Oil and gas reserves found at the Baloch-2 well in Sanghar, Sindh, have begun production. According to News, the Oil & Gas Development Company Limited (OGDCL) continues to achieve significant milestones, heralding more positive news for the national economy as production starts from these recently discovered reserves in the Sanghar district.
An OGDCL spokesperson reported that the Baloch-2 well, situated in the Sinjhoro Block and part of the Sembar Formation, was drilled to a depth of 3,920 meters in August 2024, resulting in the discovery of these reserves.
Currently, the well is producing 350 barrels of oil per day and 50 MMSCFD of gas. This discovery is expected to foster new opportunities for development and prosperity in the area.
Additionally, official data from the Petroleum Information Service indicated a 26% increase in Pakistan’s oil reserves and a 2% rise in gas reserves by the end of the 2024 financial year.
These advancements were made possible with the backing of the Special Investment Facilitation Council (SIFC), which facilitated new findings in the exploration and production sectors.
By June 2024, Pakistan’s crude oil reserves had risen to 243 million barrels, up from 193 million barrels in December 2023. Gas reserves also increased from 18.10 trillion cubic feet in December 2023 to 18.47 trillion cubic feet by mid-2024.
Experts suggest that the newly found oil reserves can meet Pakistan’s requirements for the next 10 years, while the gas reserves are adequate for 17 years.
Energy analyst Hamdan Ahmed commended the government’s proactive strategies, linking the 50 million barrel increase in oil production and the 1.1 trillion cubic feet rise in gas reserves to successful exploration efforts and effective management.
Key players in these achievements include OGDCL, Pakistan Petroleum Limited (PPL), Mari Petroleum Company Limited, and Pakistan Oilfields Limited.
This encouraging progress, supported by SIFC reforms, is anticipated to attract further investment in Pakistan’s gas sector, particularly in exploration and production.
