ISLAMABAD STAFF REPORTER
Federal Minister for Petroleum Ali Pervaiz Malik has reaffirmed the government’s full commitment to ensuring sustainability in the petroleum sector and implementing essential structural reforms. He emphasized that the government will facilitate Exploration and Production (E&P) companies to operate at their full potential and attract investment, thereby strengthening and stabilizing the country’s energy sector.
According to a press release issued by the Petroleum Division on Monday, the minister made these remarks during a high-level meeting with the Managing Director of Oil and Gas Development Company Limited (OGDCL) and senior executive members in Islamabad.
During the briefing, the minister was informed about OGDCL’s operational strategies and initiatives aimed at addressing the decline in production from aging hydrocarbon fields. Various measures have been taken to enhance recovery rates and maintain production levels, reflecting a strong commitment by local E&P companies to develop the domestic energy sector as a cornerstone of future success.
Improved Governance Key to Sector’s Success
Federal Minister Ali Pervaiz Malik emphasized that improving OGDCL’s operational and financial performance is closely tied to good governance. He reiterated the government’s unwavering support for petroleum sector reforms, stressing that these reforms are essential for long-term stability and will significantly contribute to the national economy.
He was also briefed on OGDCL’s exploration successes during the 2024-25 fiscal year, which include five new oil and gas discoveries. These findings are a testament to Pakistan’s vast untapped hydrocarbon potential.
OGDCL Commits to Supporting National Energy Self-Reliance
On the occasion, OGDCL Managing Director Ahmed Hayat Lak welcomed the federal minister’s support and praised the government’s serious approach toward reforms, describing it as a positive step that provides clear direction. He stated that such support empowers companies like OGDCL to play a more effective role in achieving national energy self-sufficiency.
The meeting concluded with a renewed commitment from both the Ministry of Petroleum and OGDCL to maintain close collaboration in addressing sectoral challenges and capitalizing on emerging opportunities in the energy domain.
