Pakistan seeks stable policies to unlock offshore exploration investment

Federal Minister for Petroleum Ali Pervaiz Malik told the Energy Conference 2026 that Pakistan wants steady, predictable energy policies to draw investment into upstream exploration, particularly offshore, Mettis Global reported. He said offshore work is being revived after two decades, with friendly countries, Mari Petroleum, PPL and OGDCL taking part. Investors undertaking high-risk drilling need policy consistency and medium-term visibility, he said, because a single well could involve more than $100m.

He also said investors should be allowed to keep profits from successful exploration and reinvest them in infrastructure, which he called necessary for sustainable sector growth. He proposed that the Cabinet Committee on Energy, reactivated and chaired by Prime Minister Shehbaz Sharif, meet every two months regardless of its agenda. He added that the Petroleum Division cannot keep bearing heavy taxes and financial interventions just to meet budget targets.

Turning to refineries, he thanked them for lowering diesel prices amid volatile markets, though he said local plants are still in poor condition and need upgrading to deep-conversion facilities. On circular debt, he said its flow had been kept near zero without raising consumer prices. He also noted that a World Bank-supported report on unbundling the gas sector is expected by the end of August.