Petroleum Minister Ali Pervaiz Malik says offshore exploration could attract investment, increase indigenous energy supplies and reduce import dependence.
LAHORE: Turkish Petroleum is set to commence offshore drilling operations in Pakistan’s territorial waters soon, Petroleum Minister Ali Pervaiz Malik said on Sunday, describing the development as a potential catalyst for foreign investment and increased domestic energy production.
Addressing a press conference in Lahore, Malik said offshore exploration would support Pakistan’s efforts to expand indigenous oil and gas production and reduce its heavy dependence on imported energy.
Pakistan Imports 90% of Energy Requirements
The petroleum minister said Pakistan currently imports around 90 percent of its energy requirements, highlighting the need to accelerate exploration and development of domestic oil and gas resources.
He said local oil production stands at approximately 70,000 barrels per day, compared with domestic demand of around 500,000 barrels per day.
Malik stressed that expanding exploration activity was essential to increase indigenous supplies and reduce the country’s exposure to international energy prices and import costs.
The planned offshore drilling by Turkish Petroleum is therefore expected to play an important role in Pakistan’s efforts to identify additional domestic hydrocarbon resources.
Energy Sector Roadmap Under Preparation
Malik said Prime Minister Shehbaz Sharif and Chief of Defence Forces and Chief of Army Staff Field Marshal Syed Asim Munir had tasked a leading international company with preparing a comprehensive roadmap for Pakistan’s energy sector.
The roadmap is expected to be presented to the national leadership in the coming months.
The initiative is aimed at identifying measures to strengthen the country’s energy security and create a framework for sustainable growth in the sector.
Circular Debt Flow Halted
The petroleum minister also said the flow of circular debt had been halted, while the government was working to clear outstanding liabilities inherited from previous administrations.
He also announced that tenders for liquefied petroleum gas (LPG) would open on Monday.
The government, he added, had made arrangements for issuing new gas connections to facilitate consumers.
Government Focuses on Economic Growth
Malik said Pakistan’s focus had shifted towards sustainable economic growth following progress on strategic and diplomatic fronts.
He said the government had taken difficult economic decisions to stabilise the economy and was now focused on accelerating growth and attracting investment.
Greater exploration of domestic energy resources is expected to support this strategy by reducing the country’s reliance on imported oil and gas.
Regional Cooperation Highlighted
Commenting on regional developments, Malik described the Makkah defence agreement as a matter of national pride and said Pakistan had emerged as a net security provider in the region.
He said the combined strengths of Saudi Arabia’s economy, Türkiye’s technological capabilities and Pakistan’s defence capacity could contribute to regional stability.
The minister’s remarks also underline the growing economic and strategic cooperation between Pakistan and Türkiye, including potential collaboration in the energy sector.
Global Energy Market Pressures
Referring to international developments, Malik said the Iran-US conflict had created significant challenges for global energy markets and contributed to sharp increases in crude oil and petroleum product prices.
Despite international price pressures, he said the government had ensured uninterrupted fuel supplies across Pakistan and taken measures to protect consumers from the full impact of higher global prices.
Malik reiterated that the government remained committed to providing maximum relief to the public despite limited financial resources.
The start of offshore drilling by Turkish Petroleum could mark an important step in Pakistan’s long-term efforts to expand domestic hydrocarbon production, attract foreign investment and improve energy security.