Pakistan’s recoverable oil and gas reserves climbed 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 an Arif Habib Limited (AHL) research report based on Pakistan Petroleum Information Service (PPIS) data.

The country’s oil reserves increased 15% year-on-year to 276 million barrels from 240 million barrels in June 2025. Natural gas reserves rose 9% to 20,664 billion cubic feet (bcf), compared with 18,981 bcf a year earlier.

The improvement lifted Pakistan’s estimated overall hydrocarbon reserve life to around 19 years, up from 15 years in June 2024 and June 2023.

The strongest contribution to oil reserves came from the Baragzai field, whose reserves reached 49.09 million barrels, compared with 21.01 million barrels reported in December 2025. Gains at Mardankhel, Mamikhel South, Maramzai and Spinwam also supported the increase.

These additions outweighed declines at mature fields including Nashpa, Adhi, Pasakhi/Pasakhi North East, Makori East, Kunar and Sono. Gas reserve growth was led by Mari Ghazij, where reserves jumped 74% year-on-year to 1,723 bcf, and Spinwam, where reserves increased more than fivefold to 489 bcf.

Contributions from Baragzai and Soho also helped offset depletion at Sui, Kandhkot, Nashpa, Uch and Qadirpur.

Newly discovered fields – Spinwam, Baragzai, Bitrism East, Chakar and Faakir – collectively added 53.52 million barrels of oil and 772.97 bcf of gas to the national reserve base.

Among major listed exploration and production companies, Oil and Gas Development Company’s oil reserves rose 16% to 152 million barrels, while Pakistan Petroleum Limited recorded a 58% increase to 33 million barrels. Mari Energies’ oil reserves grew 5% to 10 million barrels, whereas Pakistan Oilfields Limited’s reserves declined 5% to 14 million barrels.

Gas trends were mixed. Mari’s gas reserves increased 15% to 6,353 bcf, supported by Mari Ghazij, Spinwam and Soho. In contrast, OGDC’s gas reserves fell 4% to 5,750 bcf, PPL’s reserves declined 3% to 2,178 bcf, and POL’s deposits eased 2% to 211 bcf.

AHL estimated the remaining reserve life at 21 years for Mari, 19 years for OGDC and 10 years each for PPL and POL.