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KARACHI: Pakistan said it has awarded 23 offshore exploration blocks to four consortiums led by local energy companies, some partnered with foreign firms including Turkiye’s national oil company TPAO.

In Pakistan’s first such bidding round in nearly two decades, its energy ministry said on Friday that bids were awarded for 23 of 40 offshore blocks offered, covering around 53,500 square kilometers.

The energy ministry listed state-run Oil and Gas Development Co. Ltd. (OGDCL), Pakistan Petroleum Ltd. (PPL) and MariEnergies, along with privately-owned Prime Energy, which is backed by Pakistan’s Hub Power Company (Hubco), among the successful bidders.

TPAO secured a 25 percent stake in one of the awarded blocks and the right to operate it after signing a joint bidding agreement with Pakistan Petroleum Ltd. (PPL) earlier this year to explore the country’s offshore prospects.

Other partners include Hong Kong-based United Energy Group, Orient Petroleum, a major local independent producer, and Fatima Petroleum, part of Pakistan’s Fatima Group conglomerate.

The four winning consortiums, led by OGDCL, PPL, Mari Petroleum and Prime Energy, collectively pledged about $80 million in exploration work over the initial three-year period, the energy ministry said.

Total investment could rise to between $750 million and $1 billion if drilling proceeds, it added.

Pakistan’s 300,000 square kilometer offshore zone, bordering energy-rich Oman, the United Arab Emirates and Iran, has seen just 18 wells drilled since the country’s independence in 1947, too few to fully assess its hydrocarbon potential.

Pakistan, which imports about half its oil, is seeking to revive foreign interest after the failure of the 2019 Kekra-1 well led to the exit of US major Exxon Mobil.

KARACHI: Pakistan and the United States on Friday discussed expanding cooperation in critical minerals, as Islamabad described its mining sector as a transformational opportunity to shift the national economy toward export-led growth.

The meeting between Finance Minister Muhammad Aurangzeb and Robert Louis Strayer II, president of the US Critical Minerals Forum, which is backed by the administration in Washington, was also attended by US Chargé d’Affaires Natalie Baker.

The two countries, which reached a trade agreement in July to deepen economic engagement, have been discussing cooperation in areas such as rare earths, a group of metallic elements vital for electronics, defense systems and renewable technologies.

“During the meeting, both sides discussed avenues of cooperation in the minerals and mining sector, strengthening supply-chain security, and encouraging responsible and sustainable investment in Pakistan’s critical minerals landscape,” said a finance ministry statement circulated after the meeting.

The Pakistani finance chief said his country’s mineral and mining sector represents a potential economic turning point.

“This offers Pakistan a pathway to shift from consumption-driven cycles to export-led growth,” he said. “A strong minerals policy framework will help Pakistan break the cycle of periodic balance-of-payments pressures and reduce future reliance on multilateral support.”

Aurangzeb also highlighted Pakistan’s reform agenda, saying it was anchored in fiscal discipline and investor confidence.

“Our priority is fundamental fiscal hygiene — building the discipline where capital flows in, remains invested and is secured through sound policies,” he said. “This foundation is now translating into improved sentiment and positive signals from international rating agencies.”

The US delegation said the Critical Minerals Forum works to support secure and transparent supply chains for US industry and focuses on rare and niche metals such as copper and antimony.

Strayer praised Pakistan’s science and engineering talent, calling it a “competitive strength” that could make the country a hub for future mineral development.

The finance minister invited the Forum to submit a structured proposal for collaboration, which Pakistan would evaluate with a view to encouraging responsible investment and ensuring mutual benefit.

The discussions come as Pakistan accelerates its push to attract foreign investors to its mining sector.

Earlier this month, Prime Minister Shehbaz Sharif inaugurated the upgraded Geoscience Advanced Research Laboratories in Islamabad to enhance mineral research capabilities.

Mining and minerals have emerged as priority sectors for Pakistan as the government seeks to leverage its resource potential to reduce dependence on external financing and bolster sustainable economic growth.