Pakistan's oil and gas reserves have shown substantial growth by the end of fiscal year 2024, with crude oil reserves increasing by 26% and gas reserves by 2%. According to the Pakistan Petroleum Information Service, crude oil reserves rose from 193 million barrels in December 2023 to 243 million barrels in June 2024. Gas reserves increased from 18.10 trillion cubic feet to 18.47 trillion cubic feet during the same period.
Energy expert Hamdan Ahmed attributes this growth to new discoveries and government efforts in exploration and production. Key players in these achievements include OGDC, Pakistan Petroleum Limited, Mari Petroleum Company Limited, and Pakistan Oilfields Limited.
With SIFC's support, new discoveries have extended the availability of oil reserves to 10 years and gas reserves to 17 years of use. Local reserves are helping refineries meet 70% of diesel and 30% of petrol demand, according to energy experts.
The government expects that reforms supported by SIFC will make the gas exploration and production sector more attractive. New policies developed with SIFC's assistance are anticipated to accelerate hydrocarbon exploration, paving the way for further growth in this sector.
