KARACHI - The overall oil and gas production in the country has decreased to 726.670 million barrels of oil equivalent per day (726,670 bpd) during the seven months of current financial year, depicting a minor decline of 2.2 percent in growth on year-on-year basis. It must be recalled here that the total production in the energy sector reached 742.922 million bpd during the same period of last fiscal. According to Pakistan Petroleum Information Service (PPIS), oil and gas production recorded YoY decline of 8.0 percent and 1.6 percent respectively in their individual production capacities as the E&P of oil down to 67.418 million bpd while gas production fall to 3.956 million cubic feet a day (mmcfd) during Jul-January FY09. However, in the period from July, 2008 to January, 2009, the net oil and gas outputs of the three largest companies in exploration and production in the oil and gas sectors, namely OGDC, PPL and POL reported a cut of 3.1 percent, 4.8 percent and 19.2 percent YoY. Energy analysts anticipate the field to average gas production of OGDC to increase to 600-650 mmcfd for FY10, on the back of ongoing development activities. On the other hand, analysts project POL to post a robust growth of 24 percent in EPS in FY10 with PKR 27.1 and PKR 33.5 for FY09 and FY10 owing to increased oil and gas production from Tal Block. As per data compiled by PPIS, OGDC's net oil and gas production stood at 203.336 million boepd in 7MFY09 compared to 209.805 million bpd of the corresponding period of previous financial year, translating into a YoY decline of 3.1 percent. Contrary to that OGDC's oil production dropped by 7.5 percent YoY from 44.799 million bpd to 41.437 million bpd during the period under review. The downward trend in the oil production was observed largely on the back of reduced oil production from OGDC operated fields such as Dhodhak, Bobi, Sonu and Lashri and non-operated fields such as Manzalai. A much-needed impetus was provided however, by increased oil production from Mela and Kunar (amongst operated fields) and Makori and Adhi (amongst the non-operated fields). In terms of growth, the gas production of the company registered a reduction of 1.9 percent. However encouragingly, Qadirpur (OGDC stake: 75 percent) posted steady growth as it recorded a production of 541 mmcfd during 7MFY09. It should also be noted here that by virtue of the sustained decline in PPL's gas production profile, OGDC has now become the largest gas producer in the country too (apart from being the largest oil producer). Meanwhile, PPIS numbers also showed that oil and gas production of PPL during 7MFY09 declined by 4.8 percent YoY. This was largely due to a YoY decline of 5.0 percent to 967 mmcfd witnessed in gas production as Sui (PPL stake: 100 percent) continued to post a natural YoY decline of 5-6pc to average 7MFY09 production at 608 mmcfd while oil production on the other hand, managed to register relatively flat fall of 0.3pc. During July-January 2008-09 oil and gas production of POL declined by 19.2pc YoY. Oil production for the company averaged at 4,028 bpd during 1HFY09, registering a decline of 28.1pc YoY. Oil production from Pindori (POL stake: 50 percent) was recorded at 1.236m bpd against an average of 3.736 million during the same period last year - a decline of over 67 percent. With regards to gas production for 7MFY09, POL recorded a reduction of 13.7 percent YoY to 41 mmcfd. This was mainly a result of production decline in Meyal and Pariwali amongst the operated fields and Manzalai, amongst the non-operated fields.