Oil and Gas Development Company (OGDC) is planning to explore hydrocarbon resources overseas through joint ventures with Russian and Turkish energy companies as part of efforts to diversify supply sources and reduce Pakistan’s energy import burden, The Express Tribune reported, citing sources.
Partnership talks between Pakistan’s largest Exploration and Production (E&P) company, with Russia’s Gazprom and Turkey’s state-owned Turkish Petroleum, are reported to be at an advanced stage for onshore and offshore exploration projects in Libya and Vietnam.Â
The move is aimed at securing overseas energy assets, mirroring the strategy adopted by regional peers that have expanded beyond domestic markets. Indian exploration companies have pursued a similar approach through joint ventures in overseas markets, including the United States. Pakistan is seeking to reduce reliance on imported fuels by acquiring equity oil and gas from foreign fields.
Sources said OGDC, along with other Pakistani firms, is already engaged in offshore exploration activities in the United Arab Emirates. At home, Turkish Petroleum has entered Pakistan’s offshore sector after receiving approval from the Economic Coordination Committee to acquire a stake in the Eastern Offshore Indus Block-C.
Officials believe the partnership will bring international offshore operating experience into Pakistan’s exploration sector, improving technical capacity and project execution. Success at the block could unlock further exploration opportunities and attract foreign investment into offshore drilling.
Sources added that OGDC plans to replicate the joint venture model used with Turkish Petroleum for both onshore and offshore exploration in foreign jurisdictions. Gazprom has also shown interest in partnering with OGDC, including potential participation in local offshore blocks where OGDC has secured acreage.
