Oil output registers 4.6 percent increase

KARACHI, Pakistan's oil production has increased by 4.6 percent on year-on-year basis to 71,122bpd (barrels per day) in the first 11 months of the current fiscal year FY08 as compared to 67,967bpd in the same period a year back. Gas production, on the other hand, increased by 2.9 percent on yearly basis to 4,045mmcfd (million cubic feet per day) in 11MFY08 as against 3,932mmcfd in the corresponding period last year, whereas LPG production fell by 0.8 percent to 1,529tpd (tons per day) in this period. According to the latest monthly figures released by the PPIS, OGDC's production growth remained impressive as its oil output grew by 5.7 percent on yearly basis in 11MFY08. The OGDC's production growth of oil and gas was mainly contributed by production increases in the fields of Bobi (100 percent stake), Chanda (72 percent), Dakhni (100 percent), Kunar (100 percent), Mela (56 percent), Adhi (50 percent) and Makori (28 percent). Apart from Adhi and Makori. Gas production increase of 4.5 percent on yearly basis during 11MFY08 was mainly due to production hikes from the Qadirpur (75 percent stake) and Uch (100 percent) fields, Saad Arshad, an analyst at Invest Capital Securities said. PPL's oil production growth of 47.8 percent on yearly basis in 11MFY08 was mainly on the back of production from Mela field (approximately 30 percent with PPL's stake of 26 percent). However, oil production from the Adhi (39 percent) and Makori (28 percent) fields also contributed to the rise. Average gas production of the company remained stagnant at 1,007mmcfd during 11MFY08 which was mainly due to a steady decline in gas production from the company's major field in Sui. However, this decline was offset by an increase from the Adhi, Kandhkot, Qadirpur and Sawan fields. POL's oil and gas production fell by 12.3 percent and 2.7 percent on yearly basis, respectively during 11MFY08. Oil production of the company was mainly affected by the fall in oil production from the Pindori field which averaged 2,240bpd in May-08. Apart from Balakassar and Khaur, all of POL's 9 operated fields suffered oil production falls with the largest 11MFY08 fall of 43 percent witnessed in Pindori. Average gas production of the company remained relatively stagnant at 46mmcfd during 11MFY08 as against 47mmcfd last year, down by 2.7 percent YoY.