Petroleum Minister: Local oil could reshape Pakistan’s economic future

Islamabad: Pakistan possesses an estimated 1,234 million barrels of proven oil reserves, of which approximately 249.05 million barrels remain untapped. In light of increasing global energy demands and the country’s annual oil import bill exceeding $12 billion, the government is intensifying efforts to explore and utilize these domestic resources to reduce foreign dependency and enhance energy security.

Under the facilitation of the Special Investment Facilitation Council (SIFC), the pace of oil exploration activities has significantly accelerated.

According to the Minister of State for Petroleum, a targeted investment of $25–30 billion over the next decade could enable the extraction of up to 10% of these reserves, marking a critical step toward long-term energy self-sufficiency.

The strategic focus on indigenous oil production reflects Pakistan’s broader economic objectives: to decrease reliance on imported fuels, stabilize the national economy, and create a sustainable energy future. The shift also positions Pakistan as a more resilient player in the global energy landscape, less vulnerable to external market volatility.

Key international partnerships are reinforcing these efforts. A renewed U.S.-Pakistan energy cooperation framework is poised to support technical collaboration and investment inflows, while a landmark agreement with Turkey for the exploration of 40 offshore blocks is expected to unlock significant offshore potential widely considered a breakthrough for Pakistan’s energy sector.

Furthermore, according to Sinor Jaco, a global exploration firm, the quality of newly discovered oil reserves in Pakistan meets premium Gulf standards, enhancing prospects for future exports and foreign investment.

This integrated approach to energy development combining local exploration with international partnerships signals a pivotal shift in Pakistan’s energy strategy, aiming to secure its economic future and strengthen national self-reliance in the years ahead.