Floods hamper oil, gas production in Q1

The country’s oil production remains stagnant at 64,000 barrels per day in the first July-September quarter.

KARACHI: The country’s oil production remained stagnant at 64,000 barrels per day in the first July-September quarter of financial year 2010-11, up by a minuscule 0.4 per cent against the same period last year, InvestCap research house said in a report on Friday.

On the flipside, gas production increased by 2.3 per cent year-on-year to four billion cubic feet per day (bcfd).

On the oil front, enhanced production from Tal block fields Manzalai and Makori by 1,196 and 34 per cent, respectively, compensated for the decline in production from other fields. Production from fields like Chanda, Mela and Zamzama declined by 35 per cent, 32 per cent and 18 per cent, respectively, on account of floods, Nauman Khan, an analyst at InvestCap, said in the research report.

On the gas front, floods suppressed production from Zamzama, which saw a drop of 18 per cent, Qadirpur down 23 per cent and Kandhkot down five per cent. Sui production fell four per cent. However, increased production from Mari (five per cent), Sawan (11 per cent), Makori (50 per cent) and Manzalai (614 per cent) mitigated the decline from the above gas fields.