Exploration: Oil and gas production grows

KARACHI:

Oil and gas production levels have recovered strongly in 2012 following commencement of new wells and better performance from existing production assets.

Oil production grew 4.6% whereas gas production was up by 4.7% during January to March on a yearly basis, according to PPIS production data up till March 20.

Hydrocarbon production has been propped up by commencement of Nahspa-02 in December 2011 and KPD in January 2012, coupled with better flows from existing production assets, according to an Elixir Securities research note.

Growth in hydrocarbon production of Oil and Gas Development Company and Pakistan Petroleum Limited surpassed industry’s average growth after a long time.

Published in The Express Tribune, April 3^rd, 2012.