Minister for Petroleum, Musadik Malik, announced that the government was implementing a comprehensive strategy to achieve self-reliance and economic progress through innovation in the energy sector, Radio Pakistan reported.
Speaking at a ceremony in Islamabad on Thursday, Malik highlighted that technological advancements in the Oil and Gas Development Company Limited (OGDCL) had already increased production by 10,000 barrels, marking a significant milestone.
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The minister emphasised that if just four more companies adopt similar innovations, Pakistan could reduce its reliance on the International Monetary Fund (IMF).
“This is a silent revolution,” Malik stated, underscoring the transformative potential of new technology in the oil and gas sector.
Malik also outlined plans for deregulation, which aim to promote private sector involvement while streamlining government operations.
Deregulation would empower the private sector and reduce bureaucratic inefficiencies, he said.
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On the economic front, the minister noted that inflation decreased due to a significant drop in interest rates, which encouraged investor confidence.
Pakistan has also opened 40 offshore and 31 onshore blocks for oil and gas exploration, marking the first such initiative in a decade.
Malik emphasised earlier this week that a significant portion of Pakistan’s natural resources had remained untapped and urged international investors to seize the opportunities in the newly available blocks.
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