KARACHI: Pakistan's remaining recoverable oil reserves rose 9% to 276 million barrels as of June 26, up from 253 million barrels in December 2025, driven primarily by new additions, according to industry data released this week.
The increase was led by the Baragzai field, which contributed 29 million barrels of reserves from two formations, the data showed. Spinwam, Makori East, Dhok-Sultan 3 and Mamikhel South also added 1.72 million, 1.43 million, 1.24 million and 0.73 million barrels of oil, respectively.
Total oil production over the past six months stood at 12 million barrels, implying a reserve replacement ratio of about 2.9x for the period.
Remaining recoverable gas reserves also climbed 10% to 20,664 billion cubic feet, compared with 18,854 BCF as of December 2025. The increase was led by additions from Mari Ghazij at 747 BCF, Spinwam at 399 BCF, Hatim at 214 BCF, Baragzai at 197 BCF, Mari Deep at 78 BCF, Mari Shams at 40 BCF and Bilitang at 38 BCF. The reserve replacement ratio for gas during the period was 1.5x.
Analysts calculated the valuation impact of key field reserves on exploration and production companies using gas reserve additions valued at US$2.5 to US$3.0 per barrel of oil equivalent and oil reserve additions at US$5 to US$6 per BOE.
The monetization of those reserves in actual earnings could take time, as most of the increases came from the Ghazij and Baragzai fields, which are already producing hydrocarbons and have decent remaining useful lives, analysts said.
Using a reserves-based discounted methodology, the estimated valuation impact was Rs98 to Rs117 per share for MARI, Rs12 to Rs14 per share for PPL, Rs14 to Rs17 per share for OGDC and Rs9 to Rs11 per share for POL, based on the stated valuation assumptions.
However, based on price-to-earnings valuation, a material increase may not materialize because the fields are already in the production phase, analysts said.
