ISLAMABAD: In a significant development, Pakistan has decided to re-enter the spot market for liquefied natural gas (LNG) procurement, aiming to meet its short-term energy needs amid evolving demand dynamics, ARY News reported.
According to reports, Pakistan LNG Limited (PLL) has invited bids from international suppliers for the purchase of three LNG cargoes. The bids have been sought with a deadline of April 24, and will be opened on the same day.
The procurement plan outlines staggered delivery schedules. The first cargo is expected between April 27 and 30, followed by the second cargo from May 1 to May 7. The third shipment is scheduled for delivery between May 8 and May 14.
This marks the first spot tender issued by PLL since 2023, reflecting Pakistan’s renewed engagement with the global LNG market after a period of cautious procurement strategy.
Previously, in December 2023, Pakistan had floated a similar tender for LNG imports but was forced to cancel it due to uncompetitive pricing, as no bids met the government’s expectations.
Officials say the latest move underscores efforts to secure LNG supplies at reasonable rates while ensuring energy availability during the upcoming demand period.
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Meanwhile, Pakistan received a significant boost in its energy sector as oil and gas production from the Baragzai X-1 well in the Nashpa Block has been officially added to the national system.
Federal Minister for Petroleum Ali Pervaiz Malik inaugurated the commercial production from the well, terming it a major milestone for the country’s energy security.
The minister said the development would play a crucial role in strengthening Pakistan’s energy security and reducing reliance on imported fuel. He added that the project is expected to save around $329 million annually in foreign exchange.
According to official details, the Baragzai X-1 well is currently producing around 15,000 barrels of crude oil per day along with 45 million standard cubic feet of gas per day.
Authorities further stated that production is expected to increase in the future to 25,000 barrels of oil per day and 60 million standard cubic feet of gas per day.