Turkish energy firms will explore for oil and gas offshore Pakistan under agreements with local companies, Turkish Foreign Minister Hakan Fidan said during a visit to Pakistan on Wednesday.
“This is one of the outcomes of the more institutionalized approach we are working to establish,” Fidan said, without elaborating on the exploration drilling plans and activities.
Turkey and Pakistan are also evaluating potential cooperation in oil and gas exploration and production, mining, and rare earth elements, the minister added.
Earlier this year, Pakistan signed an agreement with Turkey to jointly explore and potentially develop oil and gas resources offshore Pakistan.
Turkish Petroleum Corporation, or TPAO, and Pakistan’s three national oil companies will make joint bids for some blocks in this year’s tender for 40 offshore blocks in Pakistan, Turkey’s Energy Ministry said in April.
“This step will deepen the strategic energy partnership between Türkiye and Pakistan and will also be an important threshold in terms of regional energy security,” Turkish Energy Minister Alparslan Bayraktar said in a statement.
Pakistan has recorded the first substantial increase in its domestic oil reserves since 2020, with new discoveries and higher production leading to a 23% annual increase in reserves to 238 million barrels as of December 2024.
The key fields contributing to the increase include Pasakhi/Pasakhi North East, Rajian, Kunar, Sono, Thora, Jhandial, and Lashari Centre, according to a report by Arif Habib Limited cited by Pakistani media.
Natural gas reserves in Pakistan remained relatively flat last year compared to the gas reserve estimate for 2023.
Despite an increase in domestic oil reserves, Pakistan relies on imports to meet its demand.
Turkey, for its part, is boosting domestic natural gas production in its Black Sea waters and is looking to expand its international partnerships in oil and gas exploration in Bulgaria’s Black Sea, in the Caspian Sea region, and in Iraq.
By Charles Kennedy for Oilprice.com
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