Islamabad-based OKTA Group plans to invest $500 million over the next few years in Pakistan's oil and gas sector with the key objective being to localise the supply of critical hydrocarbon resources, a statement issued on Thursday said.

The Group's subsidiary, OKTA Exploration & Production Limited, entered the oil and gas sector during the director-general petroleum concession (DGPC) bidding round, held under the ministry of energy, in January 2021. The company won two exploration blocks namely, Block-28 North and D.I. Khan West Block.

"Both blocks are in highly prospective zones as proved by three recent gas discoveries of OGDCL around Block-28 North and discovery of Wali-1 well near D.I. Khan West Block," the company stated.

"In near future, successful discoveries in both blocks will positively contribute to mitigate energy demand and supply gap from indigenous resources."

OKTA Group said it is not only working in hydrocarbon exploration, but its scope of work is extended to becoming a fully integrated E&P player of the region with medium-term plans of establishing its own oil refinery and oil marketing setup.

Similarly, OKTA Group is going to install a petrochemical plant for the separation of other useful chemicals from extracted hydrocarbons, it said.

"Long-term plan of the company is to invest over $1 billion in the next ten years. No doubt this huge investment within the country will create employment opportunities at different levels in the sector.

"At the same time, the company looks forward to bringing international investors into Pakistan’s Oil & Gas sector, as Investors from Russia & Saudi Arabia are showing interest for JV partnership in this area."