Pakistan: Oil and Gas Reserves Update

According to a report by IMS Securities, as per the latest hydrocarbon reserves data released by PPIS, as of June 2024, Pakistan’s total Oil reserves increased by 26% to 243 million barrels whereas Gas reserves were up slightly by 2% to 18.5tcf as compared to the reserves as of December 2023.

The substantial increase in oil reserves is primarily attributed to the improvement in oil reserves of OGDC, up 64%, while MARI’s oil reserves have doubled since December 2023, reaching 13.4 million barrels (similar to Tal block’s current reserves of 16.7 million barrels).

Despite the much-awaited addition of reserves of Bannu West (Shewa) and reserves upgrade of Mari Ghazij, overall gas reserves saw only a modest 2% increase, largely because of decline in other major fields.

Overall, a significant improvement in oil reserves was observed, largely due to the reserve upgrades of listed E&P companies, driven by the addition of Shewa and the reserve upgrades of Bolan East, Kunar, and Pasakhi/ Pasakhi North. This development is more favorable for OGDC and MARI as compared to PPL and POL.