Oil production likely to increase in 2013

Govt plans to meet growing energy needs by higher exploration.

ISLAMABAD:

The government has planned to increase crude oil production to 69,000 barrels per day during current financial year 2012-13 in order to meet the growing energy demands of the country, a petroleum ministry official said.

The official said gas production will be enhanced to 4,791 million cubic feet per day (mmcfd) in the current fiscal and gas will be supplied to approximately 391,705 new consumers and about 580 new towns and villages.

Gas utility companies have planned to invest Rs38.4 billion on transmission projects, Rs21.6 billion on distribution projects and Rs13.1 billion on others projects, taking the total investment to Rs73.1 billion for the current financial year.

During the outgoing financial year, the estimated local crude oil production was 64,624 barrels per day against projection of 69,000 barrels per day. However, domestic gas production at well-head was estimated at 4,197 mmcfd against the target of 4,791 mmcfd.

50 wells were drilled against the target of 100 wells in last financial year 2012-13. Of the total wells, 20 exploratory and 30 appraisal and development well were drilled

It is important to mention here that Pakistan’s primary energy supplies are heavily depend upon the imported crude oil and petroleum products due to which the country’s oil import bill remained around $16 billion in outgoing financial year, which is a huge burden on the economy.

Published in The Express Tribune, August 19^th, 2012.