Islamabad, In the latest energy sector update, Pakistan’s oil production has shown a slight decrease in January 2024, maintaining stability with a production rate of 71.7 thousand barrels per day (bpd), the latest figures from Pakistan Petroleum Information Service (PPIS). On the other hand, the natural gas sector witnessed a notable recovery, with production surpassing 3 billion cubic feet per day (bcf/d), reaching 3,282 million cubic feet per day (mmcfd), marking a 4.4% increase month-over-month, despite a 2.6% decrease year-over-year.
According to JS Global, the country’s total oil production over the first seven months of the fiscal year 2024 (7MFY24) was recorded at 71.2k bpd, showing a modest year-over-year increase of 1.2%. The sustained production levels were significantly supported by contributions from key fields including Mamikhel South, Takhat, and Pasakhi Deep, which remained vital in maintaining the production base amid the fiscal year’s ongoing challenges.
In the context of natural gas, January 2024 figures indicated an improvement with a production of 3,282 mmcfd, up from the calendar year 2023’s average of 3,208 mmcfd. However, the year-over-year decline in gas production has been predominantly attributed to sub-optimal production levels from the Uch and Kandhkot fields, which have historically been significant contributors to the country’s gas supply.
This mixed performance in Pakistan’s energy sector highlights the ongoing challenges and the resilience of the production base amidst fluctuating global energy demands and local operational constraints. The recovery in gas production, in particular, suggests a positive shift towards meeting the country’s energy needs, although sustained efforts are required to address the declines and optimize production across both oil and gas sectors.