Plan to drill 110 oil, gas wells during current FY

Pub: Sat, 30/11/2013 - 15:52

Ministry for Petroleum and Natural Resources would drill 110 wells during the current fiscal 2013-14 for increasing the production of gas, while the total cost incurred on excavating oil and gas wells is $ US 5-40m.

Ministry for Petroleum and Natural Resources would drill 110 wells during the current fiscal 2013-14 for increasing the production of gas, while the total cost incurred on excavating oil and gas wells is $ US 5-40m.

Cost depends upon the area of operations, depth of the well, formation evaluation and testing programme, while well cost in southern and central parts is less than the Northern areas of the country.

According to official sources, government is making all-out efforts to mitigate the shortage of gas which increase the indigenous production of gas through enhance exploration activities and providing incentives to the investors under Petroleum Policy.

Besides, efforts are also being made to import gas under transnational pipeline and LNG projects, official said.

"Natural Gas Allocation and management Policy 2005 was introduced to promote efficacious utilization of natural gas".

Keeping in view the energy crisis in the country, the sectoral priority order for supply of gas was revised in January 2013 by the Economic Coordination Committee of the Cabinet, thus moving power sector at second number.

"Exploration activities are already taking place in the offshore area of Pakistan and three oil and gas reservoirs have been discovered at Sibi and Dera Bugti Districts of Balochistan during last five years".

Ref:
http://www.brecorder.com/pakistan/business-a-economy/146253-plan-to-drill-110-oil-gas-wells-during-current-fy.html