Pakistan formally launched a feasibility study Tuesday on building Strategic Petroleum Reserves (SPR), awarding the assignment to global energy consultancy Wood Mackenzie after a competitive tender that drew four bids, Minister for Petroleum Ali Pervaiz Malik announced at the study's kick-off meeting.

Malik, who chaired the session, said the initiative marks a significant step towards insulating Pakistan from global supply shocks, noting that recent turmoil in the Strait of Hormuz has underscored the urgency of building stronger energy buffers. He framed energy security as inseparable from national security, calling resilience against external disruptions a top priority for the government.

The minister said the Economic Coordination Committee has already cleared a world-class bonded storage scheme aimed at attracting major international oil companies, positioning the SPR study as a complementary piece of a broader energy security strategy. Wood Mackenzie's study will assess the technical feasibility, safety and operational viability of proposed storage facilities, benchmark Pakistan against international and regional practices, and map out legal, regulatory, financial and institutional frameworks, including potential public-private partnership models.

The consultancy will also examine whether existing infrastructure could be repurposed for strategic storage and will produce cost estimates, financing options and phased implementation timelines. A steering committee will be formed to monitor the study's progress, and the minister directed all stakeholders to fully cooperate with Wood Mackenzie's data requests to keep the project on schedule.