Pakistan plans offshore oil exploration after 20 years

Pakistan will launch offshore oil and gas exploration later this year for the first time in nearly two decades, Petroleum Minister Ali Pervaiz Malik said on Tuesday, as the government simultaneously advances refinery upgrades and broader reforms in the petroleum sector. Speaking at a meeting of the National Assembly Standing Committee on Petroleum, Pervaiz Malik said the offshore exploration initiative forms part of the government's broader strategy to strengthen the country's long-term energy security. He said the government was also working on developing strategic petroleum reserves, with two firms currently carrying out studies for the project. Separately, Pervaiz Malik said the long-awaited refinery upgrade policy had been submitted to the federal cabinet and was expected to secure approval soon, with the government targeting Economic Coordination Committee (ECC) clearance on July 15.