In a highly significant development for Pakistan’s energy future, the Petroleum Division has announced that successful bids for offshore oil and gas exploration have been received for the first time in two decades.
According to a statement issued from Islamabad, this breakthrough is expected to open new doors for the nation’s economy. The initial phase of these licenses is projected to bring in an investment of approximately 80 million US dollars.
The statement further highlighted that this investment is likely to increase to one billion US dollars during the drilling phase, marking a massive economic win for Pakistan.
Successful bids were received for 23 offshore blocks located in the Indus and Makran basins. These blocks cover a vast area of approximately 53,510 square kilometers. The Petroleum Division stated that the strategy of simultaneous exploration in both basins has been successful for Pakistan and that this bidding round will prove “excellent” for the country’s economy.
