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  Introduction
The oil and gas sector has a considerable impact on the economy – the sector attracts by far the highest level of foreign direct investments in the country, and raises significant tax income for the government. Pakistan has an interesting Geo-dynamic history of large and prospective basin (onshore and offshore) with sedimentary area of 827,268 sq. km. So far about 844 million barrels crude oil reserves have been discovered of which 535 million barrels have already been produced. A Prognostic potential of total endowment of hydrocarbons has been estimated as 27 billion barrels of oil and 282 trillion cubic feet of gas. Up till now over 620 exploratory wells have been drilled by various national and international exploration and production companies, resulting in over 177 oil and gas discoveries. Indigenous production of crude oil during the year 2004-05 was 66,079 barrels per day. Pakistan is among the most gas dependent economies of the world. About 52 TCF of gas reserves have been discovered of which 19 TCF have already been produced. Natural gas production during 2004-05 was about 3.7 billion cubic feet per day. Pakistan has well developed and integrated infrastructure of transporting, distributing and utilizing natural gas with 9,063 km transmission and 67,942 km of distribution and service lines network developed progressively over 50 years.

Energy Balance Petroleum products and natural gas account for about 70 percent of commercial energy use, hydroelectricity for about 15 percent, and coal and liquefied petroleum gas (LPG) for the balance. Over the past three years, imports of liquid fuels were about 8 million tons (MMT) per annum, resulting in an import bill of some US$6 billion. On the other hand, gas reserves at 27.0 trillion cubic feet (TCF) are equivalent to more than 25 years of current production (about 900 billion cubic feet [bcf] per annum), and there is scope for a significant increase in gas production.

The transport sector is the largest user of petroleum products (61.5 percent), followed by power generation (23.5 percent) and industry (10.5 percent), and the balance largely by the residential sector. In the case of natural gas, sectoral consumption during 2004-05 was: power (43.7%), fertilizer (16.4%), cement industry (1.2%), general industry (19.5%), domestic (14.8%), commercial (2.3%) and Transport (CNG; 2.1%).

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