The Oil and Gas Development Company Limited (OGDCL) has discovered huge oil and gas reserves in the Wali block near Lakki Marwat in Khyber Pakhtunkhwa. The Minister for Energy, Hammad Azhar, has considered this oil and gas reserve the biggest one in the last decade.
OGDCL produces 48% of crude oil and 35% of Liquified Petroleum Gas (LPG) of the country. Furthermore, it also produces 90 Million Standard Cubic Feet per Day (mmcfd) gas. However, with the development of this reserve, the country will get an additional 100-150 mmcfd of natural gas.
The oil and gas sector contributes a notable amount to the country’s GDP and can play a significant role in boosting the economy of Pakistan. The country’s infrastructure is built heavily on petroleum-based products, which expand the dependency on oil and gas, increasing their consumption in the future. Due to limited petrol production, the country is highly dependent on petroleum imports to satisfy its domestic demand. The Government of Pakistan is passionate about expanding its oil and gas production and is trying to provide better and competitive opportunities in the oil and gas sector to meet the international standards to attract foreign investment. OGDCL is the main exploration and production company in Pakistan. The development company has adopted several diligent exploration strategies that resulted in discovering several oil and gas reserves in the country.
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