Federal Minister for Petroleum Ali Pervaiz Malik on Monday assured full support for reforms in the petroleum sector, terming them vital for long-term sustainability and economic growth.
During a meeting with the Managing Director and senior executives of the Oil and Gas Development Company Limited (OGDCL) at the company’s head office, the minister said indigenisation of the energy sector was the way forward, stressing that Exploration and Production (E&P) companies were working diligently to achieve this national goal.
According to a news release issued by the ministry, the OGDCL management briefed the minister on operational activities and a production optimisation plan designed to slow the decline in mature hydrocarbon fields.
He was also informed about initiatives to enhance recovery and sustain production levels.
The minister underlined that improved governance was critical to strengthening the company’s operational and financial performance. He was told that in fiscal year 2024-25, OGDCL had made five new oil and gas discoveries, reflecting Pakistan’s immense hydrocarbon potential.
“I assure my complete support for the structural reforms necessary to ensure the sustainability of the petroleum sector,” the minister said, adding that the government would provide maximum facilitation to enable E&P companies to operate at full potential and attract investment.
OGDCL Managing Director Ahmed Hayat Lak thanked the minister for his commitment. “It is a welcome step that there is seriousness in reforming the sector.
This commitment from the government provides a clear direction and will enable E&P companies like OGDCL to play a more effective role in achieving national energy self-sufficiency,” he added.
The meeting concluded with a resolve to strengthen collaboration between the Ministry of Petroleum and OGDCL to overcome challenges and capitalise on opportunities in the energy sector.