Pakistan’s oil production grew by 3% in the fiscal year 2016-17 to reach 88,189 barrels per day (bpd) due to additional flows from developed fields and commissioning of new projects. The news was also confirmed by Topline Securities in a research report.
At the start of January 2017, a temporary shutdown of some major oil fields have affected the production, but the oil firms have managed to keep production rates at 95,000 bpd. During June 2017, oil production averaged 91,000 bpd, up by 11% on a month-on-month basis and 10% on year-on-year basis.
For those who are wondering, major oil production companies including Pakistan Oilfields Limited (POL), Oil and Gas Development Corporation (OGDC), and Pakistan Petroleum Limited (PPL) are the main contributors in the overall 3% increase in oil production.
However, gas production in the country remained almost flat due to depletion of natural gas fields and lack of new inflows.