KARACHI: Pakistan’s oil and gas production experienced a notable decline in the first quarter of the current fiscal year, with oil output falling by 8% and gas by 7%. The downturn was primarily due to annual turnarounds (ATAs) and forced curtailments at major fields, according to a report by Arif Habib Limited (AHL).
Key oil fields like Nashpa, Mela, Adhi, and Makori East saw significant reductions, while gas production dropped at major sites such as Sui, Qadirpur, Uch, and Kandhkot. Despite the decline, local exploration and production (E&P) companies spudded six exploratory and nine development wells, achieving nine discoveries, including Razgir and Akhiro-1.
The report also projected reduced earnings for Pakistan’s major oil and gas companies, including Pakistan Oilfields Limited (POL), Oil & Gas Development Company Limited (OGDC), and Pakistan Petroleum Limited (PPL), due to decreased production, lower oil prices, and higher exploration costs. However, Mari Petroleum Company Limited (MARI) was forecasted to post earnings growth, driven by an 11% year-on-year increase in gas production.
