ISLAMABAD: Pakistan on Friday announced the results of its first offshore bidding round in nearly two decades, awarding 23 exploration blocks to four consortiums led by local energy companies in a renewed push to unlock the country’s untapped hydrocarbon reserves.
The Offshore Bid Round 2025, launched in January after an 18-year gap, attracted bids covering about 53,500 square kilometers of Pakistan’s offshore zone.
The Ministry of Energy said the outcome reflected “strong investor confidence” in the upstream sector following new production-sharing agreements and regulatory reforms designed to ensure transparency and competitiveness.
“A recent basin study conducted by the US firm DeGolyer and MacNaughton (D&M) has indicated a significant yet-to-find potential of hydrocarbons in Pakistan’s offshore basins,” the ministry said in a statement in which it announced receiving bids “for twenty-three (23) offshore blocks.”
The government said the round offered blocks across the Indus and Makran basins, aiming to spur systematic exploration after years of limited drilling activity.
Among the successful bidders are state-run Oil and Gas Development Co. Ltd. (OGDCL), Pakistan Petroleum Ltd. (PPL), MariEnergies, and privately owned Prime Energy, backed by Hub Power Company (Hubco).
Foreign and private-sector partners include Turkiye’s national oil company TPAO, Hong Kong-based United Energy Group, Orient Petroleum, and Fatima Petroleum, part of Pakistan’s Fatima Group conglomerate.
The winning consortiums collectively pledged about $80 million in exploration work over the first three years, with total investment potentially rising to $750 million to $1 billion if drilling proceeds, the ministry said.
Pakistan’s 300,000-square-kilometer offshore zone, bordering Oman, the United Arab Emirates and Iran, has seen just 18 wells drilled since independence, too few to fully assess its hydrocarbon potential.
The ministry added that once geological and geophysical studies are completed, Pakistan will invite global oil majors to participate in the next phase of offshore exploration.
Prime Minister Shehbaz Sharif welcomed the participation of international and local companies, calling it a step toward strengthening Pakistan’s energy security and reducing import dependence.
With input from Reuters.
