4 new rigs being acquired to step up natural resources’ exploration

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4 new rigs being acquired to step up natural resources' exploration

ISLAMABAD, Aug 1 (APP): Ministry of Petroleum and
Natural Resources has approved a proposal to acquire four new drilling rigs to step up oil and gas exploration activities in the country and achieve self-reliance in the energy sector.

“Under the proposal, Rs 415.807 million have been
earmarked to acquire four drilling rigs and their accessories for the Geological Survey of Pakistan,” official sources in the
ministry told APP.

Answering a question, they informed that the state-
owned Oil and Gas Development Company Limited (OGDCL)
had nine own rigs with the capacity to drill up to 5,500 meters deep.

“The company-owned rigs’ drilling capacity is from
2,500 to 5,500 meters, which are almost 35 to 40 years old,” they added.

They said Pakistan was facing a huge gap between
demand and supply of energy.

Currently, the sources said, its total gas production was
four billion cubic feet per day (bcfd) against the demand of
eight bcfd of gas, and the oil production stood at 10,000 barrels per day, while its requirement was seven to eight times higher than the production.

They expressed confidence that oil and gas exploration
production would increase with arrival of new drilling rigs and
geological survey equipment.