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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&#39;s Prime Minister Shehbaz Sharif on Friday directed provincial governments to take strict legal action against those involved in hoarding petroleum products and creating artificial shortages in the country.&nbsp;Chairing a high-level meeting on petroleum supplies in Islamabad, the prime minister was briefed by the Ministry of Petroleum on the country&rsquo;s fuel reserves in the context of the&nbsp;<a href="https://www.pakistantv.com/article/pakistan-urges-restraint-as-pm-sharif-intensifies-diplomacy-over-middle-east-war" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">evolving regional situation</a>.&nbsp;Officials informed the meeting that Pakistan currently has adequate stocks of petroleum products to meet domestic requirements.&nbsp;The prime minister, however, warned against profiteering and instructed provincial authorities to act firmly against hoarders. He said any petrol pump found involved in creating artificial shortages should be immediately sealed, its licence cancelled, and legal action initiated.&nbsp;Sharif also directed the federal petroleum minister to visit provinces and coordinate with provincial governments to develop a comprehensive plan to ensure the conservation of petroleum products and their uninterrupted supply to the public. The prime minister further ordered the establishment of a digital dashboard to monitor the movement of petroleum products, enabling real-time data sharing with provinces to ensure effective oversight of fuel transportation and distribution. The meeting was attended by Deputy Prime Minister and Foreign Minister Ishaq Dar, federal ministers Jam Kamal Khan, Ahsan Iqbal Cheema, Muhammad Aurangzeb, Attaullah Tarar, Ali Pervaiz Malik, Owais Leghari, Minister of State Bilal Azhar Kayani, Special Assistant to the Prime Minister Haroon Akhtar Khan, and State Bank Governor Jameel Ahmad.&nbsp;Chief secretaries from all four provinces, as well as Azad Jammu and Kashmir and Gilgit-Baltistan, also attended the meeting along with senior government officials.

Prime Minister Shehbaz Sharif chairs a high-level meeting on petroleum supplies in Islamabad on Friday, March 6, 2026, directing authorities to crack down on petrol hoarding and establish real-time monitoring of fuel stocks. (Photo: Handout/PMO)

Directs federal petroleum minister to visit provinces and coordinate with provincial governments to develop a comprehensive plan to ensure the conservation of petroleum products and their uninterrupted supply to the public.


Articles tagged with "petroleum stocks"

Pakistan reopens offshore exploration after 20 years, 23 agreements signed

Pakistan cracks down on fuel hoarders amid Middle East tensions

Pakistan reopens offshore exploration after 20 years, 23 agreements signed