Pakistan has made a major petroleum and gas discovery within its territorial waters. This finding is expected to improve the country’s economic future.
A senior security official with direct knowledge of the discovery confirmed that a survey had verified the presence of oil and gas reserves.
According to Dawn, the survey has determined the location of the deposits, and the relevant departments have been notified.
The discovery is now being seen as a crucial part of Pakistan’s efforts to build its ‘blue water economy’. Proposals for further exploration and bidding are reportedly under review, with high hopes that exploration may begin soon.
Still, the official has warned that extracting oil may require years of work due to the technical challenges involved. Beyond oil and gas, the potential for mining other valuable minerals from the ocean could also provide additional economic opportunities.
Some experts project that these reserves might be the fourth-largest in the world. While the discovery is promising, former Oil and Gas Regulatory Authority (Ogra) member Muhammad Arif urged caution.
He noted that the true potential of the reserves will be revealed after drilling work begins. If gas reserves are found in large quantities, they might replace costly LNG imports, while oil could reduce the country’s dependence on imported fuel, further easing the import burden.
According to details, an initial investment of around $5 billion is required for exploration to begin. If the reserves are sufficient, more funds will be needed to build wells. Full-scale production may take up to five years to materialise.
