Turkish firm to begin offshore drilling in Pakistan

Turkish firm to begin offshore drilling in Pakistan

Petroleum Minister Ali Pervaiz Malik has said Turkish Petroleum will soon begin offshore drilling in Pakistan’s territorial waters, a move he described as a potential boost for foreign investment in the country’s energy sector.

Speaking at a press conference in Lahore on Sunday, Malik said Pakistan currently imports nearly 90% of its energy needs. Domestic oil production stands at around 70,000 barrels per day, while the country’s daily demand is close to 500,000 barrels.

The minister stressed the need to speed up oil and gas exploration within the country to reduce dependence on costly energy imports.

Malik said Prime Minister Shehbaz Sharif and Chief of Defence Forces and Chief of Army Staff Field Marshal Syed Asim Munir had tasked an international company with developing a comprehensive roadmap for Pakistan’s energy sector. The plan is expected to reach the national leadership in the coming months.

He also said the government had stopped the flow of circular debt and was working to settle outstanding liabilities accumulated under previous governments.

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

Malik said Pakistan’s next priority after recent strategic and diplomatic achievements was sustainable economic growth. He described the Makkah defence agreement as a source of national pride and said Pakistan had strengthened its position as a regional security provider.

He added that cooperation among Saudi Arabia’s economic strength, Turkiye’s technological expertise and Pakistan’s defence capabilities could help promote regional stability.

Discussing global energy pressures, Malik said the Iran-US conflict had created major challenges for international energy markets and pushed crude oil and petroleum product prices to unprecedented levels.

Despite the pressure, he said the government maintained uninterrupted fuel supplies across the country and took steps to shield consumers from the full impact of higher international prices.

Malik reiterated that the government would continue efforts to provide maximum relief to the public while working with limited financial resources.