A significant deposit of petroleum and natural gas has been discovered in Pakistan’s territorial waters, a discovery so substantial that it could potentially reshape the country’s economic future, according to a report by Dawn citing a senior security official.
While early estimates suggest this could be one of the largest oil and gas deposits globally, former Ogra member Muhammad Arif advised caution.
He noted that despite the optimism, there is no certainty of successful extraction until thorough analysis and drilling commence.
He highlighted that initial exploration alone could require an investment of approximately $5 billion, and full extraction could take four to five years if reserves are confirmed.
Arif added that, depending on the type of reserves found, Pakistan could significantly reduce its dependence on imported LNG or oil. However, the country must be prepared for the substantial investment needed to develop infrastructure for production if the reserves prove viable.
The discovery follows a three-year collaborative survey conducted with assistance from a friendly nation. The extensive survey confirmed the presence of oil and gas reserves, with precise locations identified.
Relevant government departments have been informed, and proposals for exploration and bidding are under review, though the actual extraction of oil could take several years.
In addition to oil and gas, the “blue water economy” holds potential for other valuable minerals and elements that can be mined from the ocean, offering further economic benefits.
