OGDC looks abroad for new oil and gas opportunities
Oil and Gas Development Company (OGDC), Pakistan’s largest oil and gas exploration firm, is moving to expand its footprint beyond local fields by partnering with major international players. The company is in advanced talks with Russia’s Gazprom and Turkish Petroleum to form joint ventures for hydrocarbon exploration in Libya and Vietnam.
According to a report in the Express Tribune, the planned joint ventures will target both onshore and offshore zones in the two countries. The push into foreign blocks is part of OGDC’s strategy to diversify supply sources and secure long-term access to energy, rather than relying only on domestic production and imported fuels.
The approach mirrors a model already used by Indian oil and gas companies, which have built equity positions in overseas fields to backstop their energy security and reduce the pressure of import bills on the national economy.
Joint ventures planned in Libya and Vietnam
In Libya and Vietnam, OGDC is expected to work alongside Gazprom and Turkish Petroleum to explore and potentially develop hydrocarbon resources. Both countries offer a mix of mature and frontier basins, with opportunities in offshore as well as onshore acreage.
While specific block names and investment volumes have yet to be disclosed, the company’s strategy is to share risk and combine technical capabilities with its Russian and Turkish partners. Joint ventures allow OGDC to access new reserves and advanced offshore expertise without bearing the full cost of exploration on its own.
The move comes at a time when Pakistan is looking to manage its foreign exchange position more carefully. By building stakes in overseas production, OGDC hopes to create future revenue streams in foreign currency and reduce the impact of global price swings on the domestic fuel bill.
Turkish Petroleum leads Eastern Offshore Indus Block-C in Pakistan
OGDC is already working with many of the same partners inside Pakistan. Turkish Petroleum Overseas Company recently acquired a stake in the Eastern Offshore Indus Block-C, following approval from the Economic Coordination Committee (ECC).
Under the new ownership structure, Turkish Petroleum holds a 25 percent working interest, Pakistan Petroleum Limited (PPL) holds 35 percent, Mari Energies has 20 percent and OGDC holds the remaining 20 percent. Turkish Petroleum has taken over as the operator of the field, a role previously handled by PPL.
This partnership is expected to bring international offshore experience into Pakistan’s own exploration efforts. The consortium is preparing to drill in the block, and a successful discovery could attract further foreign investment while strengthening the country’s domestic energy security.
Offshore expansion backed by new block awards
The government has recently awarded 23 offshore blocks to various exploration and production companies, including members of the current Eastern Offshore Indus Block-C consortium. These awards are part of a broader push to tap Pakistan’s offshore potential, which has long remained underexplored compared to onshore basins.
OGDC’s new management plans to replicate its joint venture model in future onshore and offshore projects, working with Turkish and Russian partners in foreign jurisdictions as well as at home. This mix of local and overseas ventures is intended to diversify the company’s portfolio and manage technical and financial risks more effectively.
Alongside new acreage, OGDC is also focused on optimising output from existing fields by applying modern technology for enhanced recovery. Incremental gains from mature fields, combined with fresh discoveries, are expected to support Pakistan’s broader energy transition and security goals.
International partners eye Pakistan’s upstream potential
The latest developments follow a high-level visit by Turkish Petroleum officials to Pakistan, during which they reviewed offshore geological data and expressed interest in collaborating on the Eastern Offshore Indus Block-C alongside Mari Energies and PPL.
The government has also been in discussions with other countries, including China and Azerbaijan, to encourage their companies to invest in Pakistan’s oil and gas sector. These outreach efforts aim to bring in capital, technology and management expertise to accelerate exploration and development activities.
If OGDC’s planned joint ventures in Libya and Vietnam move forward, they will mark another step in the company’s evolution from a domestic exploration champion into a more regionally active player. For Pakistan, successful overseas and offshore partnerships could translate into stronger energy security, new investment flows and a more resilient upstream sector.
