ISTANBUL: Pakistan’s Minister for Petroleum, Ali Pervaiz Malik, has emphasized the country’s potential for hydrocarbon investment, noting its largely untapped geological resources. Speaking at the Pakistan-Türkiye B2B Conference in Istanbul, attended by Prime Minister Muhammad Shehbaz Sharif and Türkiye’s Vice President, Cevdet Yilmaz, Minister Malik outlined the significant investment possibilities in the sector.

According to Radio Pakistan, Minister Malik stated that Pakistan’s recoverable gas reserves are estimated at approximately 23 trillion cubic feet, with current production standing at about 3 billion cubic feet per day. This falls short of the demand, which is around 4 billion cubic feet per day, necessitating the import of liquefied natural gas worth nearly 4 billion dollars annually. The minister also detailed oil reserves estimated at 240 million barrels, with a daily production rate of roughly 65,000 barrels.

As Pakistan anticipates increased energy demand due to its growth trajectory, Malik highlighted over 178 active exploration licenses and the drilling of a first vertical well in Hyderabad. He emphasized the need for technical support from Türkiye, especially in field services and the midstream sector, to harness these opportunities.

Furthermore, Malik mentioned initiatives directed by the Prime Minister, including the early rollout of a refinery upgrade policy and plans for a bonded storage facility to diversify supplies and ensure secure storage for petroleum products. He also noted the development of a major copper and gold mining project, with commercial production expected by 2030, alongside available adjacent blocks for joint venture exploration.