In a development set to bolster the nation's energy security, Pakistan has announced the discovery of significant new oil and gas reserves. The find, located in the Khewari block of Punjab province, has been hailed by the country's leadership as a major stride towards reducing dependence on expensive energy imports.
Details of the Khewari Block Discovery
The discovery was made by Mari Petroleum Company Limited, a leading exploration and production entity in the country. The exploratory well, Khewari East-1, successfully struck hydrocarbon deposits. According to preliminary assessments, the well has tested a flow of approximately 9.6 million standard cubic feet per day (MMSCFD) of gas and 470 barrels per day of condensate.
This successful exploration is the result of a collaborative effort. Mari Petroleum holds a 65% working interest in the venture, while the state-owned Oil and Gas Development Company Limited (OGDCL) holds 25%, and Government Holdings Private Limited (GHPL) holds the remaining 10%. The discovery is situated near the existing Khewari gas field, indicating the potential for further development in the region.
Government's Optimistic Response and Future Plans
Prime Minister Shehbaz Sharif personally announced the discovery, expressing his profound optimism for its impact. He described the find as "excellent and very encouraging news" for Pakistan's struggling economy. The Prime Minister emphasized that this discovery is a direct outcome of the government's focused policy to incentivize and accelerate exploration activities within the country.
"This discovery marks a significant step towards achieving energy self-sufficiency and will save precious foreign exchange spent on energy imports," stated PM Sharif. He extended his congratulations to the team at Mari Petroleum and the joint venture partners for their technical success. The government views this as a catalyst to attract further foreign and local investment into Pakistan's energy sector, which is critical for sustained economic growth.
Implications for Pakistan's Energy and Economic Landscape
The discovery comes at a pivotal time for Pakistan, which has long grappled with a severe energy crisis and a heavy import bill for oil and gas. The immediate benefits of this find include:
- Increased Domestic Supply: Adding nearly 10 MMSCFD of gas to the national grid will help alleviate some pressure on the domestic gas shortage, particularly for the power and industrial sectors.
- Economic Relief: Reduced reliance on imported liquefied natural gas (LNG) and oil will help conserve foreign exchange reserves and improve the country's balance of payments.
- Investor Confidence: A major commercial discovery serves as a positive signal to the international energy industry about the untapped potential of Pakistan's sedimentary basins.
While the Khewari discovery is a positive development, experts caution that one find alone cannot resolve Pakistan's deep-rooted energy challenges. It underscores the need for a consistent, long-term exploration strategy, stable policies, and sustained investment to fully assess and exploit the nation's indigenous hydrocarbon resources. The government has indicated that it will continue to support such ventures to unlock further potential in other parts of the country.
