Petroleum Minister Ali Pervaiz Malik on Sunday confirmed that Turkiye’s state-run Turkish Petroleum would soon commence offshore drilling operations in Pakistan’s territorial waters, describing the move as a step that would pave the way for significant foreign investment in the energy sector.
Addressing a press conference in Lahore, Malik highlighted the scale of Pakistan’s energy challenges, noting that the country imports around 90% of its energy requirements, with domestic oil production standing at roughly 70,000 barrels per day against daily demand of around 500,000 barrels. He stressed the need to accelerate indigenous oil and gas exploration to reduce reliance on imports.
The minister said Prime Minister Shehbaz Sharif and Chief of Defence Forces and Army Chief Field Marshal Syed Asim Munir had tasked a leading international company with preparing a comprehensive roadmap for the country’s energy sector, to be presented to national leadership in the coming months.
Malik maintained that the flow of circular debt had been halted, with efforts underway to clear outstanding liabilities inherited from previous administrations. He also announced that LPG tenders would open Monday, saying the government has made arrangements to issue new gas connections to consumers.
Looking ahead, Malik said Pakistan’s next major destination, after achieving strategic and diplomatic successes, was sustainable economic progress. He described the recently signed Makkah defence agreement as a matter of national pride, saying Pakistan has emerged as a net security provider in the region. According to Malik, the combined strengths of Saudi Arabia’s economy, Turkiye’s technological advancement, and Pakistan’s defence capabilities would together contribute to regional stability.
The minister said the government had taken difficult economic decisions that helped stabilise the country, with focus now shifting toward accelerating economic growth. Turning to international developments, he said the Iran-US conflict had created significant challenges for global energy markets, driving 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 shield consumers from the full impact of rising international prices, adding that the government remains committed to providing maximum relief to the public despite limited financial resources.
