Pakistan’s oil and gas reserves rise on Mari-led discoveries, revisions

Pakistan’s oil reserves rose 1% to 239.6 million barrels while gas reserves increased 5% to 19 trillion cubic feet (tcf) as of June, driven largely by Mari Petroleum’s new discoveries and upward revisions, according to data from the Petroleum Planning and Infrastructure Service (PPIS).

Sania Irfan, research analyst at Topline Securities, said balance recoverable gas reserves increased 4.6% to 18,981 billion cubic feet (bcf), compared with 18,142 bcf in December. Mari’s operated fields alone added 996 bcf, including 125 bcf from Soho and 92 bcf from Spinwam. Upward revisions at Mari Deep, HRL, Shewa, and Ghazij contributed another 773 bcf, extending Mari’s reserve life to 18 years.

Other discoveries also added volumes. OGDC’s Soghri North field contributed 125 bcf, while MOL Pakistan’s Razgir field added 57 bcf. “The bulk of the increase came from listed exploration and production (E&P) firms, particularly Mari,” said Anand Kumar of Intermarket Securities.

Mari Petroleum

Mari posted strong reserve growth, with oil reserves up 12% to 9.6 million barrels and gas reserves also up 12% to 5.5 tcf, supported by exploration success. At Mari D&P, gas reserves grew significantly, including a 26% jump in Mari Ghazij to 1 tcf and a 13% increase at Mari Tipu to 0.82 tcf.

In the Waziristan block, Shewa reserves expanded 63% to 315 bcf, while Spinwam added 51 bcf. Oil reserves in the same block also grew, with Shewa revised upward to 5.8 million barrels from 3.6 million in December and Spinwam contributing another 0.5 million barrels.

OGDC

Oil and Gas Development Company (OGDC) sustained its overall reserve life through Bettani despite 10-15% declines in most mature fields. Oil reserves at Bettani increased 4% to 10 million barrels, while Soghri North added 3.1 million barrels.

On the gas side, OGDC’s reserves rose 3%, supported by a 12% upward revision at Bettani (220.7 bcf) and 124.9 bcf from Soghri North. However, depletion persisted at Nashpa (down 6% to 197.9 bcf) and Kunar (down 3% to 335 bcf). Analysts noted new additions are helping sustain OGDC’s base, but natural decline in legacy fields remains a long-term challenge.

PPL

PPL’s reserves increased modestly, with oil up 2% to 20 million barrels and gas up 3% to 2.2 tcf. Growth came mainly from Gambat South and the Tal block, offset by downgrades at older fields.

Shahdadpur drove the oil increase with reserves up 41% to 7.2 million barrels, though Adhi and Tal block fell 9% and 7%, respectively. Gas reserves rose on the back of a 35% increase at Shahdadpur (591 bcf) and a 7% boost at the Tal block (489 bcf), partly offset by downgrades at Sui, Kandhkot, and Adhi.

POL

POL’s oil reserves stayed flat at around 15 million barrels, while gas reserves improved on upgrades at Pindori and contributions from the Tal block, which makes up nearly half of POL’s reserves.

Pindori was a standout, with oil reserves doubling to 3.8 million barrels and gas reserves doubling to 10 bcf since December. Gas reserves also rose at Makori Deep (up 24%) and with the addition of 56.6 bcf from Razgir in the Tal block.

Within Tal, overall oil reserves declined 7% to 489 million barrels, with Mamikhel South downgraded 31% to 0.8 million barrels despite producing about 3,300 barrels per day. Analysts said continued output may lead to future upward revisions.