ISLAMABAD, May 2 (Xinhua) -- The oil and gas exploration companies will spud 90 oil and gas wells in different areas across Pakistan during the fiscal year of 2018-19, Pakistan's state-run news agency APP reported.
Senior officials of the Pakistani government told the media on Tuesday that as part of the plan, as many as 50 exploratory wells and 40 development wells will be drilled across the country to help the government become self-sufficient in the energy sector.
They informed that under the current government, Pakistan has added over 944 million cubic feet of gas per day (MMCFD) and 32,343 barrels of oil per day in the transmission network across the South Asian country through the inbuilt resources during the first four years of the governance.
During the last four years, the oil and gas exploration companies drilled over 179 exploratory and 194 appraisal wells, which resulted in around 101 new oil and gas discoveries across the country, up almost 80 percent compared with the corresponding previous years.
The Pakistan government has offered incentives to the oil and gas exploration companies, which has given rise to the oil and gas exploration activities across the country. The officials said the oil and gas exploration activities in Pakistan registered an increase of 80 percent in the last four years. The success rate of these discoveries was at a staggering 40-percent growth rate, they added.
The grant of the exploration licenses and leases improved by 39.4 percent and 200 percent, respectively during the last four years from the preceding four years, they said.