Islamabad: The Minister of Petroleum, Mossadik Malik, revealed the government’s ambitious strategy to achieve self -sufficiency and advance economic growth through innovation in the sector, according to Pakistan Radio.
Speaking in an event in Islamabad on Thursday, Malik participated that technological developments in the OGDCL Development Company (OGDCL) led to a noticeable increase in production, adding 10,000 barrels – a major achievement for the country.
In addition, the minister provided auction for 71 new oil and gas blocks. He stressed that if four other companies adopt similar innovative technologies, it can significantly reduce its dependence on the International Monetary Fund (IMF), describing this shift as a “silent revolution”.
Malik also discussed the government’s plan to cancel the energy sector organization, with a focus that this will open the doors for greater participation in the private sector and eliminate bureaucratic inefficiency. This step is designed to empower business and simplify operations.
On the Economic Front, Malik pointed out a decrease in inflation, driven by low interest rates, which helped restore the investor confidence. Moreover, Pakistan announced the opening of 40 beach and 31 pieces of beach to explore oil and gas – the first such initiative in a decade.
Earlier this week, the owner of the international investors urged to take advantage of the vast exploitative resources inside Pakistan, confirming the tremendous opportunities available in the newly launched exploration blocks.
