By: Tariq Siddiqui
Summary (please watch the whole video)
Energy challenge is one of the most important security paradigms in the Asia-Pacific region due to growing energy dependency, fueled by high economic growth. Pakistan population is expected to grow, It will become 20th largest economy by 2030 and 16 by 2050, based on existing GDP growth of +5.0 %. Pakistan GDP has potential to grow in double digits (see video), the only limiting factor is the supply-side bottleneck and poor governance. For Pakistan, assuring sufficient oil supplies, is a national imperative and crucial to Islamabad’s vision of energy security – guaranteeing that shortage of energy does not constrain the economic growth that is required to reduce poverty and tamp down the social and political turbulence that could be exploited by external interests
Pakistan needs rapid transformation to integrate with the world economy. To compete in the international markets, it will have to benchmark against world economies. The state-owned National Oil Companies (NOC’s) need to be privatized and made competitive; meeting the listing requirement for an IPO on international stock-exchanges. OGDC and other NOC’s needs to fulfill this role and become International National Oil Companies (or INOC's).