Massive Oil and Gas Reserves Discovered in Pakistan’s Waters

A large deposit of petroleum and natural gas has been discovered in Pakistan’s territorial waters, a find that could potentially transform the country’s economy, according to Dawn News. A senior security official shared this exciting news on Friday, saying that a three-year survey, conducted in partnership with a friendly country, confirmed the presence of these valuable resources.

The geographic survey helped Pakistan pinpoint the exact location of these oil and gas reserves. Government departments have been informed of the discovery, and plans for bidding and exploration are currently being reviewed. This marks the first step towards tapping into the so-called ‘blue water economy,’ which aims to use the resources hidden in the ocean.

Although the official expressed optimism about this find, he emphasized that extracting oil and gas from these deposits could take several years. In addition to oil and gas, there may also be other valuable minerals in the waters that Pakistan could benefit from.

The official urged quick action to make the most of this opportunity, which he believes could improve Pakistan’s financial situation. Some estimates suggest this discovery could be among the largest oil and gas reserves in the world. For comparison, Venezuela is currently believed to have the largest oil reserves at around 3.4 billion barrels, followed by countries like the US, Saudi Arabia, Iran, Canada, and Iraq.

Former Ogra member Muhammad Arif spoke to Dawn News about the potential of these reserves, urging cautious optimism. He pointed out that while the discovery is promising, there is never a 100% guarantee that the reserves will be as large as expected. Arif explained that whether these reserves can meet Pakistan’s energy needs depends on their size and the production rate.

He added that if the reserves consist of natural gas, they could reduce the country’s need for imported LNG. If they are oil reserves, they could potentially replace imported oil. However, he warned that it is still “wishful thinking” until more exploration is done and the drilling begins.

Arif also highlighted the significant cost of exploration, which could require around $5 billion. Extracting the reserves from an offshore location could take four to five years, and if the reserves are confirmed, even more investment will be needed to build the infrastructure required to produce fuel from these resources.