Federal Petroleum Minister Ali Pervaiz Malik has reassured the public about crude oil reserves of the country amid deteriorating geopolitical tensions and conflict in the Middle East affecting the energy supplies of the nation.
During an interview with senior anchorperson Nadeem Malik, addressing the disruptions around the Strait of Hormuz and the Bab-el-Mandeb Strait, the Petroleum Minister affirmed that the administration has reinforced short-term and long-term energy buffers.
Highlighting domestic inventories, the minister stated: “Keeping this situation in view, 11 to 12 days’ worth of crude oil is locally available here, and we have booked a good quantity outside Bab-el-Mandeb and outside Hormuz… we have coverage for more than a month.”
Addressing the matter of acquiring alternate supplies from global markets to mitigate potential supply shocks, and to ensure that guaranteed volumes remain unaffected by regional shipping blockades, the minister detailed overseas arrangements, noting:
“Crude is what we have for 12 days. 12 days’ worth is present within Pakistan’s own borders… And the crude oil deals we have finalized outside Hormuz are for more than 20 days…And though nothing is guaranteed in such a situation, these supplies are not affected by Bab-el-Mandeb situation or the strait of Hormuz.”
The minister added that the state recognizes an urgent need to “revisit the entire energy security architecture”, emphasizing the absolute necessity of developing indigenous energy solutions to reduce reliance on vulnerable imports and secure long-term stability.
Highlighting ongoing collaborative projects intended to restart major offshore and onshore exploration initiatives after a two-decade pause, he added: “Turkish Petroleum’s seismic vessel is coming offshore… In Indus Block C… The seismic vessel is coming over in October. We have given visas for 150 people to Turkiye, and the drilling vessel will arrive after the next six months… It is an investment of 150 to 200 million dollars.”
Finally, responding to inquiries concerning the petrol dealers’ association calling off a threatened strike, the minister pointed out that the government remains actively engaged in discussions with the association to address grievances.
