Federal Minister for Petroleum, Dr Musadik Malik, said on Tuesday that, after a decade, 40 new offshore and 31 onshore blocks had 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. He 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 focuses on three key fronts: indigenization, electrification, and liberalization.
He also shared plans to introduce a deregulation policy and price capping to open up the oil sector. He 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 to achieve this goal.
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. —APP
