Turkiye to Begin Offshore Drilling in Pakistani Waters Soon

Turkish Petroleum is set to commence offshore drilling in Pakistan's maritime territory, according to Petroleum Minister Ali Pervaiz Malik. The government aims to boost domestic oil and gas exploration, decreasing reliance on imported energy. At a press conference in Lahore, Malik did not disclose specifics on the drilling location, investment scale, or planned timeline.

Pakistan presently imports nearly all its energy needs, with domestic production amounting to 70,000 barrels per day, compared to daily demand of about 500,000 barrels. The government seeks to speed up domestic oil and gas exploration to lessen dependence on imported energy. Prime Minister Shehbaz Sharif and Chief of Defence Forces Field Marshal Syed Asim Munir have appointed an international firm to formulate a comprehensive strategy for Pakistan's energy sector, with the plan to be unveiled to the nation's leadership in upcoming months.

The government has also put an end to circular debt in the petroleum sector, aiming to resolve outstanding debts from past administrations. Malik further disclosed that tenders for liquefied petroleum gas would commence on the following day and arrangements were in place to provide new gas connections. Discussing global energy markets, Malik highlighted how the Iran United States conflict has destabilized international energy markets, leading to significant surges in crude oil and petroleum product prices.

He emphasized that the government has maintained fuel supplies despite these external challenges and is striving to mitigate the impact of higher international prices on consumers.