Turkish Petroleum is expected to begin offshore drilling operations in Pakistan’s territorial waters soon, Petroleum Minister Ali Pervaiz Malik said, as the government seeks to increase domestic oil and gas exploration and reduce reliance on imports.
Speaking at a press conference in Lahore, Malik said the offshore drilling would support investment in Pakistan’s energy sector, without providing details on the location, investment size or expected drilling timeline.
Pakistan currently imports around 90 percent of its energy requirements, while domestic oil production is about 70,000 barrels per day against daily demand of roughly 500,000 barrels, according to the minister. Malik said the government wants to accelerate domestic oil and gas exploration to reduce the country’s dependence on imported energy.
He also said Prime Minister Shehbaz Sharif and Chief of Defence Forces Field Marshal Syed Asim Munir had tasked an international company with preparing a broader roadmap for Pakistan’s energy sector. The roadmap is expected to be presented to the country’s leadership in the coming months.
Malik said the government had halted the flow of circular debt in the petroleum sector and was working to clear outstanding liabilities inherited from previous administrations. He also announced that tenders for liquefied petroleum gas would open on Monday and said arrangements had been made to issue new gas connections.
Commenting on international energy markets, Malik said the Iran United States conflict had disrupted global energy markets and contributed to sharp increases in crude oil and petroleum product prices. He said the government had maintained fuel supplies despite the external pressures and was seeking to limit the impact of higher international prices on consumers.
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