The Special Investment Facilitation Council (SIFC) has facilitated the selection of four major oil and gas companies for asset management and strategic initiatives under the Pakistan Sovereign Wealth Fund. This move aims to boost the national economy and attract foreign direct investment in the petroleum sector.
The chosen companies include Oil and Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited, Pakistan State Oil, and Pakistan Refinery Limited. These entities have played crucial roles in improving the country's economic landscape.
According to recent data, Pakistan's crude oil reserves increased by 26% and gas reserves by 2% at the end of the fiscal year 2024. The SIFC's support has enabled new discoveries in exploration and production, extending oil reserves availability to 10 years and gas reserves to 17 years.
A notable development is the recent discovery of gas reserves in Sindh's Sanghar district by SIFC and OGDCL. The partnership includes OGDCL (76% share), Orient Petroleum, and Government Holdings Private Limited.
The government anticipates that reforms supported by SIFC will make the gas sector's exploration and production more attractive to investors. New policies facilitated by SIFC are expected to accelerate hydrocarbon exploration, potentially driving further growth in this sector.
