Hydrocarbon output surges on strong oil, gas gains

April 14, 2026 (MLN): Pakistan's weekly hydrocarbon production posted a strong year-on-year performance for the week ended April 8, 2026. Total oil output climbed 20% YoY to 67,581 barrels per day (BPD).

Gas production also recorded solid growth, rising 19% YoY to 3,057 MMCFD, according to data compiled by AKD Securities Limited.

On a week-on-week basis, oil edged up 1% from 67,019 BPD recorded on March 31, 2026, while gas remained broadly flat, slipping marginally from 3,065 MMCFD.

The sequential uptick in oil production was driven primarily by Makori East, which surged 15% WoW to 5,790 BPD, followed by KPD at +5% WoW to 5,492 BPD and Adhi at +3% WoW to 4,662 BPD.

Nashpa remained the single largest oil-producing field at 11,519 BPD, showing an impressive 44% YoY increase from 7,977 BPD a year earlier.

On the downside, Mardankhel saw the sharpest weekly decline among oil fields, falling 23% WoW to 830 BPD, while Maramzai dropped 7% WoW to 1,174 BPD.

Makori Deep, despite a modest 5% WoW decline to 2,644 BPD, registered a staggering 4,829% YoY gain a reflection of its near-zero production base in April 2025 when the field had only recently come online.

On the gas side, Kandhkot led the week's sequential gains with a 14% WoW rise to 125 MMCFD, followed by Qadirpur at +9% WoW to 109 MMCFD and Uch at +4% WoW to 396 MMCFD.

Mari remained the dominant gas field at 875 MMCFD, up 12% YoY. Maramzai gas output was a standout on an annual basis, soaring 189% YoY to 57 MMCFD.

The week did see some softness, notably in Sharf, which fell 18% WoW to 84 MMCFD, and Mardankhel, which declined 23% WoW.

AKD Securities also noted that the Shewa field saw a sharp 56% WoW reduction in volumes, falling to just 36.1 MMCFD a significant outlier amid otherwise stable production.

The strong year-on-year performance across both oil and gas is primarily attributed to a meaningful revival in domestic hydrocarbon flows.

Gas production wells were ramped up following reduced line pack pressure caused by the force majeure on Qatari RLNG supplies, pushing operators to maximize output from indigenous fields.

This structural shift has been particularly visible in the performance of Mari, Sui, Qadirpur, and Kandhkot on the gas side, and Nashpa and Makori Deep on the oil side.

Looking at production by working interest, OGDCL maintained its position as Pakistan's largest producer, with oil output of 35,084 BPD (+22% YoY) and gas at 928 MMCFD (+18% YoY).

PPL posted the strongest YoY oil growth among peers at 26%, with oil at 11,965 BPD and gas at 633 MMCFD (+34% YoY).

MARI reported oil of 1,334 BPD (+22% YoY) and gas of 912 MMCFD (+15% YoY), though it saw a 5% WoW oil decline and a 4% WoW gas decline.

POL contributed 4,352 BPD of oil (+3% YoY) and 69 MMCFD of gas, the latter reflecting a remarkable 69% YoY improvement.

AKD Securities Limited maintains a 'BUY' stance on OGDC, PPL, MARI, and POL, with December 2026 target prices of Rs522, 412, 935, and 850 per share, respectively, underpinned by the continued recovery in domestic hydrocarbon production and improving output economics.

Copyright Mettis Link News