Pakistan has experienced its first notable increase in domestic oil reserves since 2020, marking a 23% annual rise to reach 238 million barrels by December 2024. This increase follows new oil discoveries and higher production levels.
Key fields contributing to the boost include Pasakhi/Pasakhi North East, Rajian, Kunar, Sono, Thora, Jhandial, and Lashari Centre, according to a report by Arif Habib Limited, referenced by local media.
While oil reserves have grown, Pakistan’s natural gas reserves remained largely unchanged in 2024 compared to the previous year.
Despite the rise in oil reserves, Pakistan still relies heavily on imports to meet its demand. In 2024, the country imported about 137,000 barrels of crude oil per day, with most of it sourced from Middle Eastern countries such as Saudi Arabia and the United Arab Emirates (UAE).
In an effort to reduce its trade deficit with the U.S., Pakistan is considering the import of American crude oil for the first time. The move aims to ease trade tensions, especially concerning high tariffs on Pakistani goods sold in the U.S.
Additionally, last week, Pakistan signed an agreement with Turkey to jointly explore and potentially develop offshore oil and gas resources. Turkish Petroleum Corporation (TPAO) and Pakistan’s three national oil companies will participate in the bidding for 40 offshore blocks in Pakistan this year.
Turkish Energy Minister Alparslan Bayraktar stated that this collaboration would enhance the strategic energy partnership between Turkey and Pakistan and improve regional energy security.
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