KARACHI – Pakistani government awarded 23 offshore exploration blocks to a mix of local and international energy giants, including Turkey’s TPAO in first offshore bidding round in nearly two decades, covering a staggering 53,500 square kilometers of untapped potential.
State-run powerhouses OGDCL, Pakistan Petroleum Ltd, Mari Petroleum, and private firm Prime Energ, backed by Hubco, led the winning consortiums. TPAO secured a 25% stake in one block and will operate it, signaling a renewed wave of foreign confidence in Pakistan’s energy sector.
The four consortiums have pledged $80 million for exploration in the first three years, with total investment expected to soar to $1 billion if drilling progresses. Other notable partners include Hong Kong’s United Energy Group and major local players Orient Petroleum and Fatima Petroleum.
After the high-profile exit of Exxon Mobil following the failed 2019 Kekra-1 well, Pakistan is clearly sending a message: the country is open for energy business, and its offshore riches could be the next big prize in the global oil race.
