Gazprom Proposes Joint Ventures with OGDCL in Overseas Exploration
Russia has extended an offer to Pakistan to acquire stakes in its oil and gas fields in Nigeria, aiming to help Islamabad secure energy supplies and reduce pressure on its foreign exchange reserves.
Russian energy giant Gazprom has invited Pakistan’s Oil and Gas Development Company Limited (OGDCL) to form joint ventures in its overseas oil and gas exploration projects.
Currently, Pakistan meets only 15% of its crude oil needs through domestic production, with the rest covered by costly imports that strain the country’s forex reserves.
Previously, Pakistan Petroleum Limited (PPL) sought to explore oil and gas in Iraq, but that venture proved unsuccessful. Now, during an official visit to Russia, a Pakistani delegation led by Petroleum Minister Ali Pervaiz Malik has conveyed to Moscow that Pakistan is interested in acquiring stakes in already-developed fields to minimize risks.
Ali Pervaiz Malik—who recently succeeded Musadik Malik as petroleum minister—is focusing on addressing challenges in the oil and gas sector. OGDCL Managing Director Ahmed Hayat Lak is also part of the visiting delegation.
According to sources, the petroleum minister held talks with the CEO of Gazprom, who proposed forming joint ventures between OGDCL and Gazprom in operational fields located outside Russia and Pakistan. Gazprom is currently active in several countries, including Bangladesh, Vietnam, and Nigeria, and has offered Pakistan the opportunity to collaborate in any of these locations.
Pakistani firms—including OGDCL, Mari Petroleum, PPL, and Government Holdings Private Limited (GHPL)—have previously partnered with a UAE state-owned company in an offshore block in Dubai. That deal involved a field already in production, reducing risks for the Pakistani side.
During discussions, Pakistani officials indicated they were only interested in developed fields, following the Dubai model, rather than investing in unexplored or undeveloped blocks. In response, Gazprom offered Pakistan the option to purchase stakes in a developed hydrocarbon block in Nigeria, proposing a partnership involving Gazprom, a Nigerian state company, and OGDCL.
Sources say Gazprom will now send a formal proposal to OGDCL for review, as this would be a purely commercial arrangement. Pakistan had earlier invited Russia to join OGDCL’s offshore drilling efforts at home.
Officials believe that partnering with Gazprom in Nigeria could pave the way for future collaboration in Pakistan’s offshore exploration. OGDCL and other Pakistani firms have already reached an understanding with a Turkish company for a joint bid on an offshore block in Pakistan, and Pakistan is keen for Gazprom to join this venture as well.
Russia has long sought a stronger presence in Pakistan’s energy sector, though progress has been slow. Efforts to collaborate on an LNG pipeline from Karachi to Lahore stalled due to US sanctions on Russian firms. Despite several attempts to restructure the Pakistan Gas Stream Project to avoid sanctions, no breakthrough was achieved.
Now, with Gazprom’s offer of a joint venture in Nigeria, Pakistan hopes this partnership could mark a turning point.
