Istanbul: Minister for Petroleum Ali Pervaiz Malik has highlighted Pakistan's vast untapped geological potential for hydrocarbons, offering lucrative investment opportunities. Addressing the Pakistan-Trkiye B2B Conference in Istanbul, which was also attended by Prime Minister Muhammad Shehbaz Sharif and Trkiye's Vice President, Cevdet Yilmaz, the Petroleum Minister emphasized the country's abundant resources.

According to Radio Pakistan, Malik outlined that Pakistan's recoverable gas reserves are estimated at approximately 23 trillion cubic feet (Tcf), which he described as only the tip of the iceberg. Currently, the country's gas production is about 3 billion cubic feet per day (bcf/d), while the demand is around 4 bcf/d, necessitating the import of nearly $4 billion worth of LNG annually to satisfy energy needs.

The Minister further detailed that oil reserves stand at an estimated 240 million barrels, with a daily production rate of approximately 65,000 barrels. As Pakistan advances towards a higher growth trajectory, energy demand is expected to escalate, presenting significant investment opportunities in the hydrocarbon and energy sectors.

Ali Pervaiz Malik also noted that Pakistan has more than 178 active exploration licenses and recently drilled its first vertical well in Hyderabad, unlocking new potential. The country is seeking technical support from Trkiye, especially in field services and the midstream sector.

Additionally, the Prime Minister has mandated the expedited implementation of a refinery upgrade policy and plans for a world-class bonded storage facility, aiming to diversify supplies and ensure secure storage for petroleum products in Pakistan. Malik also pointed out the development of one of the largest copper and gold mining projects, anticipated to commence commercial production around 2030, with multiple adjacent blocks available for joint venture exploration.