Pakistan's Oil and Gas Development Company Limited (OGDC) expects to start production in Abu Dhabi's Offshore Block-5 by 2027, while also increasing domestic oil and gas output and diversifying into minerals, its CEO said on Wednesday.
OGDCL partnered with Abu Dhabi National Oil Company (ADNOC) in 2021 to explore and develop oil and gas resources in the block.
Ahmed Hayat Lak, managing director and CEO of OGDCL, told Reuters the reserves were still being evaluated, but the company believed production could start in 2027.
In terms of local exploration and production, Lak said the company was targeting crossing 50,000 barrels per day in oil production, up from 37,000, and gas output reaching 1 billion cubic feet, from around 800 million cubic feet, in the next three years.
"We have developed a short-term, medium-term and long-term strategy or business plan for investing in tight gas," said Lak, following improved pricing by the government.
Lak, speaking on the sidelines of the Pakistan Minerals Investment Forum 2025, also said the company planned on diversifying its operations.
OGDCL has an 8.3% stake in Pakistan's copper gold mine Reko Diq.
"We have decided, as part of the business strategy that we will diversify into the mineral sector, and as a result, yesterday we agreed to partner with Barrick Gold in other exploration licences too," said Lak
Lak called the company's stake in the Reko Diq copper-gold project a "game changer".
He said lithium exploration was also on the cards and would be one of the company's priorities.
(Reuters - Reporting by Ariba Shahid in Karachi; Editing by Alison Williams)