ISLAMABAD: The government launched a feasibility study on strategic petroleum reserves (SPR) on Tuesday, engaging the international consultancy firm Wood Mackenzie.
Petroleum Minister Ali Pervaiz Malik held a meeting with Wood Mackenzie, which was selected to undertake the study following a competitive tender process that attracted four bids.
The consulting firm was required to submit its detailed feasibility report within four months to enable the government to make a formal decision and put in place a framework for strategic oil reserves.
Wood Mackenzie Vice President Christopher Darry, Director Chris Brown, Principal Consultant Jordan Macdonald and Senior Vice President Aamir Malik attended the meeting. Representatives of Attock Refinery Ltd, the Pakistan Institute of Development Economics, Government Holdings (Pvt) Ltd, the Ministry of Maritime Affairs and Pakistan LNG Ltd were also present.
“The minister was briefed on the scope and objectives of the study, following which the meeting discussed and agreed on the timelines and overall architecture for the assignment,” an official statement by the Petroleum Division said.
The oil marketing companies (OMCs) and refineries are required under the existing petroleum rules to maintain at least 21 days of consumption coverage of petroleum products at all times to ensure uninterrupted fuel supplies, but these reserves are intended solely for commercial operations.
The minister highlighted that the government was pursuing reforms and initiatives to advance Pakistan’s energy security, recognising that energy security was intrinsically linked to national security. He termed ensuring the resilience of energy supplies and reducing vulnerabilities to external shocks a key government priority, according to the statement.
He said the recent crisis in the Strait of Hormuz had further magnified the need to strengthen Pakistan’s buffers and build greater resilience against supply disruptions. “The SPR initiative is therefore an important step towards assessing how the country can strengthen its preparedness for potential supply shocks,” he said, noting that the Economic Coordination Committee (ECC) had already approved a “world-class bonded scheme” for large international oil players.
According to the statement, the Wood Mackenzie team described it as the “right time” for Pakistan to work on energy security, particularly given the evolving global energy landscape and recent supply disruptions.
The team said the study would focus on developing a pragmatic solution based on Pakistan’s specific requirements and circumstances.
Published in Dawn, August 26th, 2026
