Islamabad, Pakistan's oil and gas production witnessed a slight decline in January 2024, with crude oil production decreasing by 0.4% month-over-month and year-over-year, and natural gas production down by 2.5% year-over-year, despite a monthly increase of 4.4%.

According to AKD Securities Limited, the country's crude oil stood at 71.7k barrels per day (BPD), while natural gas production recovered to 3,282 million cubic feet per day (MMCFD), the highest since August 2023. For the first seven months of fiscal year 2024, oil and gas production varied, with oil production slightly up by 1.2% year-over-year and gas production decreasing by 2.9%.

The report highlighted the continuous decline in production from major gas fields, including Uch, Sui, Qadirpur, and Kandhkot, with the latter seeing the most significant decrease of 40.7% year-over-year. However, the decrease was somewhat offset by a 20.6% increase in production from the Mari gas field. On the oil front, the country's production remained stable thanks to new discoveries and contributions from fields like Mamikhel South in the Tal block, and exploratory efforts in the Wali block by OGDC are expected to further boost production.

The industry's seismic and prospecting activities have been vigorous, with a substantial amount of 2D and 3D seismic data being acquired, leading to nine discoveries during the period. These efforts are anticipated to yield additional oil and gas production, albeit concerns remain regarding the overall decline in production capacity.

This detailed overview underscores the challenges and opportunities within Pakistan's energy sector, highlighting the efforts to counteract declining production rates through new discoveries and technological advancements. As the country continues to navigate these dynamics, the focus on expanding and diversifying its energy sources remains crucial.