Pakistan Oil and Gas Industry

Pakistan oil and gas industry is going through a process of transition as IT is experiencing a new wave of privatization. Government of Pakistan has announced its intention of privatizing 37% of its 75% stake in Qadirpur gas field and also transferring management responsibility to private companies. Aware of rich oil and gas reserves, oil and gas industry of Pakistan is putting in steady efforts to make best utilization of resources and build a strong production base.

Petroleum Policy of oil and gas industry in Pakistan is designed with a focus on promoting private sector investment in oil and gas sector. Instance of gas and condensate discovery by Oil and Gas Development Company Limited (OGDCL) in Exploratory Pakhro Well No. 01 is a major achievement of this sector. Austria's OMV is credited with discovery of gas in Taijal 1 exploration well. OMV has also pointed out medium-term growth potential in Pakistan's reserves.

Reports of oil and gas industry of Pakistan reveals this country’s current average daily oil production is about 3,800 net barrels and natural gas of 73 net million cubic feet. Despite such huge potential, Petroleum Ministry of Pakistan reported high trade deficit due to major gap between import and export value. Oil import of Pakistan is expected to reach $6.5 billion in 2009 and government aims at formulating policies to reduce import dependence and promote self-reliance by triggering exploitation.

BP, one of world's largest energy companies entered Pakistan oil and gas industry by acquiring all of Oxy's remaining reserve in Pakistan of approximately 68 billion cubic feet of natural gas and 3 million barrels of oil. Iran has also consented to sign gas supply deal with Pakistan oil and gas industry and it will work to construct proposed Iran-Pakistan-India gas pipeline although India has not expressed its decision on this regard.

POGEE or Pakistan Oil, Gas & Energy Exhibition & Conference to be held between 18th and 21st May, 2009 will discuss several imperative issues concerning oil and gas industry at Pakistan including increasing demand for products and services in this sector. This is an important event for Pakistan oil and gas industry as leaders of this sector get a decent scope of displaying latest technology pertaining to energy industry. Focal point of this conference will be to highlight contemporary developments in Pakistan’s oil and gas sector