Pakistan Awards 23 Offshore Oil Blocks Restarting Exploration After 18 Years

Pakistan has awarded 23 offshore exploration blocks to four consortiums led by local energy companies, some partnered with foreign firms including Turkey's national oil company TPAO, marking the first such bidding round in nearly two decades. The awarded blocks cover around 53,500 square kilometers in the Indus and Makran basins, with initial investment pledges of about $80 million expected to rise to $750 million to $1 billion if drilling proceeds. This bidding round follows a recent basin study by the US firm DeGolyer and MacNaughton indicating significant yet-to-be-found hydrocarbon potential in Pakistan's offshore basins. The move aligns with Prime Minister Shehbaz Sharif's vision for energy security and local resource development, attracting major domestic and international firms such as OGDCL, PPL, Mari Energies, Prime Energy, United Energy, Orient Petroleum, and Fatima Petroleum. The renewed interest and investments reflect growing global confidence in Pakistan's upstream energy sector and represent a critical step toward reducing the country's reliance on imported fuels. The exploration initiative also aims to create jobs and drive industrial growth, signaling a strategic advance in Pakistan's energy independence efforts.