Pakistan’s recoverable oil and gas reserves rose to an estimated 3.72 billion barrels of oil equivalent (BOE) by June 2026, as new discoveries and reserve upgrades offset depletion at several mature fields, according to Arif Habib Limited.
The country’s oil reserves increased 15 percent year-over-year to 276 million barrels in June 2026 from 240 million barrels a year earlier. Natural gas reserves also rose 9 percent to 20,664 billion cubic feet (Bcf), compared with 18,981 Bcf in June 2025.
The increase in reserves lifted Pakistan’s estimated overall hydrocarbon reserve life to around 19 years, compared with 15 years in June 2024 and June 2023.
Baragzai made the largest contribution to the increase in oil reserves, with its reserves reaching 49.09 million barrels, up from 21.01 million barrels in December 2025. Higher reserves at Mardankhel, Mamikhel South, Maramzai and Spinwam also supported the overall increase.
These gains offset declines at several mature fields, including Nashpa, Adhi, Pasakhi/Pasakhi North East, Makori East, Kunar and Sono.
On the gas side, Mari Ghazij recorded a 74 percent year-over-year increase in reserves to 1,723 Bcf, while Spinwam’s reserves rose more than fivefold to 489 Bcf. Higher reserves at Baragzai and Soho also helped offset depletion at Sui, Kandhkot, Nashpa, Uch and Qadirpur.
Newly discovered fields including Spinwam, Baragzai, Bitrism East, Chakar and Faakir collectively added 53.52 million barrels of oil and 772.97 Bcf of gas to Pakistan’s reserve base.
Among major listed exploration and production companies, Oil and Gas Development Company’s (OGDCL) oil reserves increased 16 percent to 152 million barrels, while Pakistan Petroleum Limited recorded a 58 percent increase to 33 million barrels. Mari Energies’ oil reserves rose 5 percent to 10 million barrels, while Pakistan Oilfields Limited’s reserves declined 5 percent to 14 million barrels.
Gas reserves showed mixed trends among the major producers. Mari Energies’ reserves increased 15 percent to 6,353 Bcf, while OGDC’s declined 4 percent to 5,750 Bcf, PPL’s fell 3 percent to 2,178 Bcf and POL’s decreased 2 percent to 211 Bcf. AHL estimated remaining reserve life at 21 years for Mari, 19 years for OGDC and 10 years each for PPL and POL.
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