Pakistan has recorded a 26% increase in crude oil reserves by the end of fiscal year 2024. This significant growth reflects the performance of the oil and gas sector and its role in attracting foreign direct investment.
Major oil and gas companies, including OGDC (Oil and Gas Development Company), Pakistan Petroleum, Pakistan State Oil, and Pakistan Refinery Limited, have played a crucial role in this achievement. Their efforts have also contributed to a 2% increase in gas reserves.
Recently, the Special Investment Facilitation Council (SIFC) and OGDC (Oil and Gas Development Company) have discovered new gas reserves in the Sanghar district of Sindh. The partners involved in this discovery include OGDC, Orient Petroleum, and Government Holdings Private Limited, with OGDC holding a prominent 76% stake.
This positive development is expected to make the exploration and production sector in the gas industry more attractive, driven by government reforms supported by the SIFC. New government policies developed with SIFC’s assistance are anticipated to accelerate hydrocarbon exploration, paving the way for growth in this vital sector.
