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  "path": "/news/2001949/govt-reopens-offshore-oil-frontier",
  "publishedAt": "2026-05-21T02:36:24.000Z",
  "site": "https://www.dawn.com",
  "tags": [
    "Business"
  ],
  "textContent": "ISLAMABAD: For the first time in nearly 20 years, the government on Wednesday awarded two dozen offshore blocks for exploration, attracting an initial investment of $82 million during the first phase of a three-year licensing period.\n\nAccording to an official statement from the petroleum ministry, the total investment is projected to reach $1 billion if exploration activities progress to the second phase.\n\nPetroleum Minister Ali Pervaiz Malik witnessed the signing of production sharing agreements (PSAs) and exploration licences (ELs) for blocks awarded in the Offshore Bid Round 2025, marking the formal reopening of the country’s maritime frontier after nearly two decades.\n\nThe awarded blocks are located in the Indus and Makran offshore basins, adjoining the territorial waters of Sindh and Balochistan. The round attracted bids covering approximately 54,600 square kilometres of the country’s offshore area, resulting in the award of 23 blocks, according to an official press release.\n\n> 23 blocks awarded after 20-year gap, attracting $82m initial investment in Indus and Makran basins\n\nTwo offshore blocks awarded under the same bid round, Offshore Deep-C and Offshore Deep-F, had earlier been executed on Dec 2, with Mari Energies, Turkish Petroleum Overseas Company (TPOC), and Fatima Petroleum Company during a ceremony at the Prime Minister’s Office.\n\nWith the signing of the remaining 21 PSAs, the contractual framework for the entire offshore bid round portfolio is now complete.\n\nSpeaking at the ceremony, Mr Pervaiz termed the signing a “defining milestone” in the government’s efforts to revitalise offshore exploration, attract both foreign and domestic investment, and reduce reliance on imported energy.\n\nHe added that the agreements reflect strong investor confidence in the country’s offshore upstream potential, a frontier spanning 282,623 square kilometres, where only 18 exploratory wells have been drilled since independence.\n\nHe further said the successful completion of the offshore bid round reflects the government’s commitment to making Pakistan a “credible and competitive offshore destination” through a transparent and investor-friendly regulatory framework.\n\nThe minister reaffirmed the government’s commitment to facilitating exploration activities by maintaining a stable, transparent, and investor-friendly environment that supports the sustainable development of the country’s indigenous energy resources.\n\n**Most active participant**\n\nMari Energies emerged as the most active participant in the 23 offshore blocks, including 18 as operator and five as a joint venture partner with other exploration and production companies.\n\nThe Oil and Gas Development Company (OGDCL) and the Pakistan Petroleum Ltd (PPL) were awarded eight exploration blocks each, including two as operators.\n\nPrime Global Energies was awarded one block as operator. United Energy Pakistan Limited (UEP) and Orient Petroleum Incorporation (OPI), alongside other joint venture partners, also participated in the signing ceremony.\n\n**Social welfare**\n\nThe awardees have committed themselves to undertaking initiatives to improve the quality of life of communities in the coastal regions of Sindh and Balochistan. In the event of commercial hydrocarbon discoveries, substantial follow-on investments amounting to hundreds of millions of dollars are anticipated for appraisal, field development, and production activities.\n\nThese developments are expected to generate employment opportunities, facilitate technology transfer, and contribute meaningfully towards reducing the nation’s energy import bill.\n\nThe Petroleum Division intends to engage leading international oil companies in the next phase of offshore exploration, with several global energy firms already evaluating available offshore data.\n\n_Published in Dawn, May 21st, 2026_",
  "title": "Govt reopens offshore oil frontier"
}