Pakistan announces offshore drilling and $5B refinery upgrades

Pakistan's Petroleum Minister Ali Pervaiz Malik has announced several strategic developments aimed at enhancing the country's energy security and reducing its 90% dependence on imported energy.

Turkish Petroleum is set to begin offshore drilling and seismic surveys in Pakistani territorial waters, with operations expected to commence around September or October. This initiative is intended to attract foreign investment and accelerate domestic oil and gas exploration.

In a move to modernize the energy infrastructure, the government expects to sign $5 billion in actual investment agreements starting next month to upgrade aging oil refineries. These upgrades are designed to increase the local production of petroleum products, including diesel.

Regarding consumer relief, Malik stated that the government is monitoring international oil prices and may provide fuel price relief if global markets remain steady. He also noted that efforts are underway to manage the circular debt in the gas sector and provide new gas connections to consumers.