Summary Kohat adds at least 20 percent to the local crude oil production
ISLAMABAD (Dunya News) – The first quarter of the fiscal year (FY) 2015-16 has seen 12 percent rise in average daily production of liquefied petroleum gas (LPG) while crude oil’s production has fallen by 8 percent.
Statistics issued by the government show that production of crude oil per day in July-September period stood at 84,600 barrels. The production rate is at least 8 percent less than the first quarter of the last FY.
Industry experts are of the opinion that Tal Block’s outage caused the decrease in oil production. It should be mentioned here that Kohat’s Tal Block was shut down for as many as 20 days consecutively due to maintenance.
Kohat adds at least 20 percent to the local crude oil production.
On the other hand, LPG production remained steady at 4.2 billion-square-feet per day. The gas supply in local areas was improved during the last three months owing to the handsome production.
The statistics suggest that the production touched 1,400 ton per day with a 12 percent increase from the last FY’s quarter.
Experts have said that cost of drilling across the world has lessened due to fall in prices internationally. They said that the government could take advantage of the cut prices and speed up hydrocarbon exploration with cooperation of foreign companies.
As data is pouring in from different sectors on conclusion of the first quarter, it was also reported that Pakistan’s exports stand at USD 5.16 billion after a 14 percent plunge. On the other hand, imports have reduced by at least 14.4 percent in July-September period. Imports worth USD 10.67 billion were recorded in the first three months of the ongoing fiscal year.
Trade deficit is holding position at US $5.5 billion in light of the current export and import situation of the country.
Industrialists and experts have held energy crisis and price not worth the product in international market reasons behind the plunge in exporting data.
The government has increased reliance on borrows to steady foreign reserves. Pakistan Bureau of Statistics issued the figures in the matter.
