Karachi: Pakistan's oil and gas industry has reported significant growth in its recoverable reserves, marking a third consecutive year where reserve replacement has surpassed 100%. According to the latest figures released by the Pakistan Petroleum Information Service (PPIS) for June 2026, the industry's recoverable oil reserves increased by 15% year-over-year, while gas reserves rose by 11%.

According to AKD Securities Limited, OGDC's Baragzai field was a major contributor to the oil reserve increase. In contrast, gas reserve growth was primarily driven by fields operated by Mari Petroleum, including Ghazij, Spinwam, and Shams. The investment firm reiterated its 'BUY' recommendation for key players in the industry, namely Oil and Gas Development Company (OGDC), Pakistan Petroleum Limited (PPL), Mari Petroleum Company Limited (MARI), and Pakistan Oilfields Limited (POL), with target prices set for December 2026 at PkR522, PkR412, PkR935, and PkR850 per share, respectively.