Pakistan has added substantially to its oil and gas reserves. According to a report by Arif Habib Limited (AHL), recoverable oil reserves rose by 15% year on year to 276m barrels by June 2026, up from 240m. Gas reserves increased by 9% to 20,664bn cubic feet (bcf), from 18,981bcf. As a result, the country's estimated hydrocarbon reserve life has increased to about 19 years, compared with around 15 years in both June 2023 and June 2024.
Total oil and gas reserves stood at 3,720m barrels of oil equivalent. Five new fields, Spinwam, Baragzai, Bitrism East, Chakar and Faakir, added 53.52m barrels of oil and 772.97bcf of gas during the year.
Baragzai contributed most to the increase in oil reserves. Its estimated reserves rose to 49.09m barrels from 21.01m in December 2025. Higher estimates at Mardankhel, Mamikhel South, Maramzai and Spinwam also contributed, more than offsetting declines at older fields including Pasakhi, Nashpa, Adhi, Makori East, Kunar and Sono.
Two fields drove most of the growth in gas reserves. Reserves at Mari Ghazij rose by 74% to 1,723bcf, while those at Spinwam increased more than fivefold to 489bcf. Baragzai and Soho also added reserves, offsetting declines at mature fields such as Uch, Sui, Kandhkot, Qadirpur and Nashpa.
Results varied among the listed exploration companies. Oil and Gas Development Company (OGDC), the largest, increased its oil reserves by 16% to 152m barrels. Baragzai added 27.71m barrels, with smaller additions from Bitrism East, Chakar and Faakir. However, OGDC's gas reserves fell by 4.2% to 5,750bcf because of natural depletion.
Pakistan Petroleum Limited (PPL) recorded the largest percentage increase in oil reserves, up 58% to 33m barrels, mainly because Baragzai added 12.8m barrels and Dhok Sultan also contributed. Its gas reserves fell by 3% to 2,178bcf as output declined at Qadirpur, Sui, Nashpa and Rizq. New discoveries at Razgir and Baragzai offset part of that decline.
Mari Energies had the strongest gas results. Its gas reserves rose by 15% to 6,353bcf after Mari Ghazij added 732bcf, Spinwam 489bcf and Soho 132bcf. Its oil reserves increased by 5% to 10m barrels, mainly because of Spinwam.
Pakistan Oilfields Limited (POL) did less well. Its oil reserves fell by 5% to 14m barrels because of lower estimates at Adhi, Makori East, Makori Deep and Mamikhel South. Its gas reserves were broadly unchanged, as Razgir offset depletion at older fields.
AHL estimates the companies' remaining reserve lives at 21 years for Mari Energies, 19 years for OGDC and 10 years each for PPL and POL. The national figures are encouraging, but the large differences among companies show that new discoveries, rather than older fields, are now driving growth in reserves.