OGDC invests $25 million in Reko Diq this quarter; project on track for 2028

Pakistan’s Oil and Gas Development Company Limited (OGDC) has invested $25 million in the Reko Diq project this quarter, part of a total $75 million injected by Pakistan Minerals Private Limited (PMPL) as mine development continues without delay.

Management emphasized that corporate changes at Barrick, the project’s 50% partner, will not impact progress. “No delays are expected so far as work at the mine is still ongoing,” the briefing report noted during a session attended by Topline Securities.

Reko Diq, located in Balochistan, is one of the world’s largest undeveloped copper and gold deposits. Ownership is split 50% Barrick, 25% federal SOEs including OGDC, and 25% Government of Balochistan (15% fully funded, 10% free-carried). Production is targeted for 2028.

OGDC also provided updates on its other development projects. Of six planned ventures, Jhal Magsi and Dakhni are complete. The remaining four—Uch, KPD-TAY, Bettani, and Sinjhoro—are under construction and expected online over 2HFY26–FY27.

Once operational, these projects are projected to add roughly 215 million cubic feet per day (mmcfd) of gas and 5,342 barrels per day (bpd) of oil, boosting domestic energy output.

The briefing underscored OGDC’s commitment to sustained investment in strategic energy projects, maintaining momentum despite market shifts and corporate changes at international partners.