Minister of Petroleum Ali Pervaiz Malik on Sunday announced that Turkiye's Turkish Petroleum will soon launch offshore drilling operations in Pakistan's territorial waters, in a major boost to the country's energy sector. Addressing a press conference in Lahore, the minister said that the drilling operations would pave the way for significant foreign investment in the energy sector.
Highlighting Pakistan's energy challenges, Malik said that the country imported around 90% of its energy requirements, while domestic oil production stood at approximately 70,000 barrels per day against a daily demand of around 500,000 barrels. He stressed the need to accelerate indigenous oil and gas exploration to reduce reliance on imports.
The petroleum minister said that Prime Minister Shehbaz Sharif and Chief of Army Staff (COAS) Field Marshal Syed Asim Munir had tasked a leading international company with preparing a comprehensive roadmap for the country's energy sector, which would be presented to the national leadership in the coming months. Malik maintained that the flow of circular debt had been halted and efforts were underway to clear outstanding liabilities inherited from previous administrations.
He also announced that LPG tenders would open on Monday, saying the government had made arrangements to issue new gas connections to facilitate consumers. The minister said that Pakistan's next major destination after achieving strategic and diplomatic successes was sustainable economic progress.