Pakistan Signs New Energy Deals, Boosting Independence

Pakistans New Energy Deals: Boosting Independence and EconomyPakistan has recently secured five new oil and gas exploration deals, involving local and state-owned companies. These agreements target three offshore and two onshore blocks, aiming to enhance energy independence and economic growth.The government held an auction for forty offshore blocks, receiving twenty-three bids from four groups, including local energy companies and Turkeys state-owned energy major. These consortia have pledged eighty million dollars for the initial exploration phase, with potential investments reaching one billion dollars if production begins.Turkeys state energy firm has already signed deals for these five blocks and plans to commence exploration in 2026. This collaboration is part of President Erdogans strategy to boost trade between Turkey and Pakistan to five billion dollars, with energy and mining partnerships playing a crucial role.This development follows Pakistans earlier energy deal with the United States, underscoring the countrys potential in the global energy market.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.