Sharif pledges $ 5 bn for oil, gas exploration in Pakistan
OIL & GAS

Sharif pledges $ 5 bn for oil, gas exploration in Pakistan

Prime Minister Shehbaz Sharif, presiding over a meeting with oil and gas sector companies, announced that Pakistan is expected to receive an investment totalling $ 5 billion over the next three years. This investment, from both local and international firms, aims to explore and develop petroleum and gas reserves within the country. The initiative seeks to reduce Pakistan's dependence on foreign oil imports, which currently incurs substantial costs and affects the economy.

During the meeting, it was disclosed that approximately 240 sites would be excavated as part of this investment, focusing on exploring petroleum and gas resources across Pakistan. Currently, Pakistan's daily domestic production comprises 70,998 barrels of oil and 3,131 million standard cubic feet of gas.

Prime Minister Sharif emphasized the significance of prioritizing local exploration efforts, stating, "Exploring oil and gas reserves within Pakistan is our primary objective." He highlighted the substantial foreign exchange savings expected from reducing oil imports, which would ultimately benefit the country's economy and provide relief to consumers coping with high fuel prices.

Additionally, Prime Minister Sharif invited companies in the petroleum and gas exploration sector to explore offshore reserves as well, underscoring the government's commitment to expanding energy resources independently.

In summary, the investment announcement underscores Pakistan's strategy to boost domestic energy production, mitigate foreign exchange expenditures, and alleviate the economic burden on its citizens due to high fuel prices.

Prime Minister Shehbaz Sharif, presiding over a meeting with oil and gas sector companies, announced that Pakistan is expected to receive an investment totalling $ 5 billion over the next three years. This investment, from both local and international firms, aims to explore and develop petroleum and gas reserves within the country. The initiative seeks to reduce Pakistan's dependence on foreign oil imports, which currently incurs substantial costs and affects the economy. During the meeting, it was disclosed that approximately 240 sites would be excavated as part of this investment, focusing on exploring petroleum and gas resources across Pakistan. Currently, Pakistan's daily domestic production comprises 70,998 barrels of oil and 3,131 million standard cubic feet of gas. Prime Minister Sharif emphasized the significance of prioritizing local exploration efforts, stating, Exploring oil and gas reserves within Pakistan is our primary objective. He highlighted the substantial foreign exchange savings expected from reducing oil imports, which would ultimately benefit the country's economy and provide relief to consumers coping with high fuel prices. Additionally, Prime Minister Sharif invited companies in the petroleum and gas exploration sector to explore offshore reserves as well, underscoring the government's commitment to expanding energy resources independently. In summary, the investment announcement underscores Pakistan's strategy to boost domestic energy production, mitigate foreign exchange expenditures, and alleviate the economic burden on its citizens due to high fuel prices.

Related Stories

Gold Stories

Next Story
Products

Koemmerling opens Navi Mumbai experience centre

Koemmerling, a brand of the profine Group, has expanded its presence in the Mumbai metropolitan region with the opening of a new experience centre in Navi Mumbai and launched its Allure S46 minimal sliding door system for the Indian market.Located in CBD Belapur, the facility was inaugurated by Peter Mrosik, Owner and CEO, profine Group, along with Farid Khan, Chairman and Managing Director, profine India, and Kamal Bajaj, CEO, profine India.The company said the new centre will showcase its portfolio of uPVC and aluminium window and door systems to architects, developers and homeowners.The ina..

Next Story
Products

India's waterproofing market nears Rs 150 bn milestone

India's waterproofing industry is approaching a market size of Rs 150 billion and is expected to surpass the $2 billion milestone, according to speakers at the 2nd India International Waterproofers Conference & Expo 2026 organised by the Waterproofers Association of India (WAI) in New Delhi.The two-day event brought together more than 20 speakers, 55 international delegates and 53 exhibition booths, with discussions focusing on climate-resilient construction, advanced waterproofing technologies and international collaboration.Inaugurating the event, Durga Shanker Mishra, former Secretary, ..

Next Story
Real Estate

Dilip Buildcon Q1 FY27 Revenue at Rs 23.78 billion

Dilip Buildcon Limited reported consolidated revenue from operations of Rs 2,378 crore in Q1 FY27, along with EBITDA of Rs 429 crore and profit after tax of Rs 128 crore.Consolidated EBITDA margin stood at 18.1%, improving from 17.1% in Q4 FY26. On a standalone basis, revenue from operations was Rs 1,930 crore, EBITDA stood at Rs 199 crore and PAT was Rs 39 crore, with an EBITDA margin of 10.3%.The company’s order book stood at Rs 27,691 crore as of 30 June 2026, compared with Rs 28,830 crore as of 31 March 2026. Roads and highways accounted for 17.1% of the order book, irrigation and water ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement