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

08 Jul 2024 CW Team

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.

Infrastructure Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..