Pakistan, IMF Finalise Broad FY27 Macroeconomic Framework Targets
May 21, 2026
Pakistan has awarded 23 offshore exploration blocks for the first time in nearly 20 years, attracting an initial investment of $82 million. Officials say total investment could rise significantly if exploration progresses to drilling and development stages.
Pakistan has moved to restart offshore energy exploration by awarding 23 offshore oil and gas blocks under the Offshore Bid Round 2025, ending a long period of limited activity in the country’s maritime sector.
The agreements and exploration licences were signed in the presence of Ali Pervaiz Malik, who said the initiative was part of wider efforts to strengthen local energy production and encourage new investment in the upstream sector.
Officials from the Petroleum Division said the first exploration phase is expected to generate about $82 million in spending over three years. They added that the value of investment could increase sharply in future phases if exploration results support drilling and field development activity.
The offshore areas included in the licensing round are situated in the Indus and Makran basins along Pakistan’s southern coastline near Sindh and Balochistan. Authorities stated that companies submitted bids covering tens of thousands of square kilometres of offshore territory during the competitive process.
Earlier agreements for two deep offshore blocks had already been concluded with participation from Mari Energies, Turkish Petroleum Overseas Company and Fatima Petroleum Company. With the latest signings, the full licensing structure for all awarded offshore blocks has now been completed.
Government officials said Pakistan possesses a large offshore area with considerable exploration potential, although only a limited number of wells have historically been drilled in those waters. The latest licensing round is intended to encourage broader geological assessment and attract more exploration activity in offshore regions.
Mari Energies emerged as the largest participant in the offshore programme, obtaining interests in all awarded blocks and taking operating responsibility for most of them. Oil and Gas Development Company Limited and Pakistan Petroleum Limited also secured participation in several exploration areas, while other companies joined through partnership arrangements.
According to officials, the early stage of the programme will involve seismic surveys, technical evaluation and interpretation of geological data to determine the presence of hydrocarbon reserves beneath offshore basins.
Authorities said additional investment could follow if exploration results are encouraging enough to support drilling operations and commercial development projects.
The Petroleum Division also stated that participating companies had committed to development initiatives aimed at supporting communities located in coastal districts near the offshore exploration zones.
Officials expressed hope that successful discoveries in offshore areas could help strengthen domestic energy supplies, create employment opportunities and gradually ease pressure from Pakistan’s energy import costs.
