Pakistan is sitting on an estimated 1,234 million barrels of oil reserves and the government says accelerated exploration could significantly boost domestic production and cut reliance on expensive imports.
Minister of State for Petroleum Ali Pervez Malik revealed that with $25–30 billion investment over the next decade, up to 10 percent of the reserves could be tapped, potentially saving billions of dollars in import costs. “Pakistan’s annual oil import bill stands at nearly $12 billion, but increasing local production will mark the beginning of a new era of energy self-sufficiency,” he said.
The minister credited the Special Investment Facilitation Council (SIFC) for fast-tracking oil exploration projects. He also highlighted strategic partnerships, including a U.S.-Pakistan Oil Partnership and an agreement with Turkey for exploration across 40 offshore blocks, calling them “game changers” for the country’s energy security.
Global exploration company Syner Jeco stated that newly discovered crude matches premium Gulf standards, raising hopes of higher export potential.
Officials said that the push to boost exploration not only promises economic stability but also strengthens Pakistan’s sovereignty by reducing dependence on foreign oil suppliers.
