The Oil and Gas Development Company Limited (OGDCL) has made 19 oil and gas discoveries across Sindh, Punjab, and Khyber Pakhtunkhwa since 2023, marking a major boost to Pakistan’s energy security and a key step toward cutting reliance on expensive fuel imports. According to official documents available with Wealth Pakistan, the discoveries carry an estimated […]
oil
Govt plans oil reserves, storage push as Hormuz crisis exposes vulnerabilities
Pakistan plans to boost domestic storage for crude oil and refined products to increase its energy security, according to a government document that was shared with oil producers and some of the world’s leading trading firms. Despite depending on supplies through the Strait of Hormuz for up to 90% of its oil and liquefied natural […]
Oil and LNG tankers exit Hormuz, heading for Pakistan and China
Ship-tracking data showed three liquefied natural gas tankers passed through the Strait of Hormuz in recent days, heading to Pakistan, China and India, as well as a supertanker with Iraqi crude for China after being stranded for nearly three months. The vessels join a handful of supertankers leaving the Gulf this month via a transit […]
Government revives offshore oil, gas hunt after two decades
Pakistan’s offshore frontier was formally reopened after nearly two decades on Wednesday as the government inked Production Sharing Agreements (PSAs) and Exploration Licences (ELs) for offshore blocks. Federal Minister for Petroleum Ali Pervaiz Malik witnessed the signing ceremony of PSAs and ELs for offshore exploration blocks awarded under the Offshore Bid Round 2025, read an […]
OPEC+ raises oil output quotas for ‘stability’ after shock UAE pull-out
Saudi Arabia, Russia and five other OPEC+ countries increased their oil production quota on Sunday in an expected move aimed at demonstrating continuity at the cartel after the shock withdrawal of the United Arab Emirates. The seven major producers will add 188,000 barrels per day to their total production quota for June amid the price […]
‘OPEC+ agrees on oil output quota hike without UAE’
Seven OPEC+ countries have an agreement in principle to raise oil output targets by about 188,000 barrels per day in June, pressing on with plans despite the departure of the UAE, two sources familiar with OPEC+ thinking said ahead of a policy meeting on Sunday. The output hike is largely symbolic for now, with most […]
Oil under pressure as US blockade of Hormuz begins
The United States Naval blockade begins in the Strait of Hormuz after the deadline of 7 pm (10 am ET). A blockade was imposed on all the ships entering or leaving Iranian ports. After the deadline, Trump warned on the Truth Social platform about the blockade. ” If any of these ships come anywhere close […]
Saudi Arabia likely to invest $10bn in Gwadar oil refinery project
Pakistan has decided to expand its petroleum storage capacity, while a major investment is expected from Saudi Arabia for the establishment of an oil refinery in Gwadar. Sources in the Ministry of Petroleum indicate that Saudi Arabia is likely to invest around $10 billion in the Gwadar oil refinery project. The plan involves Saudi Aramco […]
Why Pakistan Does Not Import Oil from Iran?
The question is increasingly being asked with urgency: why does Pakistan not import “cheaper” oil from Iran? At first glance, the argument appears both logical and economically appealing. However, the reality is far more complex. Pakistan’s decision is shaped by a combination of economic constraints, diplomatic considerations, financial systems, and strategic priorities. The issue is […]
Israel Hijacks Global Oil Flow
The war that has engulfed the Middle East over the past several weeks is no longer merely a confrontation of missiles, drones, and military doctrines. It is rapidly revealing itself as a deeper contest over geography, energy, and long-term global control. Beneath the smoke of bombed installations and the rhetoric of national security lies a […]