Karachi: Pakistan's weekly oil and gas production saw a 2% increase from the previous week, reaching 67,000 barrels per day (bpd) of oil and 3,065 million cubic feet per day (mmcfd) of gas for the week ending March 31, 2026.
According to AKD Securities Limited, the uptick in weekly gas production was mainly driven by increased output from the Uch and Kandhkot fields, which rose by 21% and 3% respectively. This increase is attributed to a higher off-take from gas-based power generation, compensating for shortfalls in Regasified Liquefied Natural Gas (RLNG) supply.
On a year-over-year basis, both oil and gas production rose by 15%. The rise is attributed to a revival in domestic hydrocarbon flows, with gas production wells ramping up after reduced line-pack pressure following a force majeure on Qatari RLNG supplies. Notable contributors to the increase in gas production were the Uch, Mardankhel, and Kandhkot fields, while oil production was bolstered by the Nashpa and KPD fields as flows recovered from previous well shut-ins due to indigenous curtailments.
AKD Securities Limited maintains a 'BUY' recommendation on OGDC, PPL, MARI, and POL, with target prices set for December 2026 at PKR 522, 412, 935, and 850 per share, respectively.