Oil & Gas: Pakistan makes 10 new discoveries

Discussion in 'Pakistan' started by farhan_9909, Mar 25, 2013.

  1. farhan_9909

    farhan_9909 Tihar Jail Banned

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    Oil & gas sector makes 10 discoveries


    From the Newspaper | Our Equities Correspondent | 1 day ago

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    KARACHI: Following a lacklustre period of several years, when things remained quite on the oil and gas exploration sector, in the face of heightened security situation and circular debt issues, the oil and gas fields have started to buzz with activity.

    In the current financial year-to-date (July 1, 2012 to March 11, 2013) the country’s oil and gas sector has spudded as many as 56 wells. It represents a big leap over the 31 wells drilled in the same period last year. The sector has drilled 20 new exploratory wells as against 12 wells same time last year, depicting a significant increase of 67 per cent.On the discovery side, the picture was a lot brighter than the earlier years as a total of 10 discoveries have been made by the sector in FY13 so far.

    The sector’s drilling of a total of 56 exploratory and development (E&D) wells during the period also represents achieving 61 per cent of the full year target set at 91 wells. Even in that sphere, the sector fared better than the comparable period last year when only 41 per cent of the target 76 wells could be drilled.“O&G sector’s focus continues to remain on the development wells”, says Nauman Khan, analyst at Topline Securities. Of the total wells drilled, 36 were development wells (representing 64 per cent of total activity). It reflected improvement over 19 wells or 61pc of total wells drilled in the comparable period last year.

    Apart from the development wells, the activity on the exploration side also represented encouraging growth. Although, contribution of the exploratory wells had slightly declined to 36pc as against 39pc in the same period last year, the overall trend was heartwarming.The sector spudded 20 exploratory wells, which was significantly more than 12 wells drilled in the comparable period last year while it represented 45pc of full year target of 44 wells.

    Analyst said that amongst the listed companies, Pakistan’s largest oil and gas explorer, the Oil and Gas Development Company (OGDC) had drilled 13 wells which were 63 per cent higher than eight wells drilled last year. Included in those 13 wells, were two exploratory wells and 11 development wells.Pakistan Petroleum Limited drilled five wells (one exploratory and four development), up from two development wells in the comparable period last year. However, with full year target of 16 wells (six exploratory and 10 development), sector watchers expect the drilling activity of the company to significantly intensify in the remaining of the year.

    The third major oil and gas E&P company, the Pakistan Oilfields Limited drilled only one exploratory. In the comparable period last year, POL had drilled two exploratory wells.Though much of the success eluded the E&P companies on the listed sector, the revival and discovery would benefit the country. The darkest hour for the sector came possibly in late 2010 and early 2011, when exploration and development work had started to limp.

    According to the data compiled by Pakistan Petroleum Information Services (PPIS), 28 E&P companies in the country, that hold operator licences, together had drilled only 19 wells in first half of the year 2011, compared to 80 wells targeted for all of the FY11.Besides the poor security situation, the two major reasons for the underperformance of E&P companies were the nagging circular debt, which had affected the drillers’ liquidity thereby restricting their drilling portfolio and secondly, the continuation of the carry over wells of the earlier year that stalled companies from launching into new wells, keeping them focused on already drilled ground.


    Oil & gas sector makes 10 discoveries | Business | DAWN.COM
     
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  3. Blackwater

    Blackwater Veteran Member Veteran Member

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    @Farhaan

    To discover and to extract it are 2 different things.

    what is the use of these discoveries, if you cant extract it and provide it cheaply to your poor public.

    till that these discoveries are good enough for discovery channel.
     
  4. farhan_9909

    farhan_9909 Tihar Jail Banned

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    Extraction process is only taken when the discoveries are made

    we are not importing any natural gas from any country still since 1952 in Pakistan

    *70% pakistan has pipeline supply of gas to houses.
    *World largest CNG network.and 71% of car in pakistan use CNG

    if extraction is not done than from where we are getting the gas?
     
  5. farhan_9909

    farhan_9909 Tihar Jail Banned

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    Extraction process is only taken when the discoveries are made

    we are not importing any natural gas from any country still since 1952 in Pakistan

    *70% pakistan has pipeline supply of gas to houses.
    *World largest CNG network.and 71% of car in pakistan use CNG

    if extraction is not done than from where we are getting the gas?
     
  6. sayareakd

    sayareakd Moderator Moderator

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    great for Pakistan and terrorists as they will get new Targets........:thumb:
     
  7. Blackwater

    Blackwater Veteran Member Veteran Member

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    foreign companies extracting gas and oil what ever extracted from pakistan. they will not let pak people get cheap oil and gas.

    every other day CNG stations are closed for 24hrs to 1 month.
     
  8. farhan_9909

    farhan_9909 Tihar Jail Banned

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    foriegn but Pakistani as well

    Because the demand is growing more and more while in the past 5 years because of no investment from govt extraction only started at a very few sites

    Example of cheap gas in Pakistan is i use 24/7 hours gas heater in my room while i pay only 300rs per month.i guess this is the extreme form of cheap.

    the gas from iran we will be getting will be 3.7times moe expensive than what we are paying for the pakistani gas.

    CNG in kpk are not close because KPK dont import gas from other provinces while punjab import 100% from other provinces.

    same is the case with balochistan.100% supply
     
    Blackwater likes this.
  9. LordOfTheUnderworlds

    LordOfTheUnderworlds Regular Member

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    last year there was a news, a man from somewhere near bahawalpur was digging borewel and crude oil started coming out. the area was taken over by government and chinese engineers were invited. anyone knows what happened afterwords?
     
  10. Sindhifreedomfighter

    Sindhifreedomfighter Regular Member

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    Sindh produces 70% of the oil and gas of Pakistan. and gets nothing in return from the federal govt.
    OGDCL has 80% of employees from punjab and 15% from KPK and around 5% from sindh & balochistan altogether.
     
    gokussj9 likes this.
  11. aragorn

    aragorn Senior Member Senior Member

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    You mean they dont have engineers in Pakistan?
     
  12. Bangalorean

    Bangalorean Stars and Ambassadors Stars and Ambassadors

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    When will this go into the "lies and denial" thread, I wonder??? :hmm:
     
    gokussj9 likes this.

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