ISLAMABAD (APP) - Pakistan is meeting the demand of natural gas from internal sources, since there is no external source of natural gas, therefore the increasing demand of gas has created a big shortfall of 1,295 MMCFD. The existing demand of natural gas in the country is 5190.5 MMCFD, out of which 3895.5MMCFD is met by internal sources, official sources said adding that as on June 30, last gas availability was 28.90 trillion cubic feet, while the oil availability was 314.39 million barrels. They said in order to explore more oil and gas reservoirs the government granted 115 exploration licenses. Presently, 16 foreign companies were operating in 44 blocks in Pakistan for the purpose. Since inception exploration and production companies made 223 oil and gas discoveries in the country they said adding that so far cumulative production from these discoveries is 543 million barrels oil and 24.433 trillion cubic feet of gas having worth of about Rs. 27000 billion and Rs. 4930 billion respectively at an average international market price of oil and average wellhead value of gas for 2009. They said that prospects of new discoveries are dependent on extensive exploration work especially in NWFP and Balochistan, which would improve with law and order situation. Regarding oil, the sources said that present requirement of oil in the country is around 19 million tons per annum, out of which around three million tons (15 pc) is met from internal sources, while the balance demand of oil is met through imports of crude oil and other petroleum products. Giving details of expenditure on oil import, they said that $ 32.26 billion was spent on import of 58.64 million tons oil during last four years (2006-2010). In order to attract local and multi-national companies for investment in oil and gas sectors and aggressive exploration, the government has given incentives in new petroleum policy 2009. In addition to this, they said that recently, Pakistan Basin Study project has been completed, which would be helpful in identifying hydrocarbon potential in the different basins of the country. It would especially help the overseas companies to review the complete data for participation in exploration business, they added. The Minister for Petroleum and Natural Resources has said the government places high priority to the exploration of oil and gas in the country to meet the increasing demand.