Federal Minister for Petroleum Ali Pervaiz Malik has reaffirmed the government’s commitment to structural reforms in the petroleum sector, describing them as essential for long-term sustainability and economic growth.
The minister gave this assurance during a meeting with Managing Director Ahmed Hayat Lak and senior executives of the Oil and Gas Development Company Limited (OGDCL) at the company’s head office on Monday.
According to a news release from the ministry, the OGDCL team briefed Malik on ongoing operational activities and its production optimisation plan aimed at slowing the decline in mature hydrocarbon fields. They also highlighted measures being taken to enhance recovery and sustain output levels.
Malik underscored that indigenisation of the energy sector was the way forward, noting that Exploration and Production (E&P) companies were working diligently to achieve this national goal. He also stressed that improved governance was critical to boosting both operational and financial performance.
During the briefing, the minister was informed that OGDCL had achieved five new oil and gas discoveries in fiscal year 2024–25, underscoring Pakistan’s significant hydrocarbon potential.
“I assure my complete support for the structural reforms necessary to ensure the sustainability of the petroleum sector,” Malik said, adding that the government would provide maximum facilitation to enable E&P companies to reach their full potential and attract much-needed investment.
Thanking the minister for his commitment, OGDCL Managing Director Ahmed Hayat Lak said: “It is a welcome step that there is seriousness in reforming the sector. This commitment from the government provides a clear direction and will enable E&P companies like OGDCL to play a more effective role in achieving national energy self-sufficiency.”
The meeting concluded with a joint resolve to strengthen cooperation between the Ministry of Petroleum and OGDCL in order to tackle challenges and capitalise on opportunities in Pakistan’s energy sector.
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