Federal Minister for Petroleum Ali Pervaiz Malik has said that the Oil and Gas Development Company’s (OGDC) five new oil and gas discoveries during the fiscal year 2024-25 are a testament to Pakistan’s vast hydrocarbon potential.
The Minister made the remarks during a meeting with the Managing Director and senior executives of OGDC at the company’s head office on Monday. The session included a comprehensive briefing by the management on the company’s operational activities and its strategic production optimization drive aimed at reducing decline in mature hydrocarbon fields.
Ali Pervaiz Malik was informed about various initiatives to enhance recovery and maintain production levels. He underlined that “the indigenization of the energy sector is the way forward, and our Exploration & Production (E&P) companies are working diligently towards this national goal.”
The Minister emphasized that enhancing the company’s operational and financial performance is closely linked to improved governance across the sector. He reiterated his full support for reforms in the petroleum sector, saying these were essential for ensuring long-term sustainability and economic contribution.
“I assure my complete and full support for the structural reforms necessary to ensure the sustainability of the petroleum sector,” he said. “The government will provide all possible facilitation to enable our E&P companies to operate at their maximum potential and attract the investment needed for growth.”
Managing Director of OGDC, Ahmed Hayat Lak, thanked the Minister for his backing. “It is a welcome step that there is seriousness in reforming the sector,” he said. “This commitment from the government provides a clear direction and will enable E&P companies like OGDC to play a more effective role in achieving national energy self-sufficiency.”
The meeting concluded with a mutual resolve to strengthen collaboration between the Ministry of Petroleum and OGDC in order to overcome challenges and capitalize on opportunities in the energy sector.
