Pakistan strikes major offshore oil and gas deal after 20 years

In a landmark development for Pakistan’s energy sector, the country has achieved a breakthrough in offshore oil and gas exploration after two decades, aligning with Prime Minister Shehbaz Sharif’s vision of energy security and sustainable resource development, reported 24NewsHD TV channel Friday.

According to an official announcement, successful bids for 23 offshore oil and gas blocks have been concluded — the first such success in 20 years. The bidding round, covering an area of approximately 53,510 square kilometers, has drawn significant domestic and international investment interest.

An initial investment of $80 million will be made during the first phase of exploration licenses, which is expected to rise to $1 billion during the drilling stage. Officials described the round as a major boost for the national economy and a strong indicator of investor confidence in Pakistan’s upstream sector.

The government’s strategy of simultaneous exploration in the Indus and Makran basins has proven successful, paving the way for broader energy self-reliance.

The participating companies include leading Pakistani energy firms such as OGDCL, PPL, Mari Energies, and Prime Energy, along with major international partners — Turkish Petroleum, United Energy, Orient Petroleum, and Fatima Petroleum — who have joined as joint venture partners.

A recent basin study by the American firm DeGliver & McNaughton estimated Pakistan’s offshore reserves at nearly 100 trillion cubic feet, prompting the launch of Offshore Round 2025, which officials say has been an overwhelming success.

Authorities termed the development a “turning point” for Pakistan’s energy landscape, reflecting growing international confidence in the country’s offshore exploration potential.