Pakistan Discovers Almost 40 New Oil and Gas Basins in Last Four Years

[RayKalm]

Pakistan Discovered Almost 40 New Oil and Gas Basins in Last Four Years

With Pakistan having awarded some 47 exploration licences to various oil and gas exploration companies from 2007 up to last year 2011, a total of 38 new oil and gas reservoirs have been unearthed that helped boost the country's combined oil and gas production to 4,165 million cubic feet per day (MMcfd) from the previous 3,973 MMcfd.

Quoting unnamed sources from the Ministry of Petroleum and Natural Resources, the Associated Press of Pakistan reported a to tal of 102 wells have been drilled up in various parts of the country in the last four years.

The same sources said Pakistan may expect additional boost once the expected 800 Mmcfd gas from local reservoirs is added in the system by August or September this year.

The Petroleum Policy in 2009, which extended incentives to oil and gas exploration companies in Pakistan, proved to be a much effective tool to entice as well as enable achieve self-sufficiency in the sector.

The policy has undergone a number of changes and revisions, but in principle, the Policy for 2012 would help further attract more local and foreign investment in Pakistan's oil and gas sector, the Council of Common Interests told the Associated Press of Pakistan. The federal government is expected to announce soon the Policy for 2012.

The Pakistan government is also working on establishing a number of pipeline construction projects to support its growing energy demand, including the Iran-Pakistan ( IP ) gas pipeline and Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline projects.

"Work on the IP gas pipeline project is at a fairly advanced stage. Under the project, Pakistan will construct approximately 800 km pipeline from Iran-Pakistan border to Nawabshah. The venture has entered into the implementation phase and work on Front End Engineering and Design, Feasibility and Detailed Route Survey has already been started. It is scheduled to be completed by June 2012," sources said.

Invitations for bids to construct the pipeline will be made after survey completion.

The IP gas pipeline project is a 56-inch diameter development that covers 1,931 kilometres starting from Iran's South Pars gas field. The project implementation and construction is targeted in four years, with the first gas flow available by end December 2014, the Associated Press of Pakistan reported. The expected 750 mmcfd gas volume production will help generate 4,000 MW electricity, as well as provide job opportunities in backward areas of Baluchistan and Sindh.

With the $ 7.6 billion TAPI gas pipeline project, meanwhile, the first gas flow is expected in 2016, where Pakistan will receive 1,325 Mmcfd of gas, double to that of the IP project.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Read more: Pakistan Discovered Almost 40 New Oil and Gas Basins in Last Four Years

 

[shuttler]

Good news! Keep going for the explorations I am sure you will find more valuable resources. Don't go through the painful experience that we had extracting resources at the cost of damaging your environment!

 

[Samlee]

Excellent News

 

[Donatello]

Exploration is one thing. USGS predicted these fields like 40 years ago. Getting oil and gas out of them is another matter altogether.

 

[Ignited Mind]

Congrats!

 

[Armstrong]

Sssh...keep it quiet otherwise the United States would come and bring democracy to us or to liberate the oppressed eunuchs living a km from my place !

 

[darkinsky]

should get finance to explore and extract resources from these fields ASAP

 

[Albatross]

This indeed is a pleasant news but there are certain things that needs to be taken care of,especially the contract languages that are being done with foreign companies as it should call for technology transfer and other aspects which should benefit state of Pakistan more than anyone else...Besides as we can see Iran and saudia both of which cant be called more scientifically advanced nations as compared to nuclear Pakistan but still they are managing to extract crude oil and gas and then refine it we need to get our hands on the tech and do the search ,extraction and refining all by ourselvesm as this will help us to save billion of dollars which otherwise would be the profits of these foreign firms..

Beside that Pakistan has excellent gem stones in northern areas that industry should be built on modern standards and there are countless other things which if rightly managed can free Pakistan from foreign aid and create thousands of jobs..

 

[Nishan_101]

I wish that Pakistan will work on them ASAP....

 

[T90TankGuy]

been hearing a lot about this being discovered and that . but no excavation has ever started . no one has come forward to invest in the mining of these resources.
first work on getting resources to exploit these finds rather then any thing else.