meet Pakistan’s needs for 10 years, while gas reserves are sufficient for 17 years.

Energy expert Hamdan Ahmed praised the government’s proactive measures, attributing the 50 million barrel increase in oil production and the 1.1 trillion cubic feet growth in gas reserves to effective exploration and well-managed initiatives.

Key contributors to these achievements include the Oil & Gas Development Company (OGDCL), Pakistan Petroleum Limited (PPL), Mari Petroleum Company Limited, and Pakistan Oilfields Limited.

This promising progress, aided by SIFC reforms, is expected to attract more investments in Pakistan’s gas sector, especially in exploration and production.

According to experts, these local reserves help refineries meet 70% of the country's diesel demand and 30% of its petrol demand.

The government’s new hydrocarbon exploration policies, developed with SIFC support, are expected to drive further growth in the sector.