Pakistan Oil and Gas Development to boost production from existing fields
(Bloomberg) 鈥 Pakistan鈥檚 Oil and Gas Development Co., the nation鈥檚 largest oil and gas operator, intends to raise production in coming years, in a plan largely driven by getting more out of its existing wells.
The Islamabad-based company is targeting oil production of about 50,000 bpd in the next four or five years, from 33,000 bpd currently, Chief Executive Officer Ahmed Hayat Lak said in an interview. The goal is for natural gas production to climb above 900 MMcfd from 720 MMcfd.
Pakistan imports most of its energy needs and has seen a drop in production in recent years due to aging fields. The country鈥檚 petroleum minister has said the nation鈥檚 gas production is declining by as much as 10% a year.
The operator is engaged in a production optimization program, which is designed to reverse 鈥渢he story of decline in terms of production numbers,鈥 Lak said. 鈥淎fter a long, long time, the company is expected in terms of its production numbers to do better.鈥
The state-owned company also has a stake in a gold and copper project that鈥檚 being eyed by Saudi Arabia for a minority holding. Lak said he expects the company to hold onto some of its shares in the event of a deal.