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 fmangi@bloomberg.net; Ismail Dilawar in Karachi at mdilawar@bloomberg.net. To contact the editors responsible for this story: Arijit Ghosh at aghosh@bloomberg.net Ruth Pollard, Jeanette Rodrigues.


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