Pakistan to accelerate oil, gas exploration

LAHORE:

Minister for Petroleum Ali Pervaiz Malik has said the government is committed to strengthening energy security, accelerating oil and gas exploration, attracting investment and ensuring transparency in the petroleum sector as Pakistan seeks to reduce its heavy reliance on imported energy.

Addressing a press conference on Sunday, the minister said Pakistan imported around 90 per cent of its energy requirements, while domestic oil production stood at approximately 70,000 barrels per day against daily demand of around 500,000 barrels.

He stressed the need to accelerate domestic oil and gas exploration to reduce dependence on imports.

Malik said Prime Minister Shehbaz Sharif and Field Marshal Syed Asim Munir had tasked a leading international company with preparing a comprehensive roadmap for the country's energy sector, which would be presented to the national leadership in the coming months.

He said Turkish Petroleum would soon commence offshore drilling operations in Pakistan's territorial waters, paving the way for significant foreign investment in the energy sector.

According to the minister, the federal cabinet had approved the refinery policy and the government was working to resolve long-standing financial issues facing the petroleum sector.

Malik said the Iran-US conflict had created significant challenges for global energy markets, resulting in unprecedented increases in crude oil and petroleum product prices.

Despite the pressure, he said, the government had ensured uninterrupted fuel supplies across the country and made efforts to protect consumers from the full impact of rising international prices.

He said PM Shehbaz had introduced a transparent petroleum pricing mechanism, with all pricing calculations available on the Oil and Gas Regulatory Authority (OGRA) website.

Malik said the government had taken difficult economic decisions that had helped stabilise the economy, adding that the national discourse had shifted from concerns about default to accelerating economic growth.

"Pakistan's next major destination, after achieving strategic and diplomatic successes, is sustainable economic progress," he said in reference to the Saudi Arabia-Pakistan-Turkiye Defence Agreement.

Referring to the Makkah agreement, Malik said it had been reached through the efforts of the PM, the field marshal and Deputy Prime Minister Ishaq Dar, and it was a matter of national pride.

He said Pakistan had emerged as a net security provider in the region, adding that the combined strengths of Saudi Arabia's economy, Turkiye's technological advancement and Pakistan's defence capabilities would contribute to regional stability.

Malik also announced that LPG tenders would open on Monday and said the government had made arrangements to issue new gas connections to facilitate consumers.