Islamabad, September 15, 2024 — Pakistan has witnessed a dramatic 26% increase in its oil reserves during the fiscal year 2024, reaching a total of 243 million barrels by June 2024. This is a significant leap from the 193 million barrels reported at the end of December 2023, as per the Petroleum Information Service.
The surge in oil reserves has been largely attributed to the strategic efforts of the Special Investment Facilitation Council (SIFC). The SIFC’s support has been crucial in enabling new discoveries and advancements in the exploration and production sectors.
In tandem with the increase in oil reserves, Pakistan’s gas reserves have also shown growth. As of mid-2024, gas reserves have risen by 2%, reaching 18.47 trillion cubic feet, up from 18.10 trillion cubic feet at the close of 2023.
Experts forecast that the new oil reserves will be sufficient to meet Pakistan’s energy requirements for the next 10 years, while the expanded gas reserves are projected to last for approximately 17 years.
Hamdan Ahmed, a leading energy expert, attributed the positive outcomes to the government’s effective and proactive measures in managing exploration activities. Ahmed highlighted that these initiatives resulted in a notable 50 million barrel increase in oil production and a 1.1 trillion cubic feet growth in gas reserves.
This significant rise in oil and gas reserves is expected to enhance Pakistan’s energy security and economic resilience, offering a promising outlook for the country’s future energy landscape.
