A major find of petroleum and natural gas has been reported in Pakistan’s territorial waters, according to Dawn. Experts believe this discovery could significantly impact the country’s economy.
A senior security official who is aware of the situation confirmed that the discovery was made after a three-year survey conducted in partnership with another friendly nation.
The survey allowed Pakistan to find these valuable oil and gas deposits, and the information has been reported to the government. While the exploration is still at an early stage, the government is currently looking at proposals for bidding on these reserves.
If the process is successful, Pakistan could access these resources as part of its “blue economy,” which includes valuable sea-based resources like oil, gas, and minerals.
However, even though this discovery is promising, it will take years to extract the oil and gas. Former OGRA member Muhammad Arif pointed out that, while this find is hopeful, it’s still considered “wishful thinking” until actual drilling starts and the reserves are thoroughly examined.
He noted that just the exploration phase alone requires an investment of $5 billion, and it could take four to five years before any oil or gas is actually extracted.
If the reserves are as large as hoped, they could greatly decrease Pakistan’s need for imported LNG and oil, providing long-term economic benefits. However, the official also warned that, despite the high potential, it is important to act quickly to make the most of this opportunity.
