Federal Minister for Petroleum, Dr. Musadik Malik said on Tuesday that, after a decade, 40 new offshore and 31 onshore blocks have been offered for oil and gas exploration.
Speaking at the 30th Annual Technical Conference and Oil Show, he said that a significant portion of Pakistan’s natural resources remains unexplored and invited international investors to capitalize on the opportunities in these newly opened blocks. “Pakistan is open for business, and we will provide all necessary facilitation to investors,” he assured.
He said that the fundamental pillars of the government’s strategy for advancing the energy sector are Access to Energy, Provision of Affordable Energy, and Sustainability of Energy.
The Minister further explained that to achieve these goals, the government is focusing on three key fronts including, indigenization, electrification, and liberalization.
He also shared plans to introduce a policy of deregulation and price capping to open up the oil sector, said that bringing technology to the country alone would not be enough to change its destiny. “Continuous innovation is essential for sustainable progress,” the minister added.
He stressed the importance of transitioning the oil sector to modern technology, noting that the Prime Minister’s vision is for Pakistanis to live better and easier lives.
“Prosperity will not come by simply introducing one machine; for sustainable growth, we must engage in science and research ourselves,” he said.
The minister also reiterated that reducing energy prices for the underprivileged is one of the government’s top priorities, and efforts are underway in this regard.
He said that the government is working on minimizing the environmental impact of energy consumption and is focused on increasing local energy production.
He pointed out that without affordable energy, the public would struggle to access it. “We are utilizing domestic resources for energy,” he explained, mentioning that significant progress is being made in electrification.
“We need to change our working methods, as Pakistan has immense potential,” he added.
Highlighting the country’s energy potential, he noted that Pakistan possesses untapped shale and tight gas reserves. He revealed that the government is introducing a deregulation policy and aims to open the oil sector under a price cap mechanism.
The Minister further highlighted the need to instill confidence in the youth, encouraging them to believe that they are capable of achieving anything.
He added that the country will only develop when there is a sense of self-reliance. “We must focus on progress rather than conflicts,” he emphasized, reaffirming that ensuring energy access for all remains a key priority for the government.