Pakistan’s future energy situation appears bleak since it has already depleted 79.8% of its total oil reserves and 66.6% of its natural gas reserves.
According to a report given to the Attorney General of Pakistan (AGP) by the Petroleum Division, Pakistan has consumed 985 million barrels of oil out of a total of 1,234 million barrels, accounting for 79.8% of the total. Reserves presently stand at 249 million barrels.
Balochistan has depleted approximately 13% of its oil reserves, according to the Petroleum Division. Khyber-Pakhtunkhwa (K-P) has absorbed 64% of its resources, Punjab 84%, and Sindh 84.5 percent.
Pakistan is a large producer of natural gas, which it uses to meet its domestic needs. Although the country was once self-sufficient, due to political considerations and the implementation of gas delivery networks, it has been an importer of liquefied natural gas since 2015. (LNG).
According to the Petroleum Division’s study, Pakistan has consumed 66.6% of its natural gas so far, with 33.4% still untapped. Since 2000, exploration and production (E&P) companies have been unable to increase gas production while also failing to make significant finds.
Baluchistan retains 26% of its recoverable gas reserves, K-P 40%, and Sindh 35%.
Natural gas is Pakistan’s primary energy source. It generates 33% of its own gas, 10% of its own LNG, and 1% of its own liquefied petroleum gases (LPG).
Over the last few years, domestic resources have been impacted by a 5% yearly growth in natural gas demand.
According to the Petroleum Division’s report, the fundamental cause for the country’s widening imbalance between demand and supply of natural gas is a rapid depletion of current reserves, with no substantial discoveries since 2001.
Domestic production has a 0.507 TCF deficit between supply and demand. This suggests that 0.382 TCF (8.1 Mt) of LNG imports are required. Over time, LNG’s share in the natural gas supply has climbed to 29%.
The current net shortage is 0.125 trillion cubic feet. This can be handled by reducing the gas supply or managing load in various sectors of the economy.
To read our blog on “Pakistan might run out of sui gas in the upcoming year” click here.
