Pakistan Receives Successful Bids for Offshore Oil and Gas Exploration — $1 Billion Investment Expected

Islamabad: Pakistan has received successful bids from international energy companies for offshore oil and gas exploration, paving the way for an estimated $1 billion in foreign investment, according to an official statement from the Power Division.

The development follows a comprehensive study by the U.S.-based firm DeGolyer and MacNaughton, which indicated the presence of up to 100 trillion cubic feet of potential gas reserves in Pakistan’s offshore territory.

The Power Division confirmed that Türkiye Petroleum, United Energy, Orient Petroleum, and Fatima Petroleum have joined the project as joint venture partners.

Experts say the move marks a significant milestone for Pakistan’s energy sector and could play a crucial role in reducing the country’s long-standing dependence on imported fuel.