Pakistan Oil Gas Reserves: Can They Revolutionize the Pakistan Economy?
Major Discovery of Oil and Gas Reserves in Pakistan
A substantial deposit of petroleum and natural gas has been discovered in Pakistan’s territorial waters, a cache so large its exploitation could change the country’s destiny, according to a media report.
Survey Results and Implications
A three-year survey was undertaken in collaboration with a friendly country to verify the presence of the oil and gas reserves, as reported by DawnNewsTV. The geographic survey has allowed Pakistan to identify the location of these deposits. Relevant departments have briefed the government about the discovered resources.
The Blue Water Economy
- Terming it an effort to benefit from the ‘blue water economy,’ a senior official remarked that proposals for bidding and exploration are actively being studied.
- Exploration work could commence shortly, although extracting oil may take several years.
- In addition to hydrocarbons, the ‘blue water economy’ may yield other valuable minerals and elements.
Potential Impact on the Pakistan Economy
The official indicated that swift action could significantly transform the country’s economic fortunes. Some estimates suggest that this discovery could turn out to be the fourth-largest oil and gas reserves globally.
Currently, Venezuela leads in oil reserves, while major players like the US, Saudi Arabia, Iran, Canada, and Iraq follow.
Experts' Take on the Discovery
Insights from former Ogra member Muhammad Arif highlight the need for cautious optimism. While a successful extraction could lead to substantial energy independence, reliance on potential outcomes remains.
Exploration alone could require significant investments, estimated at around USD 5 billion.- Success hinges on identifying the reserves' size and recovery rate.
- Large gas reserves could replace LNG imports, while oil could substitute imported oil.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.