Govt offers 40 offshore, 31 onshore blocks for oil, gas exploration: Musadik Malik

Federal Minister for Petroleum, Dr. Musadik Malik said that 40 new offshore and 31 onshore blocks have been offered for oil and gas exploration, reported 24NewsHD TV Channel. 

Speaking at the 30th Annual Technical Conference and Oil Show, he invited international investors to capitalize on the opportunities in these newly opened blocks. He assured businesses that Pakistan was open for business. 

He said that the fundamental pillars of the government’s strategy for advancing the energy sector are Access to Energy, Provision of Affordable Energy, and Sustainability of Energy. The Minister further explained that to achieve these goals, the government is focusing on three key fronts including, indigenization, electrification, and liberalization.

He also shared plans to introduce a policy of deregulation and price capping to open up the oil sector, said that bringing technology to the country alone would not be enough to change its destiny. “Continuous innovation is essential for sustainable progress,” the minister added.

He stressed the importance of transitioning the oil sector to modern technology, noting that the Prime Minister’s vision is for Pakistanis to live better and easier lives. He said that the government is working on minimizing the environmental impact of energy consumption and is focused on increasing local energy production. He pointed out that without affordable energy, the public would struggle to access it. “We are utilizing domestic resources for energy,” he explained, mentioning that significant progress is being made in electrification. 

The Minister further highlighted the need to instil confidence in the youth, encouraging them to believe that they are capable of achieving anything. He added that the country will only develop when there is a sense of self-reliance.