Business
Officials say Pakistan has already consumed 80% of its discovered oil reserves – SUCH TV
Pakistan is facing a significant decline in its oil reserves, highlighting the urgent need for new discoveries to ensure the country’s energy security and economic stability.
According to the Auditor General of Pakistan, the nation has recorded a total of 1,234 million barrels of discovered oil reserves, of which 80 percent has already been consumed.
Provincial data indicates that Khyber Pakhtunkhwa has 94.24 million barrels, Sindh 78.98 million barrels, Punjab 74.23 million barrels, while Balochistan holds only 1.6 million barrels of discovered oil reserves remaining.
Pakistan’s current production capacity stands at 60,000 barrels per day, which experts believe could be significantly increased with new discoveries.
The Special Investment Facilitation Council (SIFC) is actively working to attract international exploration companies to accelerate efforts in identifying new oil reserves in the country.
Despite the depletion of discovered reserves, the U.S. Energy Information Administration estimates that Pakistan still possesses around 9.1 billion barrels of untapped oil resources.
However, the country’s energy demand is projected to grow from 2.23 billion barrels in 2030 to 3.35 billion barrels, increasing the urgency for exploration.
Officials say that tapping new reserves with international assistance could be a game-changer for Pakistan’s economy, ensuring long-term energy security and reducing reliance on imports.
Earlier, the Oil & Gas Development Company Limited (OGDCL) had announced a new oil discovery at the Chakrun-1 exploratory well in Chakar–one, Oil Field in Tando Allah Yar, Sindh.
According to OGDCL official statement, the discovery was made under the Tando Allah Yar Exploration License, with OGDCL holding a 95% operating interest and Government Holdings (Private) Limited (GHPL) as a 5% carried-interest partner.
Drilling at the Chakar–one well began on June 2, 2025, and reached a total depth of 1,926 meters into the Upper Shale of the Lower Goru Formation, according to the OGDCL statement.
Following wireline log interpretation and Reservoir Evaluation Services (RES) data analysis, a Drill Stem Test (DST) was conducted in the B-Sand formation, with further testing using an Electrical Submersible Pump (ESP).
The well demonstrated a flow rate of 275 barrels of oil per day (BOPD) through a 32/64-inch choke at a wellhead flowing pressure of 400 psi.
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Gold price prediction today: Will gold prices continue to be volatile? Key levels to watch out for April 27, 2026 week – The Times of India
Gold price prediction today: Gold prices will closely track movements on the rate decisions by several central banks, including the US Federal Reserve, this week, says Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial Services Ltd.Gold is currently consolidating after sharp swings in a broad range, indicating a pause rather than a reversal. Price action shows a higher-high structure intact, but the recent sideways movement suggests indecision near the upper supply zone around 158,000–160,000. The formation resembles a short-term flag/triangle continuation pattern, where a breakout on either side will define the next directional move. Volume has tapered slightly, reinforcing the consolidation narrative.Gold prices recently moved from the upper band toward the mid-band (20 DMA), and are now attempting to stabilize. The bands have started to contract, signaling a potential volatility expansion ahead. Sustaining above the mid-band (~150,500–151,000 zone) keeps bullish bias intact, while a breakdown below this could trigger a deeper mean reversion toward the lower band.For the week, immediate support for gold prices is placed at around Rs 150,500, which is followed by stronger support near Rs 148,500. On the upside, the resistance stands at around Rs 155,500, and after that the key supply zone is at Rs 158,000. A decisive close for gold above Rs 158,000 levels can then resume the broader uptrend. However, a break in gold prices below levels of Rs 148,500 may shift the momentum to bearish in the near term.The economic docket is filled with data points and events this week as the focus will be on FED, BOJ, ECB and ECB policy meetings. US consumer confidence, GDP, inflation and durable goods orders data will also be in radar.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)
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