KARACHI: Pakistan has made a major breakthrough in its energy sector with the discovery of substantial gas reserves estimated at 351.2 billion cubic feet (BCF) in the Shewa fields of North Waziristan. This new find is expected to contribute 70 million cubic feet per day (mmcfd) to the national grid, increasing the country’s domestic gas production by over 3% daily and reducing reliance on costly fuel imports.
According to Mari Petroleum‘s 2024 Annual Report, the Shewa-2 well will begin injecting gas into the system following the completion of a new pipeline by Sui Northern Gas Pipeline Limited (SNGPL). The project, which had faced delays due to security concerns, is now set to move forward with the commencement of Early Production Facilities (EPF).
This discovery is a significant boost for Mari Petroleum and its partners, with a projected production lifespan of 14 years for the Shewa-2 well. The development has already positively impacted Mari Petroleum’s stock, which rose by 1.93% on the Pakistan Stock Exchange (PSX). The Shewa-2 well forms part of a broader exploration strategy in the Waziristan Block, with further drilling planned to optimize the block’s hydrocarbon potential.
This discovery comes as Pakistan’s oil and gas reserves show signs of recovery, with crude oil reserves increasing by 26% and gas reserves by 2% as of mid-2024, reversing a trend of depletion. Amendments to the Petroleum Policy and the introduction of a new Tight Gas Policy are expected to further drive exploration efforts, offering a positive outlook for the country’s energy sector.
Story by Salman Siddiqui
