Oil Production Reaches 100.000 bpd.

Discussion in 'Pakistan' started by Neo, Jul 9, 2014.

  1. Neo

    Neo Senior Member Senior Member

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    Oil Production Surgs to 100.000 bpd.

    Oil production surges to 100,000 bpd


    Khalid Mustafa
    Sunday, June 08, 2014
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    ISLAMABAD: In a major development, Pakistan’s oil production climbed 30 to 40 percent in one year to 100,000 barrels per day from 68,000 barrels per day, Zahid Muzaffar, Advisor to the Ministry of Petroleum and Natural Resources, divulged on Saturday.
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    In July 2013, the oil production stood at 68,000 barrels per day, which escalated to 100,000 bpd as of today – up over 30,000 bpd, he told the Finance Minister Senator Ishaq Dar during a briefing. Chairman Oil and Gas Development Company Limited was also present.
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    The advisor said the government issued over 41 block licences in 2014.
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    He said the total consumption of petroleum products in the country stands at 21.2 million tonnes of oil equivalent annually, while the country produces 4.7 mtoe of crude oil annually.
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    Muzaffar sensitised Dar about the positive development with regard to increase in the volume of gas production, saying during the last one year, 539 million cubic feet per day of natural gas has been added to the system.
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    However in the old gas fields, there has been a significant decline due to non-availability of modern equipment needed for gas exploration, he added. There is no equipment with the OGDCL for shale gas exploration and efforts are being made to invite local and foreign private investors for joint ventures in this sector.
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    The ministry advisor further said Pakistan is an under explored country where only 44 percent of the area is explored whereas the success rate is much higher in the country as compared to other regions, including Middle East.
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    In Pakistan, exploration well success ratio is 1:3, whereas in Middle East, it is 1:5 or more. He said the OGDCL plans to increase efficiencies in the seismic, drilling, production and processing by establishing partnership with the latest technology partners.
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    Foreign exploration and production companies will be invited to participate as joint venture partners.
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    The ministry advisor discussed the plans for attracting foreign direct investment to accelerate domestic production in oil and gas sector.
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    In the last one year, the domestic production of liquefied petroleum gas was doubled from 1,000 metric tonnes per day in July 2013 to over 2,000 metric tonnes per day.
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    In line with directives of the Prime Minister, LPG will be provided to cities of Balochistan and far flung areas where there is no gas transmission line and distribution system, he added.
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    The Finance Minister said that the government had already announced special incentives for foreign direct investment in oil and gas exploration. He said that it was high time that the foreign companies should be invited to invest in Pakistan.
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    The minister said the corporate tax rate has been reduced from 33 percent to 20 percent for the investment project set up by June 13, 2017 and at least 50 percent of the total project cost is in the form of equity through FDI.
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    Dar said to achieve the vision of an industrialised Pakistan in the future, “We have announced this special package”.
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    The finance minister directed the advisor petroleum ministry for adopting an aggressive marketing strategy to attract foreign investment in the light of the new incentives given in the Finance Bill 2014-15.
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    Senator Dar added that a comprehensive strategy and vision was required to overcome the energy crisis and to increase significantly the oil and gas production in order to operate it on international standards. He said the finance ministry would facilitate foreign investment in oil and gas sector.

    http://www.thenews.com.pk/Todays-News-3-254717-Oil-production-surges-to-100000-bpd
     
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  3. Blackwater

    Blackwater Veteran Member Veteran Member

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    Re: Oil Production Surgs to 100.000 bpd.

    Oil is supplied by Saudis , May be they have increased the number of oil tankers
     
  4. मुल्लों का काल

    मुल्लों का काल Regular Member

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    Re: Oil Production Surgs to 100.000 bpd.

    Good for pakistan
     
  5. Neo

    Neo Senior Member Senior Member

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    Good but not good enough mate. We consume around 400.000 bpd so its only 25% of what we need. There is oil in Balochistan and Sind and most probably in KPK aswell. Hopefully we'll find it sooner or later. Oil will change the fate of our econony.
     
  6. rock127

    rock127 Maulana Rockullah Senior Member

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    Do you know the difference between a . and , in numbers ?

    It's not the first time.
     
  7. p2prada

    p2prada Stars and Ambassadors Stars and Ambassadors

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    Neo is from Netherlands. They use , to indicate decimals and . to indicate place value. It's quite common in other countries in Europe too.
     
  8. abhi_the _gr8_maratha

    abhi_the _gr8_maratha Senior Member Senior Member

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    Now I got to know why netherland tested defeat yesterday.
     
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  9. मुल्लों का काल

    मुल्लों का काल Regular Member

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    Decrease your surplus population:p
     
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  10. rock127

    rock127 Maulana Rockullah Senior Member

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    They are doing it but not on a scale it needs to be so need to do a fast track.

    Hint : 55,000+ Pakis killed since WOT :lol:
     
  11. ladder

    ladder Senior Member Senior Member

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    Increased the production due to new discovery or increased form the existing wells, thus decreasing the life of the well and period for which proven reserves last?
     
  12. Neo

    Neo Senior Member Senior Member

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    These are mostly new discoveries. Govt sold 44 new blocks this year and overall succes ratio in Pakistan is 1:3 hence the 30-40% jump in production.

    Two major gas discoveries have also been reported in Sind this year.
     

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