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ISLAMABAD: Pakistan has formally reopened offshore oil and gas exploration after nearly 20 years, with the signing of 23 production-sharing agreements and exploration licenses for blocks awarded under the Offshore Bid Round 2025, marking a renewed push to attract investment in the country&rsquo;s offshore energy sector, according to an official statement on Wednesday.&nbsp; The awarded blocks are located in the Indus and Makran offshore basins, adjoining the territorial waters of Sindh and Balochistan. The agreements cover approximately 54,600 square kilometers of Pakistan&rsquo;s offshore area. Federal Minister for Petroleum Ali Pervaiz Malik witnessed the signing ceremony. Two offshore blocks awarded under the same bid round, Offshore Deep-C and Offshore Deep-F, had earlier been executed on December 2, 2025, with Mari Energies Limited, Turkish Petroleum Overseas Company, and Fatima Petroleum Company Limited during a ceremony held at the Prime Minister&rsquo;s Office.&nbsp; The statement said that with the signing of the remaining 21 agreements, the contractual framework for the entire 2025 portfolio is now complete. Mari Energies Limited emerged as the most active participant in the 23 offshore blocks, serving as operator on 18 blocks and as a joint venture partner on five blocks with other exploration and production companies. Oil and Gas Development Company Limited and Pakistan Petroleum Limited have each been awarded eight exploration blocks, including two blocks as operators. Prime Global Energies Limited has been awarded one block as operator. United Energy Pakistan Limited and Orient Petroleum Incorporation, alongside other joint venture partners, also participated in the signing ceremony. Collectively, the awarded blocks represent an investment of approximately $82 million during Phase I of the initial three-year license period. Total investment is projected to increase to approximately $1 billion if exploration activities progress to Phase II drilling operations. Phase I activities will involve extensive geological and geophysical studies, including seismic data acquisition, processing, and interpretation, aimed at better defining the hydrocarbon potential of Pakistan&rsquo;s offshore basins. Subject to encouraging results, Phase II will involve the drilling of exploratory wells in prospective offshore areas. The Petroleum Division intends to engage leading international oil companies in the next phase of offshore exploration, with several global energy firms already evaluating available offshore data, the statement said.&nbsp;

Economy

Agreements signed for 23 blocks in the Indus and Makran basins to attract foreign investment and boost offshore oil and gas exploration.

Pakistan reopens offshore exploration after 20 years, 23 agreements signed 

ISLAMABAD: Pakistan is pursuing an agreement with Russia on oil and gas exploration and refinery modernization as bilateral trade between the countries more than doubled last year, Pakistan&#39;s Finance Minister Muhammad Aurangzeb said on Tuesday. In an interview with the Russian state-owned channel, RIA Novosti, at the Momentum conference in Riyadh, Aurangzeb said that &quot;All these areas are the strengths of Russia. And we would be very happy if they agreed on an agreement in this industry with Pakistan.&quot; The State Bank of Pakistan data shows trade volume between the two countries rose to $1.81 billion in the fiscal year ending June 2024. It was largely driven by imports of discounted Russian crude oil. Russian Energy Minister Sergei Tsivilev said in November 2024 that Russia is discussing the possibility of Russian companies participating in a project to modernize a refinery in Pakistan, according to Pakistan&rsquo;s Ministry of Energy. He stated that the two countries would continue cooperation in hydrocarbon exploration and development. Aurangzeb identified energy, oil and gas, minerals, and mining as the main areas of trade potential. He noted Pakistan&#39;s interest in a steel plant project, noting that the country&#39;s previous large steel facility was built with Russian support. He stated that Pakistan aims to attract foreign investment by ensuring macroeconomic stability. The country&#39;s foreign exchange reserves now &ldquo;cover imports for two and a half months&rdquo; and are &ldquo;approaching a three-month&rdquo; indicator. Aurangzeb also said Pakistan is an active member of the Shanghai Cooperation Organization and has expressed interest in joining BRICS. He mentioned that Pakistan was studying alternative payment systems as relations with BRICS develop. Pakistan&#39;s Minister for Petroleum, Ali Pervez Malik, has held meetings with heads of Gazprom and ROSGEO to boost cooperation during his visit to Russia for the 14th St Petersburg International Gas Forum in October 2025. Both sides agreed to improve the partnership between Pakistan&#39;s state-owned Oil and Gas Development Company Limited and Gazprom. Similarly, the 10th session of the Russian-Pakistani Intergovernmental Commission focused on expanding trade, easing customs barriers, and advancing new joint projects. Russian Consul-General Andrey V. Federov said in July that Russia seeks to double the volume of bilateral trade with Pakistan.

Finance Minister Muhammad Aurangzeb says Pakistan is pursuing Russian oil and gas exploration agreements and refinery modernization, as bilateral trade surges, driven by discounted oil imports and cooperation.

Articles tagged with "oil and gas exploration"

Pakistan reopens offshore exploration after 20 years, 23 agreements signed

Pakistan in talks with Russia on oil sector agreement: Finance minister

Pakistan reopens offshore exploration after 20 years, 23 agreements signed