ISLAMABAD: Minister for Petroleum, Musadik Malik, revealed the government’s ambitious strategy to achieve energy self-sufficiency and drive economic growth through innovation in the sector, according to Radio Pakistan.
Speaking at an event in Islamabad on Thursday, Malik shared that technological advancements at the Oil and Gas Development Company Limited (OGDCL) had led to a notable increase in production, adding 10,000 barrels—a key achievement for the country.
In addition, the minister introduced an auction for 71 new oil and gas exploration blocks. He stressed that if just four more companies adopt similar innovative technologies, Pakistan could significantly reduce its reliance on the International Monetary Fund (IMF), calling this shift a “silent revolution.”
Malik also discussed the government’s plan to deregulate the energy sector, emphasizing that this would open doors for greater private sector participation and eliminate bureaucratic inefficiencies. The move is designed to empower businesses and streamline operations.
On the economic front, Malik pointed to the reduction in inflation, driven by falling interest rates, which has helped restore investor confidence. Furthermore, Pakistan has announced the opening of 40 offshore and 31 onshore blocks for oil and gas exploration—its first such initiative in a decade.
Earlier in the week, Malik urged international investors to tap into the vast untapped resources within Pakistan, underlining the immense opportunities available in the newly launched exploration blocks.
