OGDC unveils dual-track strategy for growth and renewable transition

As Pakistan’s largest oil and gas company, OGDC plays a key role in the country’s energy sector and economic stability. Listed on all three domestic exchanges and the London Stock Exchange, the company accounts for 40 per cent of Pakistan’s exploration acreage and a significant share of national output. Here, Managing Director and CEO Ahmed Hayat Lak outlines OGDC’s ambitious dual-track strategy to optimise core operations while positioning for continued growth through renewables initiatives and international ventures.

What are your current strategic priorities?

As Pakistan’s national oil and gas company, OGDC has leadership status, meaning we have to spearhead all initiatives to meet the energy demands and energy security of the country.

To remain sustainable and competitive, we need to transition effectively into a broader renewable energy landscape. We decided to focus first on our core business to ensure efficiency, optimisation and excellence. We have been working on this since 2023, optimising our business operations both in terms of sub and surface facilities. We have prepared a five-year roadmap for our production optimisation plan. We are now in the implementation phase, and the board of directors review progress every quarter to ensure targets are being hit.

The other aspect of the plan is to diversify and internationalise. We are currently investing in an offshore block in Abu Dhabi through a joint venture between Pakistani consortium Pakistan International Oil Limited and Abu Dhabi National Oil Company. We continue to explore other opportunities from the Middle East. In addition, we have undertaken our first pilot project in geothermal energy in partnership with Schlumberger. In the next phase, we will decide on the way forward in terms of our investment in this sector.

Where do you see the biggest potential for growth?

Whenever the Government of Pakistan announces a bidding round, we take it very seriously. OGDC examines and evaluates all the blocks that are being offered through a technical team. At the same time, we have our own processes to go for the most prospective blocks, and we devise a strategy which would allow us to have the best chance of winning the bid. Most fall in Balochistan and Khyber Pakhtunkhwa, which are underexplored, and we believe that these are promising areas.

How do you position OGDC to UAE partners and investors?

We like to be seen and perceived as a highly efficient company; a company that is on a growth trajectory and that wants to forge new relationships and ventures within Pakistan and outside, especially with national oil companies.

We are mindful of our obligations to the environment and society. Another important measure we have taken is signing the oil and gas decarbonisation charter of the last COP, held in Abu Dhabi. We were one of the first companies to sign the charter, underscoring our commitment to being compatible with international standards.

Why should UAE investors consider Pakistan?

Pakistan’s upstream businesses would welcome investment from the UAE upstream petroleum sector, especially with Pakistan’s offshore blocks up for bidding. Investors will find very responsible, experienced and financially sound players with whom they can conduct joint ventures. We are looking forward to realising this potential.