The Pakistan Petroleum Information Service (PPIS) has upgraded Pakistan’s original recoverable oil reserves by five percent to 1,102.57mmbbl, while gas reserves have been cut by one percent to 56.02tcf.
Meanwhile, balance oil and gas recoverable reserves stand at 371mmbbl, up by nine percent and 24.74tcf, which is down by seven percent, respectively, as compared to June 30, 2012.These recoverable reserves translate in the remaining oil and gas reserves life of 13 years and 17 years, respectively.

In a major development the US has agreed to extend the technical help for the exploration of shale gas reserves in Pakistan and to this effect a US company is all set to initiate a study for an exact assessment of oil and gas reserves – particularly the shale gas – available in Pakistan.