Oil and gas companies operating in Pakistan plan to invest $5 billion over the next three years to explore drilling sites in the South Asian country, Pakistan’s Prime Minister Shehbaz Sharif said this weekend. Representatives of the firms working in the Pakistani exploration and production E&P industry met with government officials and said the companies plan to drill about 240 sites in search of hydrocarbons in the country, which depends on imports to meet most of its energy demand.
“We want to import more oil from Russia,” he added. Last year, Pakistan started importing Russian crude oil, initially on a government-to-government basis in a trial run of imports with cargoes that arrived in June 2023. Pakistan has been desperate to import energy at low costs after it was outspent on the market in 2022 when oil and gas prices surged while its foreign exchange reserves dwindled.
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