Turkiye to Begin Offshore Drilling in Pakistani Waters Soon

Petroleum Minister Ali Pervaiz Malik said Sunday that Türkiye’s Turkish Petroleum is expected to soon begin offshore drilling operations in Pakistan’s territorial waters, a move that could attract significant foreign investment into the country’s energy sector.

 

Speaking at a press conference in Lahore, Malik highlighted Pakistan’s heavy reliance on imported energy, noting that around 90% of the country’s energy needs are met through imports. Domestic oil production stands at approximately 70,000 barrels per day, compared with demand of nearly 500,000 barrels per day.

 

He stressed the need to accelerate domestic oil and gas exploration to reduce Pakistan’s dependence on imported energy.

 

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

 

The minister also said the accumulation of circular debt had been halted, while the government was working to clear outstanding liabilities inherited from previous administrations.

 

He announced that LPG tenders would open on Monday and said arrangements had been made to facilitate new gas connections for consumers.

 

Discussing global developments, Malik said the Iran-US conflict had placed significant pressure on international energy markets and pushed crude oil and petroleum product prices to unprecedented levels.

 

Despite the external pressures, he said the government had maintained uninterrupted fuel supplies nationwide and taken measures to shield consumers from the full impact of higher global energy prices.

 

Malik reiterated that the government remained committed to providing maximum relief to consumers despite limited financial resources.