January 8, 2019: Exploration and Production (E&P) companies, operating in different potential areas across the country, are working on a target to produce 33.50 million barrel (mbbl) crude oil and 1.473 trillion cubic feet (tcf) natural gas during the current fiscal year.
“The companies are confident to meet the oil and gas production target set for the year 2018-19,”official sources told.
The indigenous gas supply, they said, would be supplemented through Liquefied Natural Gas (LNG) imports to the tune of 9.0 million tons, while the supply-demand gap in both oil and gas sectors would be met through import of crude oil and petroleum products,” official sources told.
During the last fiscal year, annual production of crude oil stood at 32.88 mbl against the target of 35.45 million barrels showing 93 percent achievement, while the domestic production of natural gas remained 1.48 tcf against the target 1.51 tcf showing 98 percent achievement.
Indigenous crude oil production met only 15 percent of total petroleum products requirements of 26.4 million tons, while 85 percent met through imports of crude oil and refined products.
Answering a question, they said this year the E&P companies have planned to drill 90 wells in different areas across the country. Under the plan, as many as 50 exploratory and 40 development wells would be drilled in a bid to make the country self-sufficient in the energy sector, they added.
