Pakistan Eyes Offshore Oil and Gas Reserves as Solution to Soaring Import Bill
Islamabad: With the support of the **Special Investment Facilitation Council (SIFC)**, Pakistan has accelerated efforts to explore **offshore oil and gas reserves** in collaboration with international partners, aiming to reduce its heavy reliance on energy imports.
The country’s energy sector is burdened by **circular debt reaching Rs. 1.14 trillion**, making the discovery of new reserves critical to addressing the ongoing energy crisis.
According to the European journal *Modern Diplomacy*, Pakistan possesses the **world’s fourth-largest offshore oil and gas reserves**, after Venezuela, Saudi Arabia, and Canada.
Usama Qureshi, Vice Chairman of leading international firm **Synergeco**, stated that the recently discovered **Pakistani crude oil is of premium quality**, requiring **no refinery modifications** for processing.
Federal Minister for Petroleum **Ali Pervez Malik** highlighted that with an investment of **\$25–30 billion**, up to **10% of reserves could be made usable within a decade**.
Officials believe that the timely exploration and utilization of these resources, under the facilitation of SIFC, could prove to be a **game-changer for Pakistan’s economy**, significantly reducing the **import bill** and strengthening **energy security**.
