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Pakistan’s economic prospects may be on the verge of a major boost following the discovery of substantial oil and natural gas reserves in its territorial waters. This breakthrough, reported by the Times of India, comes after a comprehensive three-year survey.
A senior security official from Dawn News TV revealed that these reserves have the potential to significantly enhance Pakistan’s economy. He emphasized that these reserves could be pivotal in establishing a ‘blue water economy’ for the country. While the exact locations of the reserves have been mapped and reported to relevant government authorities, the resources are still in the early stages of exploration. Extracting the oil and gas will involve years of labor, and significant investments are required to develop the infrastructure for drilling and extraction.
The discovered reserves are estimated to be among the largest globally, with Pakistan potentially holding the fourth-largest deposit of oil and gas in the world. Currently, Venezuela leads the world in oil reserves with around 3.4 million barrels, followed by Saudi Arabia, Iran, Canada, and Iraq. The United States is noted for holding the most untapped shale oil reserves.
Muhammad Arif, a former member of Pakistan’s Oil and Gas Regulatory Authority (OGRA), highlighted the need for cautious optimism. He pointed out that while the discovery is promising, there is uncertainty about the reserves’ size and ease of extraction. “If this is a gas reserve, it could replace LNG imports, and if these are oil reserves, we can substitute imported oil,” Arif stated.
Arif also noted that the development of these reserves will require substantial financial investment, with costs estimated at around $5 billion. Despite the challenges, the potential economic benefits of tapping into these reserves could be transformative for Pakistan.
Sources By Agencies
