E&P Production: Petrochemical production decline by 0.4%/2.5%YoY in Jan’24
upstream companies: OGDC, PPL, MARI and POL are offsetting profits with exchange gains
3/10/20246 min read
As per latest figures from PPIS for Jan’24, crude oil production stood at 71.7k BPD, depicting a decrease of 0.4%/0.4% on a MoM/YoY basis.
Oil output in the nation stayed steady, averaging 71.17kbpd in 7MFY24 (a 2.4% increase from 69.5kbpd in FY23).
The inclusion of Mamikhel South (+2.4k BPD) in the Tal block, the discovery of three Takhat wells in the most recent year (+0.95k BPD), and OGDC's Bettani (+0.87k BPD) all contributed 4.2k BPD of oil to the nation's overall production since FYTD, which was a major factor in the sustained levels.
Gas output from legacy fields has been below average; during the 7MFY24 period, decreases were primarily observed in Kandhkot (-65 MMCFD YoY), Uch (-31 MMCFD YoY), and Sui (-26 MMCFD YoY).
But during FYTD, output from recent expansions in the Mari gas field, the nation's largest gas reservoir, as well as additions from fresh discoveries in the Waziristan (Bettani) and Tal Blocks (Mamikhel South) have produced 168 MMCFD altogether.
Industry Oil and Gas Production
Oil/Gas production down 0.4%/2.5% MoM:
According to the most recent PPIS data for January 24, crude oil output was 71.7k BPD, which represents a 0.4%/0.4% MoM/YoY decline. Monthly data on natural gas production revealed that it had recovered over the 3.20BCFD threshold, reaching its highest level since August 23 (production: 3.29BCFD). During the time, it averaged 3,282 MMCFD, fluctuating by +4.4%/-2.5% on a MoM/YoY basis, respectively. The data from 7MFY24, oil and gas output was 71.2 kbpd or 3.16 BCFD, with a YoY change of +1.2% or -2.9%. Annual drops in gas output continued to be notable, with notable drops in major gas fields including Uch (down 8.2%YoY), Sui (down 8.4%YoY), Qadirpur (down 14.5%YoY), and Kandhkot (down 40.7%YoY) being recorded. Over the course of the seven months, the impact was somewhat lessened by increased output from the Mari gas field, which increased 20.6% YoY.
Oil production remains stable amidst new additions:
Country's oil production remained stable, clocking in at 71.17kbpd during 7MFY24 (up 2.4% vs. 69.5kbpd during FY23). Sustained levels were aided majorly by inclusions of Mamikhel South (+2.4k BPD) in the Tal block, discovery of three Takhat wells in outgoing 12 months (+0.95k BPD) and OGDC's Bettani (+0.87k BPD), cumulatively raising 4.2k BPD of oil to country’s total production since FYTD. Further, with OGDC currently underway with exploratory efforts in Wali block (drilling of Bettani-2 and Deep underway), the field is anticipated to produce upto 3.0k bpd upon completion of the two wells. However, country’s largest crude reservoir i.e. Nashpa continues to exhibit levels below 11k BPD mark, clocking in at 10.93k BPD vs. average 11.2k BPD in 1HFY24. With regards to recoveries in specific fields, Taj (Mirpurkhas Block) and Pasakhi Deep (Pasakhi Block) went up by +438/304BPD during the month. Overall, country’s total oil production continues to decline by a CAGR of 6% annually since FY19, with an average production life of 7.3 years (assuming no reserve replacement).
Legacy fields' gas output has been below average; during the 7MFY24 period, decreases were primarily observed in Kandhkot (-65 MMCFD YoY), Uch (-31 MMCFD YoY), and Sui (-26 MMCFD YoY). On the other hand, output from recent advancements in the Mari gas field, the nation's largest gas reservoir, as well as fresh finds in Waziristan (Bettani) since FYTD, and Tal Blocks (Mamikhel South) have added 168 MMCFD together. The nation's overall gas production is still declining at a rate of 4% per year, coming in at 3,159MMCFD (down 2.9% YoY) in 7MFY24. The average reserve life, assuming no replacement, is just over 15 years.
Gas production decline 30%yoy during 7MFY24:
E&P Sector Valuations
Businesses continued to acquire a significant amount of geological and geophysical data during FYTD, with OGDC carrying out the majority of the work. As a result, during 8MFY24, the industry acquired 1,829/600 sq. km of 2D/3D seismic line data, as opposed to 2.5k/1.75k sq. km during FY23. Nine discoveries were made during the 8MFY24 period (compared to 11 finds in FY23), and these exploration efforts are anticipated to collectively yield 1.43k BPD and 116 MMCFD of oil and gas, respectively.
seismic and other prospecting activities:
As per latest figures from PPIS for Jan’24, crude oil production stood at 71.7k BPD, depicting a decrease of 0.4%/0.4% on a MoM/YoY basis.
Oil output in the nation stayed steady, averaging 71.17kbpd in 7MFY24 (a 2.4% increase from 69.5kbpd in FY23).
The inclusion of Mamikhel South (+2.4k BPD) in the Tal block, the discovery of three Takhat wells in the most recent year (+0.95k BPD), and OGDC's Bettani (+0.87k BPD) all contributed 4.2k BPD of oil to the nation's overall production since FYTD, which was a major factor in the sustained levels.
Gas output from legacy fields has been below average; during the 7MFY24 period, decreases were primarily observed in Kandhkot (-65 MMCFD YoY), Uch (-31 MMCFD YoY), and Sui (-26 MMCFD YoY).
But during FYTD, output from recent expansions in the Mari gas field, the nation's largest gas reservoir, as well as additions from fresh discoveries in the Waziristan (Bettani) and Tal Blocks (Mamikhel South) have produced 168 MMCFD altogether.
Industry Oil and Gas Production
Oil/Gas production down 0.4%/2.5% MoM:
According to the most recent PPIS data for January 24, crude oil output was 71.7k BPD, which represents a 0.4%/0.4% MoM/YoY decline. Monthly data on natural gas production revealed that it had recovered over the 3.20BCFD threshold, reaching its highest level since August 23 (production: 3.29BCFD). During the time, it averaged 3,282 MMCFD, fluctuating by +4.4%/-2.5% on a MoM/YoY basis, respectively. The data from 7MFY24, oil and gas output was 71.2 kbpd or 3.16 BCFD, with a YoY change of +1.2% or -2.9%. Annual drops in gas output continued to be notable, with notable drops in major gas fields including Uch (down 8.2%YoY), Sui (down 8.4%YoY), Qadirpur (down 14.5%YoY), and Kandhkot (down 40.7%YoY) being recorded. Over the course of the seven months, the impact was somewhat lessened by increased output from the Mari gas field, which increased 20.6% YoY.
Oil production remains stable amidst new additions:
Country's oil production remained stable, clocking in at 71.17kbpd during 7MFY24 (up 2.4% vs. 69.5kbpd during FY23). Sustained levels were aided majorly by inclusions of Mamikhel South (+2.4k BPD) in the Tal block, discovery of three Takhat wells in outgoing 12 months (+0.95k BPD) and OGDC's Bettani (+0.87k BPD), cumulatively raising 4.2k BPD of oil to country’s total production since FYTD. Further, with OGDC currently underway with exploratory efforts in Wali block (drilling of Bettani-2 and Deep underway), the field is anticipated to produce upto 3.0k bpd upon completion of the two wells. However, country’s largest crude reservoir i.e. Nashpa continues to exhibit levels below 11k BPD mark, clocking in at 10.93k BPD vs. average 11.2k BPD in 1HFY24. With regards to recoveries in specific fields, Taj (Mirpurkhas Block) and Pasakhi Deep (Pasakhi Block) went up by +438/304BPD during the month. Overall, country’s total oil production continues to decline by a CAGR of 6% annually since FY19, with an average production life of 7.3 years (assuming no reserve replacement).
Legacy fields' gas output has been below average; during the 7MFY24 period, decreases were primarily observed in Kandhkot (-65 MMCFD YoY), Uch (-31 MMCFD YoY), and Sui (-26 MMCFD YoY). On the other hand, output from recent advancements in the Mari gas field, the nation's largest gas reservoir, as well as fresh finds in Waziristan (Bettani) since FYTD, and Tal Blocks (Mamikhel South) have added 168 MMCFD together. The nation's overall gas production is still declining at a rate of 4% per year, coming in at 3,159MMCFD (down 2.9% YoY) in 7MFY24. The average reserve life, assuming no replacement, is just over 15 years.
Gas production decline 30%yoy during 7MFY24:
E&P Sector Valuations
Businesses continued to acquire a significant amount of geological and geophysical data during FYTD, with OGDC carrying out the majority of the work. As a result, during 8MFY24, the industry acquired 1,829/600 sq. km of 2D/3D seismic line data, as opposed to 2.5k/1.75k sq. km during FY23. Nine discoveries were made during the 8MFY24 period (compared to 11 finds in FY23), and these exploration efforts are anticipated to collectively yield 1.43k BPD and 116 MMCFD of oil and gas, respectively.
seismic and other prospecting activities:
Jan’24 E&P Production data
Jan’24 E&P Production data
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