Turkish Petroleum to start offshore drilling in Pakistan: minister

Turkiye’s Turkish Petroleum is expected to begin offshore drilling in Pakistan’s territorial waters soon, Petroleum Minister Ali Pervaiz Malik said on Sunday.

Speaking at a press conference in Lahore, Malik said the drilling activity could help attract substantial foreign investment into Pakistan’s energy sector. He said Pakistan currently imports nearly 90% of its energy needs. Domestic oil production is around 70,000 barrels per day, while the country’s daily requirement stands at about 500,000 barrels.

The minister stressed the need to speed up oil and gas exploration within the country to reduce dependence on imports. Malik said Prime Minister Shehbaz Sharif and Chief of Defence Forces and Chief of Army Staff Field Marshal Syed Asim Munir had assigned an international company to prepare a detailed roadmap for the energy sector. The plan is expected to be presented to the country’s leadership in the coming months.

He said the government had managed to stop the accumulation of circular debt and was working to settle liabilities inherited from previous governments.

The minister also announced that tenders for liquefied petroleum gas (LPG) would open on Monday. He said arrangements had also been made to provide new gas connections to consumers.

Malik said Pakistan’s next priority after recent strategic and diplomatic achievements was to achieve sustained economic growth.