Pakistan's oil reserves surged by 26% to 243 million barrels by June 2024, up from 193 million barrels in December 2023, according to the Petroleum Information Service. This significant increase was supported by the Special Investment Facilitation Council (SIFC), which facilitated new discoveries in the exploration and production sectors.
The country's gas reserves also saw a 2% growth, reaching 18.47 trillion cubic feet by mid-2024, compared to 18.10 trillion cubic feet in December 2023. These positive developments are expected to meet Pakistan's energy needs for years to come, with experts estimating that the newly discovered oil reserves can last for 10 years and gas reserves for 17 years.
Energy expert Hamdan Ahmed credited the government's proactive measures for the increase in oil production and gas reserves, highlighting the effective exploration and well-managed initiatives that led to a 50 million barrel increase in oil production and a 1.1 trillion cubic feet growth in gas reserves.
👉 This isn’t the first time Pakistan has discovered large oil and gas reserves, but previous finds have not been fully developed, due to these very challenges.
