These alarming statistics were recently shared by the Senate Standing Committee on Petroleum by officials of the Petroleum division. The meeting discussed the current state of reserves and was attended by various senators including SNGPL, PSO and SSGCL officials.
The reservations
The secretary (Petroleum) informed the commission about the current state of the oil and gas reserves of the country. According to him, the current reserves are on the following figures against their total demand in the country:
- Pakistan has 1197 million barrels of oil reserves. Of these, 865 million barrels were recovered, while 332 million barrels remained in reserve. At the current rate, the reserves will only be able to meet demand in the next 10 years.
- 36 million of the discovered 57 trillion cubic feet of gas was recovered. The remaining 21 million remain in the reserves that will meet the demand for the next 13 years.
ALSO READ
KP Govt has effectively revived oil and gas exploration in the last four years
The current demand for gas is 1000 million cubic feet per day, which is expected to rise to 3,600 in 2030. For the petroleum products, domestic production only meets 15% of the total demand. The country used 26.4 million tonnes of petroleum products in 2016-17, of which 85% was imported.
Pakistan has a total of 8.8 million gas users with an annual addition of 0.5 million consumers. The Senate Committee was informed that the government had collected $ 167.45 billion as a petroleum tax in the 2016-17 financial year. Other than that, Rs 45 billion was collected because of the capacity of the terminal since 2015.
The Senate Committee did not seem happy with this collection and sought further details on the LNG agreement with Qatar. Information to be provided includes the prevailing gas prices on the market at the time of bidding, as well as the companies that participated in the bidding process.
Via Profit
Related Articles
The post Pakistan’s Oil & Gas Reserves Will Run Out in 10 Years: Ministry appeared first on News Doses.
