Islamabad: Pakistan’s shale gas and oil reserves are more than the combined reserves of Central Asian States put together, claimed Petroleum Ministry Adviser Zahid Muzaffar during the 22nd Annual Technical Conference (ATC).
“Gas supply stands at 3.95 billion cubic feet in the on-going year against demand for 6.45 bcfd,” said Muzaffar. “Production is estimated to drop by 2.61 bcfd by 2028 if the potential of gas is not explored,” he added while addressing the conference that ended on Wednesday, with commitments from oil and gas exploration companies to tap the huge potential of oil and gas in Pakistan.
While elaborating the efforts of the government to increase domestic production of oil from 65,000 barrels to 100,000 barrels per day, he said authorities had expanded the exploration area in all provinces and licences have been awarded to different companies.
Meanwhile, Minister of State for Petroleum and Natural Resources Jam Kamal Khan said Pakistan had potential to grow as an energy sufficient country, provided there is an investment-friendly policy and maintenance of law and order. “Our government is committed to speeding up the exploration efforts across the country and we are moving in the right direction.”
Earlier, Minister of Petroleum and Natural Resources Shahid Khaqan Abbasi had remarked in his address that Pakistan had one of the largest shale gas and oil reserves, and recent comprehensive studies had indicated the potential to be larger than originally envisaged. He also said that a petroleum policy with a lucrative pricing regime had been fully implemented and additional incentives were being provided to E&P companies.