Page 6 - AsianOil Week 37 2021
P. 6
AsianOil SOUTH ASIA AsianOil
Pakistan’s oil, gas
production slips in August
PERFORMANCE PAKISTAN’S oil and gas production slipped in The Pakistani Energy Ministry announced
August owing to maintenance work at two of the plans on July 30 to auction several blocks that
country’s biggest producing fields. had either been awarded previously or were the
The country’s crude production contracted subject of ongoing litigation before the end of
by 19% month on month in August to 63,784 the year. Industry observers have warned that
barrels per day, while gas production shrank by since upstream investment has been previously
3% to 3.35bn cubic feet (94.87mn cubic metres) focused on already producing fields, there is little
per day, local daily The Express Tribune reported prospect of a serious reversal in production per-
on September 12, citing data from Pakistan formance in the near future.
Petroleum Information Service (PPIS).
Pakistani brokerage Arif Habib Ltd (AHL)
noted that production had fallen off noticeably
as a result of annual turnaround programmes
at the Mela and Nashpa oilfields as well as a
shutdown at the Gambat South gas processing
factory.”
“The major reason behind the continuous
drop in oil and gas production is the depletion
of Pakistan’s available hydrocarbon reserves at a
rapid pace,” AHL analyst Tahir Abbas told The
Express Tribune. “On the other hand, the local
oil and gas companies have remained unsuc-
cessful in finding large reserves over the past
two decades.”
The analyst warned that Pakistan’s avail-
able oil and gas reserves “will end in next 16
years if we remain unsuccessful in making a big
discovery”.
Indeed, Energy Minister Hammad Azhar
said on August 10 that the country’s gas reserves
were dwindling by around 8-10% per year,
which was forcing a greater reliance on imports
of the fuel.
Pakistan’s oil demand is estimated at more
than 500,000 bpd, while gas consumption is esti-
mated to top 5 bcf (141.6 mcm) per day.
SOUTHEAST ASIA
IEC strikes oil onshore Indonesia
PROJECTS & OIL and gas developer Indonesia Energy Corp. IEC said Kruh 26, which only took 18 days
COMPANIES (IEC) has made its second oil discovery at its to drill to a total depth of 3,376 feet (1,029
onshore Kruh Block in as many months. metres) and came in under budget, had
The Indonesia-focused developer said it encountered around 111 feet (34 metres) of
had struck oil with its Kruh 26 well after having oil sands between 3,100 and 3,228 feet (945
announcing in July the discovery of oil in Kruh and 984 metres). This oil-bearing interval
25. IEC said it intended to conduct stimulation was thicker than the company anticipated,
work and commence production from both suggesting the total reserve potential could be
wells in October. larger than expected.
The wells are expected to reach full produc- IEC president Frank Ingriselli said: “The plan
tion by the end of next month, boosting the com- is to now stimulate and commence production
pany’s overall daily revenues and oil output by next month from both wells, which is expected
more than 100%. to double our company’s daily revenue and
P6 www. NEWSBASE .com Week 37 16•September•2021
