A significant petroleum and natural gas deposit has been discovered in Pakistan’s territorial waters, with the potential to transform the country’s future, according to a senior security official quoted by DawnNewsTV on Friday.
The official, who is reportedly closely involved in the development, revealed that the discovery followed a three-year survey conducted in collaboration with a friendly nation to confirm the presence of these oil and gas reserves.
The geographical survey has pinpointed the location of the deposits, and relevant authorities have informed the government about the resources found in Pakistani waters.
Referring to this as part of the country’s ‘blue water economy,’ the official mentioned that proposals for bidding and exploration are currently under review, paving the way for exploration work to begin soon. However, the process of drilling wells and extracting oil could take several years.
Beyond oil and gas, the ‘blue water economy’ also offers potential for mining other valuable minerals and elements from the ocean.
The official emphasized that acting swiftly on this discovery could significantly improve Pakistan’s economic situation. Some estimates suggest the discovery could rank among the world’s fourth-largest oil and gas reserves.
Currently, Venezuela leads in oil reserves with about 3.4 billion barrels, followed by the US with the largest untapped shale oil reserves. Saudi Arabia, Iran, Canada, and Iraq make up the rest of the top five.
Former Ogra member Muhammad Arif, while expressing cautious optimism, noted that there’s no guarantee the reserves will meet expectations. He explained that the impact of the discovery on Pakistan’s energy needs would depend on the size and recovery rate of the reserves. “If it’s a gas reserve, it could replace LNG imports, and if it’s oil, it could reduce the need for imported oil.”
Arif warned that this remains speculative until the reserves are fully analyzed and drilling begins. He added that the exploration process alone requires a significant investment, estimated at around $5 billion, and could take four to five years to extract offshore reserves. Further investments would be necessary to develop the infrastructure for extraction and fuel production if the reserves are confirmed.
