160 oil and gas reservoirs discovered in Pakistan in last 10 years

ISLAMABAD, Pakistan: The Minister for Energy (Petroleum Division) Omar Ayub Khan has said that a total of 160 oil and gas reservoirs have been discovered in Pakistan during the last 10 years.

In a written reply submitted in the National Assembly, Omar Ayub said that the discovered reservoirs are in different stages of appraisal and development, therefore, the estimated volume and value may vary based on actual production and its recovery factor.

The province wise break up of aforesaid discoveries during the year 2008-2018:160 oil and gas reservoirs discovered in Pakistan in last 10 years

Furthermore, the minister for energy told the House that at present total annual requirement of oil of the country is around 25.8 million tons per annum.

Required purchase and sale rates of petroleum products in Pakistan:

The minister said that the prices of petroleum products in the Country are linked with the International Arab Gulf market prices which fluctuate on daily basis and not in the control of government. Accordingly, the domestic oil prices are increased/decreased by including notified taxes and other cost components incurred on the supply of oil across the country.

Omar Ayub said that the government takes steps from time to time for providing relief to the consumers by adjusting any hike in international oil prices through reduction in the rate of taxes.

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