ISLAMABAD: Federal Minister for Petroleum Dr. Musadik Malik on Thursday highlighted the transformative impact of technology on Pakistan’s energy sector, revealing that a single innovation has led to a 10,000-barrel increase in oil production by Oil and Gas Development Company Limited (OGDCL).
Speaking at a celebration event organized by OGDCL and Schlumberger, he emphasized the potential of such advancements to reshape the country’s financial future.
“If four more companies adopt similar technological advancements, Pakistan may no longer require International Monetary Fund (IMF) programs for financial stability,” he stated. He further noted that $250 million worth of innovation has been introduced into the sector, describing it as the beginning of a silent revolution driven by cutting-edge technology.
Commending Schlumberger for its contributions, Malik said that Pakistan’s energy sector is undergoing a transformation. “We are implementing key changes across industries, and energy is at the forefront,” he added.
He outlined three major initiatives in the sector—indigenization, electrification, and deregulation—explaining that they are aimed at fostering economic stability and self-reliance.
“Indigenization means producing locally what we currently import,” he explained. “Electrification involves integrating all energy sources—renewables, green, blue, and brown—into a single system in line with the global shift toward electric power.”
He also emphasized deregulation as a critical step for fostering private-sector growth, citing international models where research, technology, and commercialization work together to drive innovation.
“When this innovation reaches OGDCL, the silent revolution we have been discussing becomes visible,” he said. He also highlighted the Prime Minister’s directive to eliminate unnecessary regulations that hinder business operations.
“We have seen how people struggle for months, sometimes years, to obtain approvals for petrol stations and small industries. Under the PM’s plan, only essential regulations will remain, and the rest will be scrapped,” he stated.
Malik further detailed the government’s approach to deregulation, explaining that instead of removing regulations selectively, four essential rules will be defined for each economic activity, eliminating all unnecessary restrictions. “This is how deregulation will drive the economy forward,” he said.
He also spoke about downsizing efforts in the petroleum sector, saying that a special committee is reviewing government institutions to assess their workforce requirements and efficiency. “The focus is on outcomes rather than bureaucratic hierarchies,” he noted.
Criticizing Pakistan Tehreek-e-Insaf (PTI) for what he described as attempts to undermine the country’s economy on the international stage, Malik questioned, “Who asks the IMF not to support their own country? Who wants their own nation to go bankrupt? When you pass resolutions abroad, they do not mention any political party; they target Pakistan itself.”
He condemned actions that could destabilize Pakistan’s financial credibility and emphasized recent economic improvements. “Inflation has dropped from 40% to 3%, and interest rates have declined from 24%, making it easier for businesses to borrow,” he stated.
“When interest rates drop, companies invest, hire more workers, and introduce innovations. This creates jobs for Pakistani engineers and strengthens industries.”
Calling for a constructive national debate focused on economic progress rather than political hostility, Malik concluded, “Pakistan’s progress should not be sacrificed for political rivalry. Reforms are underway, and the country is moving towards economic stability—but some are too focused on creating chaos to acknowledge these changes.”
