Pakistan reopens offshore oil and gas exploration after nearly two decades with a 54,600 sq km bid round, led by Mari Energies.
Following a long hiatus of nearly two decades, Pakistan has reopened its offshore oil and gas exploration frontier. The new bid round covers an expansive area of 54,600 square kilometers, offering significant opportunities for international companies interested in tapping into the country's potential natural resources.
Mari Energies emerged as the largest participant in this year’s awarded blocks. The company is expected to play a crucial role in advancing exploration efforts within these designated areas. Phase-I of the project will primarily focus on seismic surveys and geological studies, providing essential data for future drilling operations.
This move marks a significant step forward for Pakistan's energy sector, aiming to enhance domestic supply and reduce reliance on imported fuels. The government hopes that increased investment in offshore resources can contribute to economic growth and create jobs while also addressing the country’s growing energy needs.
With its vast continental shelf extending into the Arabian Sea, Pakistan possesses substantial hydrocarbon reserves that have yet to be fully explored. The recent bid round is seen as a promising opportunity for both domestic and international companies looking to invest in this lucrative sector.
