Energy analyst Hamdan Ahmed commended the government’s proactive strategies, attributing the additional 50 million barrels of oil and 1.1 trillion cubic feet of gas reserves to effective exploration efforts
By our correspondent
SANGHAR: In a significant boost to Pakistan’s energy sector, the recently discovered oil and gas reserves at the Baloch-2 well in Sanghar, Sindh, have commenced production, heralding a new chapter for the national economy. The Oil and Gas Development Company Limited (OGDCL) announced that the Baloch-2 well, located within the Sinjhoro Block and part of the Sembar Formation, was drilled to a depth of 3,920 meters in August 2024, culminating in this important discovery.
According to an OGDCL spokesperson, the well is currently yielding 350 barrels of oil per day alongside a substantial output of 50 million standard cubic feet per day (MMSCFD) of gas. This discovery is not merely a technical achievement; it holds the promise of fostering economic prosperity and development in the region. The optimism surrounding this project is underscored by the recent upward trend in Pakistan’s overall oil and gas reserves, with oil reserves rising by 26% and gas reserves by 2% by the close of the 2024 financial year, as reported by the Petroleum Information Service.
By mid-2024, Pakistan’s crude oil reserves swelled to 243 million barrels, a notable increase from 193 million barrels just six months prior. Concurrently, gas reserves saw a rise from 18.10 trillion cubic feet in December 2023 to 18.47 trillion cubic feet. Experts assert that the newly tapped oil reserves could cater to the country’s energy needs for up to ten years, while the gas reserves are projected to last for 17 years. Energy analyst Hamdan Ahmed commended the government’s proactive strategies, attributing the additional 50 million barrels of oil and 1.1 trillion cubic feet of gas reserves to effective exploration efforts and well-coordinated management initiatives.
Central to these advancements are the key players in Pakistan’s energy landscape, including OGDCL, Pakistan Petroleum Limited (PPL), Mari Petroleum Company Limited, and Pakistan Oilfields Limited. Their collaborative efforts, bolstered by reforms from the Special Investment Facilitation Council (SIFC), are anticipated to attract increased investment in Pakistan’s gas sector, particularly in exploration and production.
As the country navigates the complexities of its energy demands, the operationalization of the Baloch-2 well stands as a testament to the potential that lies within Pakistan’s natural resources. The ongoing exploration efforts not only promise to enhance domestic energy supplies but also contribute to broader economic stability, providing a beacon of hope for a nation striving to harness its vast reserves in the face of ongoing challenges.
