Energy Explorers Search Pakistani 'Wild Cat Areas' as Fields Dry
So far Pakistan Petroleum has managed to stem a three-year decline in gas production. Drilling costs have fallen to $2,600 per square foot from $3,600, which is helping boost activity, according to Bokhari.
The exploration efforts may help lift the nation’s gas output that has been stagnant around 4 billion cubic feet a day for eight years, according to Karachi-based Topline Securities Ltd. Oil output rose 3 percent to about 88,000 barrels a day in the fiscal year ended June.
“Generally the overall dynamics are really strong for E&P companies especially looking at the overall output which is expected to shore up,” said Fortune Securities’ Rizvi. There is “massive upside. Even with current market dynamics, taking a stable $50 oil price for year started July, I still think that with additional flows and the overall pricing theme that is being played out, they really seem attractive.”
To contact the reporters on this story: Faseeh Mangi in Karachi at email@example.com; Ismail Dilawar in Karachi at firstname.lastname@example.org. To contact the editors responsible for this story: Arijit Ghosh at email@example.com Ruth Pollard, Jeanette Rodrigues.
View Full Article
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.