Petroleum Minister Ali Pervaiz Malik said that Turkiye’s Turkish Petroleum would soon begin offshore drilling in Pakistan’s territorial waters.
Speaking at a press conference in Lahore, the minister said the drilling project could help attract significant foreign investment to Pakistan’s energy sector.
Malik highlighted the country’s energy challenges, saying Pakistan currently imports around 90% of its energy needs. He said domestic oil production stands at about 70,000 barrels per day, while the country’s daily demand is around 500,000 barrels.
He stressed the need to accelerate oil and gas exploration within the country to reduce dependence on imports.
The petroleum minister said Prime Minister Shehbaz Sharif and Chief of Defence Forces (CDF) and Chief of Army Staff (COAS) Field Marshal Syed Asim Munir had tasked a leading international company with preparing a comprehensive roadmap for Pakistan’s energy sector. The roadmap is expected to be presented to the national leadership in the coming months.
Malik said the flow of circular debt had been halted, while efforts were underway to clear outstanding liabilities inherited from previous governments.
He also announced that LPG tenders would open Monday. He said the government had made arrangements to provide new gas connections to consumers.
The minister said that after achieving important strategic and diplomatic successes, Pakistan’s next major goal was sustainable economic growth.
Calling the Makkah defense agreement a matter of national pride, Malik said Pakistan had emerged as a net security provider in the region.
He said the combined economic strength of Saudi Arabia, Turkiye’s technological advancement and Pakistan’s defense capabilities could contribute to regional stability.
Malik said the government had taken difficult economic decisions that helped stabilize the country’s economy. He added that the focus had now shifted to accelerating economic growth.
Referring to international developments, the minister said the Iran-US conflict had created significant challenges for global energy markets, leading to unprecedented increases in crude oil and petroleum product prices.
Despite these pressures, Malik said the government had 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.
