Pakistan’s recoverable oil and gas reserves increased to an estimated 3.72 billion barrels of oil equivalent (BOE) by June 2026, helped by new discoveries and higher reserve estimates at several fields.
An Arif Habib Limited (AHL) research report, based on data from the Pakistan Petroleum Information Service, showed that the country’s oil reserves rose 15 percent year over year to 276 million barrels from 240 million barrels in June 2025.
Natural gas reserves also increased 9 percent to 20,664 billion cubic feet (Bcf), compared with 18,981 Bcf a year earlier.
The increase has improved Pakistan’s estimated hydrocarbon reserve life to around 19 years. This compares with about 15 years in June 2024 and June 2023.
The Baragzai field made the biggest contribution to the increase in oil reserves. Its estimated reserves reached 49.09 million barrels, up from 21.01 million barrels in December 2025.
Mardankhel, Mamikhel South, Maramzai and Spinwam also recorded increases in oil reserves.
These gains more than offset depletion at older fields, including Nashpa, Adhi, Pasakhi/Pasakhi North East, Makori East, Kunar and Sono.
Gas reserves also received a major boost from new and upgraded fields. Mari Ghazij’s reserves increased 74 percent year over year to 1,723 Bcf, while Spinwam’s reserves rose more than five times to 489 Bcf.
Higher reserves at Baragzai and Soho also helped offset declines at Sui, Kandhkot, Nashpa, Uch and Qadirpur.
Five newly discovered fields, namely Spinwam, Baragzai, Bitrism East, Chakar and Faakir, added a combined 53.52 million barrels of oil and 772.97 Bcf of gas to Pakistan’s reserve base.
Among listed exploration and production companies, Oil and Gas Development Company Limited (PSX: OGDC) saw its oil reserves increase 16 percent to 152 million barrels.
Pakistan Petroleum Limited (PSX: PPL) recorded a 58 percent increase to 33 million barrels, while Mari Energies Limited (PSX: MARI) posted a 5 percent increase to 10 million barrels.
Pakistan Oilfields Limited (PSX: POL), however, saw its oil reserves decline 5 percent to 14 million barrels.
Gas reserves also showed mixed results among the major companies.
Mari’s gas reserves increased 15 percent to 6,353 Bcf, supported by additions at Mari Ghazij, Spinwam and Soho.
OGDC’s gas reserves fell 4 percent to 5,750 Bcf, while PPL’s declined 3 percent to 2,178 Bcf. POL’s gas reserves decreased 2 percent to 211 Bcf.
AHL estimates that Mari has around 21 years of remaining reserve life, followed by OGDC at 19 years. PPL and POL each have an estimated reserve life of around 10 years.
