A significant deposit of petroleum and natural gas has been discovered in Pakistan’s territorial waters, a find so substantial that it could potentially transform the country’s economic landscape. This revelation was reported by DawnNewsTV, citing a senior security official familiar with the development.
According to the report, this discovery follows a comprehensive three-year survey conducted in collaboration with a friendly nation, aimed at confirming the presence of these valuable resources. The geographic survey has successfully pinpointed the location of the deposits, and relevant government departments have been informed of the findings.
The official described the initiative as part of an effort to capitalize on the ‘blue water economy,’ highlighting that proposals for bidding and exploration are currently under review. This suggests that exploration activities could commence in the near future. However, the process of drilling wells and extracting oil is expected to take several years.
Beyond oil and gas, the ‘blue water economy’ offers the potential for mining other valuable minerals and elements from the ocean. The official emphasized that swift action could significantly improve Pakistan’s economic prospects.
Preliminary estimates suggest that this discovery could rank as the fourth largest oil and gas reserve globally. Currently, Venezuela leads with approximately 3.4 billion barrels of oil reserves, followed by the United States with the largest untapped shale oil reserves. Saudi Arabia, Iran, Canada, and Iraq round out the top five.
In an interview with DawnNewsTV, former Oil and Gas Regulatory Authority (Ogra) member Muhammad Arif urged cautious optimism. He noted that while the discovery is promising, there is no guarantee that the reserves will meet expectations. The potential impact on Pakistan’s energy needs will depend on the size and recovery rate of the reserves. If the discovery is primarily gas, it could replace LNG imports; if oil, it could reduce reliance on imported oil.
Arif cautioned that the process remains speculative until thorough analysis and drilling commence. He highlighted the substantial investment required for exploration, estimated at around $5 billion, and noted that it could take four to five years to extract reserves from an offshore location.
Should the exploration confirm the reserves, further investment would be necessary to develop the infrastructure for extraction and fuel production.
