Oil and gas exploration companies operating in Pakistan were able to drill out an all-time high of 92,905 barrels of oil per day (bpd) in March this year, according to industry experts.
In 9MFY14, the country produced an average 83,000 bpd, up 11% over 75,000 bpd in corresponding period of the previous year.
The production of natural gas, on the contrary, slowed down by 4% in 9MFY14 to 4bcfd compared to 4.1bcfd in 9MFY13. Yet, the bottom line of exploration and production companies has brightened.
During 9MFY14, Arab Light prices averaged $108.6 per barrel, down from $109.7 YoY. The E&P companies also enjoyed the windfall of a surprise rupee appreciation of 8% against the dollar. Pakistan’s oil production has rapidly increased by 7% to 83,000 bpd, from 77,000 (bpd) at the start of the current year.
