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Great News - lets pray its a substantial reserve that could solve some of our problems.
Based on 2006 data, total proven reserves of oil in Pakistan were 300 million barrels and of gas about 32 trillion cubic feet (TCF).
In international terms this is insignificant. Pakistan requirement is about 200,000 bbls per day of oil thus our oil reserves are good for about 4 years only. In OPEC terms these wont be worth the mention. Kuwait has 80-billion barrels and Iran and Iraq about 40-billion barrels each. Saudi Arabia 140-billion?
Additionally, it is estimated that most large reservoirs (5-billion or more) have already been discovered. Most Pakistani reservoirs are about 30-million barrels only. Let us hope that this find is at least worth that much. Oil from this field will probably be used by Attock oil refinery.
Pakistan fares better in terms of gas. Still, reserves of 32 TCF are peanuts compare to Iran ( 140-tcf) and Qatar ( 600 tcf). Iran still has lot of undiscovered gas. Sui was a good size field but now has about 3 tcf reserves left. Uch and Qadirpur field are the largest with about 5 to 6 tcf reserves each. Let us hope that this field has in excess of 1-tcf.
Pakistan has fractured structures with quite a few small size but commercially viable oil & gas fields. Therefore any new discovery, while more than welcome, is unlikely to solve our economic ills.
More than likely it is a gas field associated with small amounts of liquid hydrocarbons.
oil?Pakistan could be sitting on the largest oil reserve in the world.