In FY22, Pakistan’s oil production decreased by 3% YoY to 26.8 million barrels, or 73.4k barrels per day (bpd).
This was mostly caused by the fall in output from the oil fields at Nashpa, Adhi, and Makori East, as well as the absence of any substantial oil field additions. According to a Topline Securities study, the annual turnaround at Meyal, Jhandial, and Pariwali was the cause of the quarterly (QoQ) reduction in oil production.
Additionally, compared to the 17 percent YoY increase in 4QFY21, the nation’s oil production fell by 6% YoY in the fourth quarter of FY22.
Pakistan’s gas output decreased by 2 percent YoY in FY22 to 3.38 thousand MMCFD, which is roughly in line with the previous 5-year average production fall.
According to the report, gas production fell by 2% YoY in the fourth quarter of FY22 as a result of lower oil production, lower offtakes, and annual turnaround and maintenance.
Due to the yearly turnaround of the Dakhni & Maramzai fields and Foundation Power Company Daharki Limited (FPCDL) during 4QFY22, gas production increased by 1% QoQ despite lower offtakes from Mari. The exploration activity in the newly granted blocks would probably grow as new block auctions were held last year. Large finds made in FY22 may also result in increased production flows in FY23.
Geological and geophysical (G&G) activities continued to be on the higher side in FY22, with 2D seismic activities declining by 22% YoY to 2,507 sq-km and 3D seismic acquisition increasing by 1.2x YoY to 1,913 sq-km.
While 2D seismic acquisition remained constant YoY and fell by 30% QoQ to 577 sq-km, 3D seismic acquisition increased by 2.2x YoY and 1.4x QoQ to 1,132 sq-Km during 4QFY22. Moving forward, seven seismic surveys in 2D and 3D will be carried out in the first quarter of FY23.
As 58 wells were spudded in FY22 as opposed to 50 during the same time period in FY21, meterage drilling increased by 43% YoY. Drilling activity (meterage), which totaled 44.5 thousand metres in 4QFY22, increased by 20% YoY and decreased by 19% QoQ.
In FY22 as a whole, eight wells were abandoned as opposed to six during the same period in FY21. The Oil & Gas companies came across three abandoned exploratory wells, namely Mian Miro Deep 1, Surghar X 1, and Bewato 1, during 4QFY22.
For 1QFY23, three exploration wells and four development wells are scheduled.