ISLAMABAD: The Ministry of Petroleum and Natural Resources is effectively pursuing policies to explore indigenous hydrocarbon resources for mitigating energy crisis, jacking up the country’s oil production to 90,000 barrel per day.
“The government is giving high priority to develop indigenous hydrocarbon resources to minimize the demand and supply gap with implementing investment friendly policies, catalyzing efforts to augment oil and gas production,” says an official source.
The source said as many as 73 wells had been spuded and 18 discoveries were made since the current government was formed.
According to the source the production of petroleum products increased by 9.91 percent during the first half of the current financial year when compared to the corresponding period of last year.
On year-on-year basis, the output of petroleum products increased by 8.59 percent in December 2013 when compared to the production of December 2012.
The products that contributed in the positive growth of production, included jet fuel oil, output of which increased by 3.33 percent in July-December (2013-14) and 48.49 percent in December 2013 compared to December 2012.
The production of kerosene oil increased by 5.54 percent in six months, however it decreased by 25.04 percent on year-on-year basis in December 2013.
The data revealed that the production of motor spirits increased by 9.13 percent and 9.15 percent in July-December (2013-1) and December 2013 respectively.
The output of high speed diesel and diesel oil increased by 14.63 percent and 93.74 respectively during the first half of the current year.
In December 2013, the production of these items also witnessed positive growth of 5.31 percent and 115.13 percent respectively.
Production of furnace oil increased by 11.53 percent in first half of the current fiscal year and 7.25 percent in December 2013 while the production of lubricating oil increased by 12.77 percent in six months while it decreased by 12.64 percent in December 2013.