Turkish Petroleum to begin offshore drilling in Pakistan soon, says petroleum minister

LAHORE: Petroleum Minister Ali Pervaiz Malik on Sunday announced that Turkiye’s Turkish Petroleum would soon commence offshore drilling operations in Pakistan’s territorial waters, describing the development as a major step towards attracting foreign investment in the country’s energy sector.

Addressing a press conference in Lahore, Malik said offshore exploration could open new opportunities for investment and help Pakistan develop its indigenous energy resources.

The petroleum minister highlighted the country’s heavy dependence on imported energy, saying Pakistan currently imports around 90% of its energy requirements.

He said domestic oil production stood at approximately 70,000 barrels per day against national demand of around 500,000 barrels per day, underscoring the need to accelerate exploration for local oil and gas resources.

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, he said, would be presented to the national leadership in the coming months and would focus on addressing the country’s long-term energy challenges.

The minister also claimed that the flow of circular debt had been halted and said the government was working to clear outstanding liabilities inherited from previous administrations.

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

Malik said Pakistan’s next major destination after achieving strategic and diplomatic successes was sustainable economic growth.

Commenting on the Makkah Joint Defence Agreement between Pakistan, Saudi Arabia and Turkiye, he described the pact 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, Turkiye’s technological advancement and Pakistan’s defence capabilities could contribute significantly to regional stability.

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The petroleum minister said the government had taken difficult economic decisions that helped stabilise the national economy and that the focus had now shifted towards accelerating economic growth.

Referring to international developments, 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 international pressure, he said the government ensured uninterrupted fuel supplies across Pakistan and made efforts to shield consumers from the full impact of rising global prices.

Malik reiterated that the government remained committed to providing maximum relief to the public despite limited financial resources.