Pakistan Gas Reserves 6th Largest in Asia-Pacific
The country offers huge oil and gas potential and vast relatively unexplored acreage, with historical success ratio of 1:3.4. ‘The major portion of hydrocarbons is untapped,’ says a JS Capital Markets report on ‘Pakistan’s gas reserves and gas fields’ released on Wednesday. Based on 2004 data of remaining recoverable reserves, Pakistan with gas reserves of 28tcf (current reserves 32.8tcf) ranks 6th in the Asia Pacific region. The report indicates the country’s exploration acreage has found to have greater prospects for gas than that of oil. In the last five years (FY01-05), Pakistan’s remaining recoverable gas reserves have grown at a CAGR of 6 per cent and reached 32.8tcf in FY05. At current production rate, Pakistan possesses gas reserves for the next 24 years assuming no discovery takes place in the future.