Minister for Petroleum Ali Pervaiz Malik has said that Pakistan possesses vast geological potential for hydrocarbons that remains largely untapped.

He was addressing the Pakistan-Türkiye B2B Conference in Istanbul today, which was also attended by Prime Minister Muhammad Shehbaz Sharif and Türkiye's Vice President, Cevdet Yilmaz.

The Petroleum Minister said that Pakistan's recoverable gas reserves are estimated at around 23 trillion cubic feet (Tcf), describing them as just the tip of the iceberg.

He noted that current gas production stands at about 3 billion cubic feet per day (bcf/d), while demand is around 4 bcf/d, forcing the country to import nearly 4 billion dollars' worth of LNG annually to meet energy requirements.

The Minister said that oil reserves are estimated at 240 million barrels, with daily production of around 65,000 barrels.

He added that as Pakistan moves towards a higher growth trajectory, energy demand is expected to rise further, creating significant investment opportunities in the hydrocarbon and energy sectors.

Ali Pervaiz Malik said Pakistan currently has more than 178 active exploration licenses and has drilled its first vertical well in Hyderabad, unlocking new potential. He said Pakistan is seeking technical support from Türkiye, particularly in field services and the midstream sector.

He further said that the Prime Minister has directed the early rollout of a refinery upgrade policy, along with plans for a world-class bonded storage facility to diversify supplies and provide secure storage for petroleum products in Pakistan.

The Minister also highlighted that Pakistan is developing one of the largest copper and gold mining projects, expected to begin commercial production around 2030. He said the area also has multiple adjacent blocks available for joint venture exploration.