Pakistan’s energy sector has seen notable growth, with the country’s certified oil and gas reserves increasing significantly by the end of the 2024 financial year. According to official data from Pakistan’s Petroleum Information Service, crude oil reserves surged by 26%, while gas reserves grew by 2%, marking a positive development in the country’s energy landscape.
As of mid-2024, Pakistan’s crude oil reserves reached 243 million barrels, and the nation’s gas reserves amounted to 18.47 trillion cubic feet. This represents a substantial increase of 50 million barrels in oil and 1.1 trillion cubic feet in gas compared to the previous year.
The growth is largely attributed to what officials call “effective exploration” efforts, backed by Pakistan’s Special Investment Facilitation Council (SIFC), which aims to attract investment and enhance energy production capabilities.
In addition to this development, Pakistan is taking a significant step towards further exploration of its vast energy potential. Minister of Energy, Sardar Awais Ahmad Khan Leghari, confirmed to Sputnik that Islamabad is open to Russian companies exploring the country’s oil and gas fields. This partnership comes as part of Pakistan’s broader efforts to expand its energy resources.
A major highlight for Pakistan’s oil and gas sector came in September when the country discovered a massive deposit of oil and natural gas within its territorial waters. This discovery has sparked widespread optimism, with some media reports suggesting it could potentially be the fourth-largest oil and gas reserves globally. Such a find has the potential to transform Pakistan’s energy outlook and its economic future.
