Pakistan Oil & Gas Exploration: Oil reserves down 5%; Gas unchanged
- As of Jun-2020, Pakistan net Oil reserves have declined by 5% to 540mn barrels given no significant upward revisions to existing fields or additions of new fields to compensate for natural depletion of 4-5%.
- During last the six months, Pakistan local crude oil production was 13.2mn barrels, however, new reserves of only 1.82mn barrels were injected through five new fields namely Kandiari, Ranjho, Dhok Hussain, Benari, and Yasar.
- Makori East (operated by MOL) reserved are up 7% (or 2.9mn barrels). This is equivalent to 1-year production from this field, enhancing remaining life to 3.3 years.
- Shahdadpur (operated by PPL) reserves have increased by 94% to 7.57mn barrels. This upward revision in two fields was clouded by downward revision in Makhdumur Deep field to the extent of 14mn barrels.
- Pakistan Gas reserves have remained unchanged in the last six months despite production of 634 bcf. This is largely due to upward revision in Shahdadpur (operated by PPL) by 332.5 bcf, Miano (operated by Omv) by 149 bcf, Buzdar South (operated by UEP) by 30 bcf.
- Along with these upward revisions in existing fields, five new fields reserves are also updated, contributing 64 bcf cumulatively.
- Reserves for major fields like MARI, Uch, Qadirpur, Sui and Kandhkot were down in line with production rates.
Average remaining life of the country’s gas reserves is at around 17 years.
Topline Securities is one of the fastest-growing brokerage houses in Pakistan. It has strong Equity Brokerage, Economic/ Equity Research, Commodity Trading and Corporate Finance & Advisory functions.
Topline Securities has been endowed with numerous awards by renowned international financial organizations. The highlights of which consists of the award for ‘Best Local Brokerage House of Pakistan’ by Asiamoney Brokers Poll (the largest Asia-focused equity services provider poll) in 2016 and ‘Best Equity Brokerage House’ by CFA Society Pakistan in 2015.
Previously, Topline Securities held the title for ‘Best Brokerage House’ for 4 consecutive years (2011-2014) by Asiamoney Brokers Poll. Other awards include the ‘Best Salesperson’ award by Asiamoney for 6 consecutive years (2011-2016), the ‘Arabia Fast Growth 500’ award and ‘Pakistan Fast Growth 100’ award in 2012 and 2013 by AllWorld Network.
JCR-VIS, a credit rating agency providing independent rating services in Pakistan has assigned initial rating of “A-2” for short term and “A” for long term to Topline Securities. Topline Securities is registered as Underwriter, Book Runner and Research Entity with Securities & Exchange Commission of Pakistan (SECP).
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