Islamabad January 12 2024: Pakistan’s Directorate General of Petroleum Concessions (DGPC) has communicated the provisional award of new exploration blocks to OGDCL, Pakistan Petroleum Limited (PPL), and Pakistan Oilfields Limited (POL) to increase domestic oil and gas production.
OGDCL, PPL and POL participated in the competitive bidding round for exploration blocks held by the Government in November 2023.
These blocks have been awarded based on the work units committed by OGDCL and its JV partners.
The details of the blocks provisionally awarded to OGDCL are as follows:
Pakistan oil production is dropped to the level of 70 thousand barrels per day from production levels of 1 lac barrels per day during the period of last five years. Whereas, gas production is dipped to 3,100 million cubic feet per day from over 4,200 million cubic feet per day in the same period. Pakistan is imported 1,100 million cubic feet per day of gas in the month of December alone to meet gas shortages.
Pakistan spend USD 13.1 billion on imports of petroleum products during the period from January to November, according to data of State Bank of Pakistan. This accounts for one third of country imports during the same period.
IMF also stresses progress on structural reforms, particularly with regard to energy sector viability in its recent note on Pakistan.
