LAHORE: Petroleum Minister Ali Pervaiz Malik on Sunday said Türkiye’s state-owned energy company, Turkish Petroleum, would soon begin offshore drilling operations in Pakistan’s territorial waters, a development he said could pave the way for increased foreign investment in the country’s energy sector.
Speaking at a press conference in Lahore, Malik highlighted the need to accelerate exploration for domestic oil and gas as Pakistan continues to rely heavily on imported energy.
Pakistan faces major energy import dependence
The petroleum minister said Pakistan currently imports around 90% of its energy requirements. He noted that domestic oil production is approximately 70,000 barrels per day, compared with national demand of around 500,000 barrels per day.
The significant gap between domestic production and consumption means Pakistan remains dependent on international energy markets to meet much of its requirements. Malik stressed that expanding indigenous exploration and production was therefore essential to reducing the country’s import bill and improving energy security.
He said the upcoming offshore drilling activities by Turkish Petroleum could play an important role in exploring Pakistan’s potential hydrocarbon reserves.
Roadmap planned for energy sector
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.
According to the minister, the roadmap will outline measures to address the country’s long-term energy challenges and is expected to be presented to the national leadership in the coming months.
The government is seeking greater investment and technological expertise in the sector as part of broader efforts to strengthen domestic energy production.
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Government claims progress on circular debt
The petroleum minister also said the flow of circular debt had been halted and that efforts were underway to clear outstanding liabilities inherited from previous administrations.
Circular debt has remained a longstanding challenge for Pakistan’s power and energy sectors, affecting the financial position of companies across the supply chain.
Malik also announced that tenders for liquefied petroleum gas (LPG) would open on Monday. He said the government had made arrangements to issue new gas connections to facilitate consumers.
Focus shifts towards economic growth
According to Malik, Pakistan’s next major priority after recent strategic and diplomatic developments is sustainable economic progress.
He described the recently signed Makkah Joint Defence Agreement between Pakistan, Saudi Arabia and Türkiye as a matter of national pride, saying Pakistan had emerged as a net security provider in the region.
The minister said the combined strengths of Saudi Arabia’s economy, Türkiye’s technological capabilities and Pakistan’s defence expertise could contribute to greater regional stability.
Global energy pressures remain a challenge
Malik also referred to developments in the international energy market, saying the Iran-US conflict had created significant challenges and contributed to sharp increases in crude oil and petroleum product prices.
Despite the external pressures, he said the government had maintained uninterrupted fuel supplies across Pakistan and attempted to shield consumers from the full impact of higher international prices.
The minister said the government had taken difficult economic decisions to stabilise the economy and that its focus was now shifting towards accelerating growth.
He added that despite limited financial resources, the government remained committed to providing maximum possible relief to consumers while strengthening Pakistan’s energy security through greater domestic exploration and investment.
