Pakistan has only 12 to 14 years of gas left. A report published in the BBC says that Nadeem Babar, Minister of petroleum and special adviser of Prime Minister, said that If no new large reserves are discovered in the country, then there is only the next 12 to 14 years of gas is left.
He added that the price of gas in the Country would not be increased at all this winter. By the end of this financial year, in June 2021, gas will be supplied to the consumers at the current price. The government is buying gas from the world market much cheaper, and that is why this year Gas prices will not rise.
Local gas production in Pakistan is getting down rapidly. The previous government did an excellent job of incorporating LNG into the system and did a lousy job of focusing on local production.
No new block award has been made in the last five years of government and drilling has not been started as fast as it should have been. Local production has been getting down day by day, and demand has been increasing. Imports of LNG have been started to overcome this. However, demand is increasing.
In the last ten years, no significant discoveries have been made in the Country. In the last five years, 90 reserves have been discovered in the Country. There were 26 discoveries during the PTI regime, but all of them are very small. Their total volume is two hundred and fifty million cubic feet. In our country, we have about 30 to 35 percent of the area where oil and gas should be explored. But so far we have leased only 8 or 9 percent of the area that is being worked on the ground is about to 5 or 6 percent.