The Pakistani government plans to raise crude oil output from 64,000 barrels per day to 100,000 b/d and gas production from 3 billion cubic feet per day to 5 billion cfd over the next 10 years.
The Pakistan News Service (PNS) said the level of exploratory drilling will be increased from 30 wells to 100 wells per year.
“The procedural bottlenecks relating to equipment, taxation and land acquisition have been eased to explore more oil and gas reserves. The proven oil reserves stand at 778 million barrels. However, estimates from independent sources are many times higher. They claim the oil potential to be 27 billion barrels in the country,” it reported.
It added that discovered gas reserves are 43 trillion cubic feet, with the potential to rise to 282 trillion cubic feet.