Islamabad: Pakistan’s Oil and Gas Development Company Limited and Pakistan Minerals Private Limited have jointly invested USD 75 million in the Reko Diq copper and gold project during the current quarter, as development work at the mine continues without interruption.
According to a briefing shared during a session attended by Topline Securities, OGDC contributed USD 25 million as part of the overall investment. Management said recent corporate changes at Barrick, the project’s major partner, will not affect progress at the site and that no delays are expected as work remains on schedule.
Located in Balochistan, Reko Diq is considered one of the world’s largest undeveloped copper and gold deposits. The project is owned jointly by Barrick with a 50 percent stake, federal state owned enterprises including OGDC with 25 percent, and the Government of Balochistan with the remaining 25 percent. Of the provincial share, 15 percent is fully funded while 10 percent is free carried. Commercial production is targeted for 2028.
OGDC also provided updates on its broader development portfolio. Out of six planned projects, Jhal Magsi and Dakhni have been completed, while Uch, KPD TAY, Bettani and Sinjhoro are currently under construction. These projects are expected to come online between the second half of fiscal year 2026 and fiscal year 2027.
Once operational, the four projects are projected to add around 215 million cubic feet per day of gas and 5,342 barrels per day of oil, contributing to an increase in domestic energy supply.
The briefing highlighted OGDC’s continued focus on investing in strategic energy and mining projects, maintaining development momentum despite market changes and internal adjustments at international partner companies.
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