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Stocks fall on economic red flags July 10, 2021 Stocks shed a good deal of gains made a day earlier as an anaemic economic outlook coupled with a global rout sent investors fleeing to safety, traders said. KSE-100 Share Index lost 489.72 points or 1.02 percent to close at 47,563.45 points at Pakistan Stock Exchange (PSX). The index oscillated between a high of 48,053.17 points and a low of 47,546.01 points. Ahsan Mehanti, analyst at Arif Habib Corp said the losses were led by scrips across the board on concerns over weak economic outlook. Weak global equities, rupee instability, uncertainty on EU GSP plus status on human right issues, concerns over non-disbursement of $400 million World Bank loan delayed because of weak IMF ties shook investor sentiment, Mehanti said. ....
Despite drop in production from Makhori Deep by 37pc and 14pc in Mardankhel, the total oil production during FY21 soared to 75,575 barrels per day (bpd) from 60,993bpd in FY20. Dawn/File KARACHI: Pakistan’s oil production swelled by 24 per cent in FY21 while the gas output shrank by 2pc during the year. Despite drop in production from Makhori Deep by 37pc and 14pc in Mardankhel, the total oil production during FY21 soared to 75,575 barrels per day (bpd) from 60,993bpd in FY20 while gas production slightly fell to 3,511mmcfd from 3,589mmcfd in FY20. According to Shankar Talreja of Topline Securities, the country’s oil production in 4QFY21 was down by 3pc QoQ to 74,700bpd as decline was visible in nearly all major fields like Nashpa, Adhi, Makori East, Maramzai, Chanda, Mardankhel and Makori Deep (to the tune of 2-17pc). ....
Gas production down, oil output up in FY2021 July 10, 2021 KARACHI: Gas production was marginally down to 3.51 million metric cubic feet per day (mmcfd) during the last fiscal year compared to 3.58 mmcfd a year earlier while annual oil output increased 24 percent to 75,575 barrels per day, according to a brokerage report. Overall, it declined two percent from 1.3 mmcf to 1.28 mmcf, a Topline Research report said on Friday. The biggest declined in production of 17 percent from Kandhkot, followed by 13 percent in Qadirpur, and 4 percent in Kunar Pasakhi Deep, the brokerage said, citing official data. Gas output from Mari, however, increased 7 percent and from Nashpa the growth was 8 percent. ....
KARACHI: The country’s domestic crude oil production in 3QFY21 fell by six per cent year-on-year to 77,139 barrels oil per day due to sharp fall in Makori Deep, Mardankhel and Maramzai’s production. These three fields belong to Tal Block (operated by MOL Pakistan), of which production in total has declined by 13pc to 17,840 barrels per day in January-March quarter compared to 20,597 bpd in the same period last year. The decline in production from Tal Block was contained to 13pc due to 3pc increase in oil production from Makori East (which contributes 54pc to Tal Block and 12pc to country’s production). ....
Oil, gas production continues to fall Output drops due to depletion of reserves, no big find in a decade KARACHI: Pakistan’s oil and gas production has continued to drop due to depletion of existing reserves while exploration firms have frequently failed to find large hydrocarbon deposits to bridge the deficit for over a decade. The country’s reliance on fuel imports is on the rise, which consumes a significant amount of foreign currency reserves. Demand for oil and gas has grown with a gradual pickup in economic activities, including industrial production and agricultural harvests, following a reduction in Covid-19 cases. ....