Pakistan's energy outlook bleak as 80% of oil, 67% of gas deposits consumed

Islamabad: Amid economic crisis in Pakistan, the country’s energy landscape appears bleak in the next few years as it has already consumed 79.8 per cent of the total oil reserves and 66.6 per cent of the gas reserves. Out of the oil reserves of 1,234 million barrels, Shehbaz Sharif-led Pakistan has consumed 985 million barrels, which constitutes 79.8 per cent of the total amount, according to a report submitted by the Petroleum Division to the Auditor General of Pakistan (AGP), ARY News reported. After this, now Pakistan is left with around 249 million barrels of reserves. On the other hand, Pakistan had over 63 trillion cubic feet (tcf) of natural gas reserves. Out of this, around 42 tcf has been consumed, while gas production stood at 1.27 tcf per year against the target of 1.43 tcf, the report stated. Besides this, AGP also pointed out several issues in Pakistan’s Ministry of Energy. It stated that the sector was regulated by more than one regulator. Director General Petroleum Concessions deals with the E&P sector by formulating and implementing the petroleum policies, E&P rules and petroleum concession agreements (PCAs), the report stated. Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.