Petroleum Minister Ali Pervaiz Malik on Sunday said Turkish Petroleum will soon commence offshore drilling operations in Pakistan’s territorial waters.
Addressing a press conference in Lahore, he claimed the drilling operations would pave the way for significant foreign investment in the energy sector.
Highlighting Pakistan’s energy challenges, the minister said that the country imported around 90% of its energy requirements, while domestic oil production stood at approximately 70,000 barrels per day against a daily demand of around 500,000 barrels. He stressed the need to accelerate indigenous oil and gas exploration to reduce reliance on imports.
The petroleum minister said that Prime Minister Shehbaz Sharif and Chief of Defense Forces (CDF) and Chief of Army Staff (COAS) Field Marshal Asim Munir had tasked a leading international company with preparing a comprehensive roadmap for the country’s energy sector, which would be presented to the national leadership in the coming months.
Malik maintained that the flow of circular debt had been halted and efforts were underway to clear outstanding liabilities inherited from previous administrations. He also announced that LPG tenders would open on Monday, saying the government had made arrangements to issue new gas connections to facilitate consumers.
The minister said that Pakistan’s next major destination after achieving strategic and diplomatic successes was sustainable economic progress.
Describing the Makkah defense agreement as a matter of national pride, he said that Pakistan had emerged as a net security provider in the region.
According to Malik, the combined strengths of Saudi Arabia’s economy, Turkiye’s technological advancement and Pakistan’s defense capabilities would contribute to regional stability. He further said the government had taken difficult economic decisions that helped stabilize the country’s economy, adding that the focus had now shifted to accelerating economic growth.
Referring to international developments, he said the Iran-U.S. conflict had created significant challenges for global energy markets, leading to unprecedented increases in crude oil and petroleum product prices. Despite these pressures, he said, the government ensured uninterrupted fuel supplies across the country and made every effort to protect consumers from the full impact of rising international prices.
The petroleum minister said the government remained committed to providing maximum relief to the public despite limited financial resources.