ISLAMABAD - Director General Oil, Ministry of Petroleum and Natural Resources Abdul Jabbar Memon Tuesday said that local oil production from different gas fields across the country had registered 22 percent increase during last two years.
"The local oil production across the country to-date is around 90,000 barrels per day (bpd), out of which 80 percent is crude and 20 percent is condensate. Whereas, the country's total requirement/ consumption is around 400,000 bpd," he said while talking to APP.
When the present government under the dynamic leadership of Prime Minister Muhammad Nawaz Sharif came into power in 2013, the daily production of crude oil was about 74,000 barrels while now it has touched the 90,000 bpd figure. Replying to a question, he said presently as many as six oil refineries were operating in the country and they had full capacity to refine the product as per needs of the country.
"We are self-sufficient in refining crude oil, but a lot of work is still has to be done in exploration sector to achieve autarky," he added.
Memon said the country's success rate in oil and gas exploration is `very high' as compared to other discoveries at international level.
"After almost every three to four drillings, there is a find, while at international level discovery comes after eight to ten attempts," he added.
The present government, he said, was pursuing a practical and aggressive petroleum strategy to achieve self-sufficiency in oil and gas sector, which would help bring the import bill to the lowest level.
To another question, the DG said the Byco Petroleum Company had set up the country's largest oil refinery complex in Hub, Balochistan, with the capacity of refining 120,000 barrels crude oil per day. "The facility will increase energy security and reduce dependency on others," he added.
The country's oil refining capacity had dropped from the 50 per cent mark, which was not considered a good sign for national economy. The Byco Refinery will fulfill around 39 per cent of the country's energy needs and considerably bring down the oil import bill.
Memon said another petroleum company Trans-Asia was also going to set up a refinery having capacity to develop 100,000 barrels oil per day.
"The company has imported all the required machinery and equipment, and the company will itself announce the launching date after completing all the required codal formalities," he added.