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ISLAMABAD: Pakistan on Friday announced the results of its first offshore bidding round in nearly two decades, awarding 23 exploration blocks to four consortiums led by local energy companies in a renewed push to unlock the country’s untapped hydrocarbon reserves.

The Offshore Bid Round 2025, launched in January after an 18-year gap, attracted bids covering about 53,500 square kilometers of Pakistan’s offshore zone.

The Ministry of Energy said the outcome reflected “strong investor confidence” in the upstream sector following new production-sharing agreements and regulatory reforms designed to ensure transparency and competitiveness.

“A recent basin study conducted by the US firm DeGolyer and MacNaughton (D&M) has indicated a significant yet-to-find potential of hydrocarbons in Pakistan’s offshore basins,” the ministry said in a statement in which it announced receiving bids “for twenty-three (23) offshore blocks.”

The government said the round offered blocks across the Indus and Makran basins, aiming to spur systematic exploration after years of limited drilling activity.

Among the successful bidders are state-run Oil and Gas Development Co. Ltd. (OGDCL), Pakistan Petroleum Ltd. (PPL), MariEnergies, and privately owned Prime Energy, backed by Hub Power Company (Hubco).

Foreign and private-sector partners include Turkiye’s national oil company TPAO, Hong Kong-based United Energy Group, Orient Petroleum, and Fatima Petroleum, part of Pakistan’s Fatima Group conglomerate.

The winning consortiums collectively pledged about $80 million in exploration work over the first three years, with total investment potentially rising to $750 million to $1 billion if drilling proceeds, the ministry said.

Pakistan’s 300,000-square-kilometer offshore zone, bordering Oman, the United Arab Emirates and Iran, has seen just 18 wells drilled since independence, too few to fully assess its hydrocarbon potential.

The ministry added that once geological and geophysical studies are completed, Pakistan will invite global oil majors to participate in the next phase of offshore exploration.

Prime Minister Shehbaz Sharif welcomed the participation of international and local companies, calling it a step toward strengthening Pakistan’s energy security and reducing import dependence.

With input from Reuters.
 

KARACHI: Pakistan and the United States on Friday discussed expanding cooperation in critical minerals, as Islamabad described its mining sector as a transformational opportunity to shift the national economy toward export-led growth.

The meeting between Finance Minister Muhammad Aurangzeb and Robert Louis Strayer II, president of the US Critical Minerals Forum, which is backed by the administration in Washington, was also attended by US Chargé d’Affaires Natalie Baker.

The two countries, which reached a trade agreement in July to deepen economic engagement, have been discussing cooperation in areas such as rare earths, a group of metallic elements vital for electronics, defense systems and renewable technologies.

“During the meeting, both sides discussed avenues of cooperation in the minerals and mining sector, strengthening supply-chain security, and encouraging responsible and sustainable investment in Pakistan’s critical minerals landscape,” said a finance ministry statement circulated after the meeting.

The Pakistani finance chief said his country’s mineral and mining sector represents a potential economic turning point.

“This offers Pakistan a pathway to shift from consumption-driven cycles to export-led growth,” he said. “A strong minerals policy framework will help Pakistan break the cycle of periodic balance-of-payments pressures and reduce future reliance on multilateral support.”

Aurangzeb also highlighted Pakistan’s reform agenda, saying it was anchored in fiscal discipline and investor confidence.

“Our priority is fundamental fiscal hygiene — building the discipline where capital flows in, remains invested and is secured through sound policies,” he said. “This foundation is now translating into improved sentiment and positive signals from international rating agencies.”

The US delegation said the Critical Minerals Forum works to support secure and transparent supply chains for US industry and focuses on rare and niche metals such as copper and antimony.

Strayer praised Pakistan’s science and engineering talent, calling it a “competitive strength” that could make the country a hub for future mineral development.

The finance minister invited the Forum to submit a structured proposal for collaboration, which Pakistan would evaluate with a view to encouraging responsible investment and ensuring mutual benefit.

The discussions come as Pakistan accelerates its push to attract foreign investors to its mining sector.

Earlier this month, Prime Minister Shehbaz Sharif inaugurated the upgraded Geoscience Advanced Research Laboratories in Islamabad to enhance mineral research capabilities.

Mining and minerals have emerged as priority sectors for Pakistan as the government seeks to leverage its resource potential to reduce dependence on external financing and bolster sustainable economic growth.