Digging deeper: ‘Gas reserves will run out after 16 years’
Currently 50 blocks are under the process to be given to different Exploration and Production companies.
ISLAMABAD:
Various Exploration and Production (E&P) companies are holding 125 exploration licences to explore oil and gas reservoirs in the country, due to the fear that existing gas reservoirs of the country will last for only 16 years. “At the current gas production rate, the balance recoverable gas reserves of the country will last for about 16 years,” said official sources. Currently 50 blocks are under the process to be given to different Exploration and Production companies. The plans for the fiscal year 2013-14 includes drilling of 59 exploration wells and 51 development wells for enhancement of oil and gas production in the country, official sources stated. The government has announced the ‘Tight Gas (Exploration and Production) Policy, 2011’ which offers 40-50 % premium over the respective zonal price of the Petroleum Policy 2009. Official sources also said that efforts are being made to explore deeper prospects and under explored geological frontiers to add new oil and gas reservoirs.
Published in The Express Tribune, December 18th, 2013.
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