Petroleum Minister assures full support to E&P companies

ISLAMABAD: The Minister for Petroleum and Natural Resources, Ali Pervaiz Malik has assured all possible facilitation to enable our E&P companies to operate at their maximum potential and attract the investment needed for growth.
He gave this assurance at a meeting on Monday with the Managing Director and senior executives of the Oil and Gas Development Company (OGDC) at company’s head office.
The meeting focused on a comprehensive briefing by the OGDC management on the company’s operational activities and a strategic production optimization drive aimed at reducing the decline in its mature hydrocarbon fields.
Minister Ali Pervaiz Malik was apprised of the various initiatives undertaken to enhance recovery and maintain production levels. He highlighted that “the indigenization of the energy sector is the way forward, and our Exploration & Production (E&P) companies are working diligently towards this national goal.”
The Minister emphasized that enhancing the company’s operational and financial performance is intrinsically linked to improved governance across the sector. He expressed his full support for the reforms in the Petroleum sector, stating they are essential for ensuring sectors long-term sustainability and contribution to the national economy.
In a significant update, the Minister was informed that during the fiscal year 2024-25, OGDC has successfully achieved five new oil and gas discoveries, a testament to Pakistan’s immense potential in hydrocarbon reserves.
“I assure my complete and full support for the structural reforms necessary to ensure the sustainability of the petroleum sector,” said Federal Minister Ali Pervaiz Malik. He added that “The government will provide all possible facilitation to enable our E&P companies to operate at their maximum potential and attract the investment needed for growth.
The Managing Director of OGDC, Mr. Ahmed Hayat Lak, thanked the Minister for his support. “It is a welcome step that there is seriousness in reforming the sector,” said Mr. Lak. “This commitment from the government provides a clear direction and will enable E&P companies like OGDC to play a more effective role in achieving national energy self-sufficiency.”
The meeting concluded with a mutual resolve to continue close collaboration between the Ministry of Petroleum and OGDC to overcome challenges and capitalize on opportunities within the energy sector.