Energy Security Comes Under Government Focus

Federal Petroleum Minister Ali Pervaiz Malik said the government is prioritising energy security, attracting investment and improving transparency across the petroleum sector.

 

Speaking at a press conference on Sunday, Malik said Pakistan’s next major objective after recent strategic and diplomatic achievements was to achieve sustainable economic growth.

 

He highlighted the country’s heavy dependence on imported energy, noting that Pakistan imports around 90% of its energy requirements. Domestic oil output is estimated at about 70,000 barrels per day, compared with daily demand of nearly 500,000 barrels. He stressed the need to accelerate local oil and gas exploration to reduce dependence on imports.

 

The minister said the prime minister and field marshal had assigned an international company the task of developing a comprehensive roadmap for Pakistan’s energy sector. The plan is expected to be presented to the national leadership in the coming months.

 

Malik said the federal cabinet has approved the new refinery policy and that the government is working to address long-standing financial challenges in the petroleum sector. He claimed that the accumulation of circular debt had been halted, while efforts were continuing to settle outstanding liabilities inherited from previous governments.

 

He also announced that Türkiye’s Turkish Petroleum is expected to begin offshore drilling in Pakistan’s territorial waters soon, potentially opening the door to substantial foreign investment in the energy sector. LPG tenders are also scheduled to open Monday, while arrangements have been made to facilitate new gas connections for consumers.

 

Discussing international developments, Malik said the Iran-US conflict had put significant pressure on global energy markets and contributed to sharp increases in crude oil and petroleum product prices. Despite these challenges, he said the government had maintained uninterrupted fuel supplies and worked to shield consumers from the full impact of higher international prices.

 

He reiterated that the government would continue efforts to provide maximum relief to consumers despite limited financial resources. Malik also highlighted the petroleum pricing mechanism introduced by Prime Minister Shehbaz Sharif, saying that pricing calculations have been made publicly available through the OGRA website.

 

Malik further said recent difficult economic decisions had helped stabilise Pakistan’s economy, shifting the national discussion away from default risks toward accelerating economic growth.