Islamabad, London explore enhanced cooperation in energy and mineral sector

ISLAMABAD: Federal Minister for Petroleum, Ali Pervaiz Malik, held a meeting with the British High Commissioner to Pakistan, Jane Marriott, to discuss enhanced bilateral cooperation in the oil and gas as well as minerals sectors.
During the meeting, High Commissioner Jane Marriott remarked that the potential in Pakistan is tremendous and noted that significant reforms are underway in the economic realm. She expressed the United Kingdom’s keen interest in strengthening collaboration with Pakistan.
The two sides discussed avenues for cooperation in oil and gas exploration and the minerals sector. Federal Minister Ali Pervaiz Malik emphasized that transparent and credible processes are essential to inspire investor confidence and attract investment. He highlighted that the Government of Pakistan is taking concrete steps to strengthen institutional capacity across the energy sector.
The meeting also reviewed progress in cooperation in the minerals sector. Both sides appreciated the growing collaboration between the British Geological Survey and the Geological Survey of Pakistan (GSP) to shape a comprehensive capacity-building initiative. The British side has indicated support of up to USD 400 million for this initiative. The Minister stated that once finalized, this program would prove highly beneficial for the development of Pakistan’s minerals sector.
The Minister underlined the importance of a strong and effective regulator for an efficient oil and gas sector, and noted that the United Kingdom could play a vital role in supporting / restructuring of the Oil and Gas Regulatory Authority (OGRA). He proposed undertaking a comprehensive diagnostic for restructuring and capacity building, including the introduction of modern governance tools to enhance institutional performance of OGRA.
High Commissioner Jane Marriott agreed that this regulator plays a significant role in sustainability of the sector and such an exercise could be jointly explored.
Inviting greater participation of British companies, the Minister encouraged British firms to explore opportunities in Pakistan. Ms. Marriott acknowledged the strong British capabilities in offshore exploration and stated that cooperation in this area holds significant potential. The Minister further noted that Pakistan’s recent offshore bidding round was well received, with participation from Turkish Petroleum, and suggested that British companies could team up with Pakistan’s state-owned enterprises to forge mutually beneficial partnerships in exploration activities.
Federal Minister Ali Pervaiz Malik also extended an invitation to the British High Commissioner for the Pakistan Minerals Investment Forum (PMIF) scheduled for April 8–9 this year. Ms. Jane Marriott recalled that last year’s PMIF was impressive and assured that the UK side would reach out to British companies especially service providers to ensure strong participation in the upcoming forum. Ends