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Pakistan has recorded the first substantial increase in its domestic oil reserves since 2020, with new discoveries and higher production leading to a 23% annual increase in reserves to 238 million barrels as of December 2024.
The key fields contributing to the increase include Pasakhi/Pasakhi North East, Rajian, Kunar, Sono, Thora, Jhandial, and Lashari Centre, according to a report by Arif Habib Limited cited by Pakistani media.
Natural gas reserves in Pakistan remained relatively flat last year compared to the gas reserve estimate for 2023.
Despite an increase in domestic oil reserves, Pakistan relies on imports, too, to meet its demand.
Last year, crude oil imports averaged about 137,000 barrels per day (bpd), with most of the foreign crude sourced from Middle Eastern exporters such as Saudi Arabia and the United Arab Emirates (UAE).
Currently, Pakistan is actively considering the idea of importing U.S. crude oil for the first time to seek a reduction of its trade surplus with America and avoid one of the highest tariffs – currently paused – on its goods sold in the United States.
Crude oil is one of the products that Pakistan is actively exploring to buy from the U.S. to appease President Donald Trump, a Pakistani government source and an executive at a local refinery told Reuters earlier this week.
Last week, Pakistan signed an agreement with Turkey to jointly explore and potentially develop oil and gas resources offshore Pakistan.
Turkish Petroleum Corporation, or TPAO, and Pakistan’s three national oil companies will make joint bids for some blocks in this year’s tender for 40 offshore blocks in Pakistan, Turkey’s Energy Ministry said last week.
“This step will deepen the strategic energy partnership between Türkiye and Pakistan and will also be an important threshold in terms of regional energy security,” Turkish Energy Minister Alparslan Bayraktar said in a statement.
