Turkish petroleum to begin oil and gas exploration in Pakistan in October: Minister

ISLAMABAD: Pakistan Petroleum Minister Ali Pervaiz Malik on Friday stated that, in an effort by the government to increase energy extraction, Turkish Petroleum would arrive to extract oil and gas in the country in October after 20 years.

Addressing a press conference alongside Information and Broadcasting Minister Attaullah Tarar in Islamabad, Malik highlighted the steps taken by the government to increase energy extraction.

He noted that after Prime Minister Shehbaz Sharif's recent visit to Türkiye, Turkish Petroleum would arrive to extract oil and gas in the country in October after 20 years.

He also said that Islamabad was looking to attract the big oil merchants in the international markets, including Saudi Aramco, Kuwait Petroleum Corporation, QatarEnergy, etc., to store their resources with Pakistan. 

He added that despite the constant efforts to bring about a ceasefire amid the Gulf crisis by Prime Minister Shehbaz Sharif and Chief of Army Staff Field Marshal Asim Munir, the war once again seems to be escalating in the region.

He said that fuel prices would be fixed daily due to fluctuations in international market prices following renewed hostilities between Iran and the US.

“The Cabinet and prime minister have decided … Ogra will be given the responsibility to decide the fuel prices daily based on the international market,” the petroleum minister said.

OGRA (Oil & Gas Regulatory Authority) is the primary government agency that regulates Pakistan's midstream and downstream petroleum and natural gas sectors

He added that Ogra would “not just publish the fuel rates on its website that are used to determine prices, but also publish the factors leading to the price that we see at each petrol pump.”

“So, the decision taken by the Cabinet and the Prime Minister is to bring transparency,” Ali Pervaiz Malik said.

He said the government remained committed to Prime Minister Shehbaz Sharif's pledge that any relief arising from lower international oil prices would be passed on to the public.

Malik noted that Pakistan had previously witnessed substantial reductions in fuel prices when global oil prices fell. He cited diesel prices dropping from around Rs520 per litre to nearly Rs300, while petrol prices had also declined by Rs70-80 per litre during periods of lower international prices.

Information Minister Attaullah Tarar said that when, in the whole world, the tension was at its peak and there was a shortage of oil, with many developed countries waiting in queues and unable to obtain oil, in Pakistan, “the prime minister arranged additional resources ahead of time, and it was ensured that in no city or province of Pakistan was there any shortage of petrol and diesel,” he added.