Turkish Petroleum is expected to soon begin offshore drilling operations in Pakistan’s territorial waters, Petroleum Minister Ali Pervaiz Malik said, as the government looks to boost domestic oil and gas exploration and cut its reliance on imported energy.
Speaking at a press conference in Lahore, Malik said the offshore drilling initiative would help draw investment into Pakistan’s energy sector, though he did not disclose the drilling location, investment size, or expected timeline.
Pakistan’s Energy Import Dependence Remains High
According to Malik, Pakistan currently imports around 90 percent of its energy needs, with domestic oil production standing at roughly 70,000 barrels per day against daily demand of about 500,000 barrels.
He said the government’s priority is to accelerate domestic oil and gas exploration in order to narrow that gap and reduce dependence on imported energy over time.
International Firm Preparing Broader Energy Roadmap
Malik said Prime Minister Shehbaz Sharif and Chief of Defence Forces Field Marshal Syed Asim Munir have tasked an international company with developing a wider roadmap for Pakistan’s energy sector, which is expected to be presented to the country’s leadership in the coming months.
Circular Debt and LPG Tenders
On the fiscal side, Malik said the government has halted the buildup of circular debt in the petroleum sector and is working to clear liabilities inherited from previous administrations.
He also announced that tenders for liquefied petroleum gas (LPG) would open on Monday and said arrangements had been finalized to issue new gas connections.
Iran-US Conflict Cited as Factor Behind Price Pressure
Turning to global energy markets, Malik said the Iran-United States conflict had disrupted international energy markets and contributed to sharp increases in crude oil and petroleum product prices.
He said the government had managed to maintain fuel supplies despite this external pressure and is working to limit how much of the rise in international prices gets passed on to consumers.
