The government has set a target of domestic production of 43.8 million barrels of crude oil and 1.51 trillion cubic feet gas for the next fiscal year.
According to officials, the demand and supply gap in both oil and gas sectors will be filled through import of petroleum products.
They said the indigenous gas supply would be supplemented through LNG imports to the tune of 4.5 million tonnes, adding that the annual production of crude oil stood at 32.03 million barrels in the outgoing fiscal year.
The officials said that a total of 116 oil and gas wells will be drilled by exploration and production companies in the next fiscal year to enhance production of oil and gas.
Giving details of the projects of the Sui Northern and Sui Southern gas companies, the officials said the two companies planned to add over four hundred thousand new consumers to their systems. In addition, the gas companies have also plans to lay down about six thousand kilometres of new transmission pipelines.