ISLAMABAD: Petroleum Minister Musadik Malik on Tuesday said that Pakistan was offering foreign investors 40 offshore and 31 onshore blocks for oil and gas exploration, Pakistani state media reported, as Islamabad pursues a multi-pronged strategy to advance the energy sector.
The statement by the petroleum minister came at the 30th Annual Technical Conference and Oil Show in Islamabad, which brought together experts, officials of regulatory bodies and industry stakeholders to discuss oil and gas exploration, and renewable energy resources.
Pakistan is currently focusing on indigenization, electrification and liberalization to advance the energy sector, and has identified Access to Energy, Provision of Affordable Energy and Sustainability of Energy as fundamental pillars of its strategy.
Speaking at the conference, Malik said a significant portion of Pakistan’s natural resources remained unexplored and invited international investors to capitalize on opportunities in these newly opened blocks, the state-run APP news agency reported.
“Pakistan is open for business and we will provide all necessary facilitation to investors,” the petroleum minister was quoted as saying.
Pakistan, which has been struggling with an economic crisis, imports most of its energy needs and is currently looking for ways to lessen the cost of power generation.
Malik said reducing energy prices for the underprivileged was one of the government’s top priorities and efforts were underway to increase local production.
“We are utilizing domestic resources for energy,” he said, adding that Pakistan possessed untapped shale and tight gas reserves.
The minister said the government was introducing a deregulation policy and aimed to open the oil sector under a price cap mechanism, stressing the importance of transitioning the sector to modern technology.
“Prosperity will not come by simply introducing one machine,” he said. “For sustainable growth, we must engage in science and research ourselves.”
Pakistan offers over 70 offshore and onshore blocks to foreign investors for oil and gas exploration
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Pakistan offers over 70 offshore and onshore blocks to foreign investors for oil and gas exploration
- Pakistan, which imports most of its energy needs, is currently looking for ways to lessen the cost of power generation
- The South Asian country is focusing on indigenization, electrification and liberalization to advance its energy sector
Pakistan to promote mineral sector at Saudi forum this month with 13 companies
- Delegation will take part in the Future Minerals Forum in Riyadh from Jan. 13-15
- Petroleum minister will lead Pakistan, participate in a 90-minute country session
ISLAMABAD: Around 13 Pakistani state-owned and private companies will attend the Future Minerals Forum (FMF) in Saudi Arabia from Jan. 13 to 15, an official statement said on Friday, as the country seeks to ramp up global engagement to develop its mineral resources.
The FMF is an international conference and investment platform for the mining sector, hosted by mineral-rich countries to attract global investors, companies and governments.
Petroleum Minister Ali Pervaiz Malik confirmed Pakistan’s participation in a meeting with the Saudi envoy, Nawaf bin Said Al-Malki.
Pakistan hosts one of the world’s largest copper-gold zones. The Reko Diq mine in southwestern Balochistan, with an estimated 5.9 billion tons of ore, is partly owned by Barrick Gold, which calls it one of the world’s largest underdeveloped copper-gold deposits. Its development is expected to boost Pakistan’s struggling economy.
“Upon an invitation of the Government of the Kingdom of Saudi Arabia, the Federal Minister informed the Ambassador that Pakistan will fully participate in the upcoming Future Minerals Forum (FMF), scheduled to be held in Riyadh later this month,” Pakistan’s Press Information Department (PID) said in an official statement.
The Pakistani minister will lead his country’s delegation at the FMF and take part in a 90-minute country showcase session titled “Unleashing Potential: Accelerating Pakistan’s Mineral Revolution” along with local and foreign investors.
Pakistan will also establish a dedicated pavilion to highlight the vast potential of its rich geological landscape to the global mineral community.
The Saudi envoy welcomed Pakistan’s decision to participate in the forum and discussed enhancing bilateral cooperation in the minerals and energy sectors during the meeting.
According to the statement, he highlighted the potential for cooperation between Saudi Arabia and Pakistan in the minerals and energy sectors, expressing confidence that the FMF would provide a platform to expand collaboration.
Pakistan’s mineral sector, despite its rich reserves of salt, copper, gold and coal, contributes only 3.2 percent to the country’s GDP and just 0.1 percent to global mineral exports.
However, many countries, including the United States, have shown interest in Pakistan’s underdeveloped mineral sector, particularly in copper, gold and other critical resources.
In October, Pakistan dispatched its first-ever shipment of rare earth and critical minerals to the United States, according to a Chicago-based US public relations firm’s report.
