Federal Minister for Petroleum Dr Musadik Malik has said that after a decade 40 new offshore and 31 onshore blocks have been offered for oil and gas exploration.
Speaking at the 30th Annual Technical Conference and Oil Show on Tuesday, the minister said a significant portion of Pakistan's natural resources had remained unexplored and invited international investors to capitalise on opportunities in the newly opened blocks.
"Pakistan is open for business and we will offer all necessary facilitation to investors," he stressed.
Malik said the fundamental pillars of the government's strategy for advancing the energy sector were access to energy, provision of affordable energy and energy sustainability. To achieve these goals, the government is focusing on three key fronts, which include indigenisation, electrification and liberalisation.
He shared plans to introduce a policy of deregulation and price capping for opening up the oil sector and said bringing technology to the country alone would not be enough to change its destiny. "Continuous innovation is essential for sustainable progress."
He stressed the importance of transitioning the oil sector to modern technology, noting that the prime minister's vision "is for Pakistanis to live better and easier lives".
"Prosperity will not come by simply introducing one machine; for sustainable growth, we must engage in science and research ourselves," he said.
The minister reiterated that reduction in energy prices for the underprivileged was one of the government's top priorities and efforts were underway in that regard.
He said the government was working on minimising the environmental impact of energy consumption and was focused on increasing local energy production.
Without affordable energy, the public will struggle to access it. "We are utilising domestic resources for energy," he explained, mentioning that significant progress was being made in electrification. "We need to change our working methods as Pakistan has immense potential."
Highlighting the energy potential, he noted that Pakistan possessed untapped shale and tight gas reserves, adding that the government was introducing a deregulation policy with the aim of opening the oil sector under a price cap mechanism.
The minister underlined the need for instilling confidence in the youth that they were capable of achieving anything. "The country will only develop when there is a sense of self-reliance. We must focus on progress rather than conflicts."
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