Islamabad (Agencies): Pakistan has reported a significant 23% increase in its domestic oil reserves, marking the first major boost since 2020. According to a recent report by Arif Habib Limited, the country’s total oil reserves have reached 238 million barrels as of December 2024, driven by successful new discoveries and enhanced production from key fields, including Pasakhi/Pasakhi North East, Rajian, Kunar, Sono, Thora, Jhandial, and Lashari Centre.
Despite this notable increase, Pakistan still heavily depends on imported crude to meet its energy demands. In 2024, the country imported approximately 137,000 barrels per day, primarily from Middle Eastern suppliers such as Saudi Arabia and the United Arab Emirates. These imports totaled around $5.1 billion last year. Saudi Arabia also extended a $1.2 billion oil financing facility through the Saudi Fund for Development to support Pakistan’s energy needs.
In a strategic bid to reduce its trade deficit with the United States, Pakistan is actively considering importing American crude oil for the first time. The proposed move is aimed at balancing trade ties with the U.S., where Pakistani goods currently face a steep 29% tariff—though temporarily paused. A potential $1 billion crude deal is being reviewed as part of this effort.
Simultaneously, Pakistan has signed an agreement with Turkey to jointly explore and develop offshore oil and gas resources. The Turkish Petroleum Corporation (TPAO), in collaboration with Pakistan’s Mari Petroleum, Oil and Gas Development Company Limited (OGDCL), and Pakistan Petroleum Limited (PPL), will bid for exploration rights in 40 offshore blocks located in the Makran and Indus basins.
Turkish Energy Minister Alparslan Bayraktar said this partnership would deepen strategic energy ties between the two nations and play a key role in strengthening regional energy security.
These developments highlight Pakistan’s multi-pronged approach to securing energy independence—boosting local reserves, expanding international partnerships, and diversifying import sources to strengthen long-term energy resilience.