Within its territorial seas, Pakistan has found a sizable deposit of natural gas and petroleum that might drastically change the nation's economic environment. According to DawnNewsTV reports, this finding comes after a thorough three-year assessment carried out in collaboration with an ally nation to confirm the existence of these priceless resources.
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A top security official claims that the geographic survey has effectively identified the deposits' locations, and the government has been informed of the results in Pakistan's marine area by the appropriate authorities. The source added that bids and exploration plans are presently being reviewed, implying that exploration work may soon start. The official characterized the endeavor as a calculated attempt to capitalize on the "blue water economy.
The source emphasized that drilling and oil extraction might take several years, despite the encouraging news. In addition to oil and gas, he emphasized the possibility of extracting other precious minerals and elements from the water, underscoring the urgency of acting quickly to take advantage of this chance.
According to preliminary calculations, this find may have the fourth-largest oil and gas reserves in the world. With an estimated 3.4 billion barrels of oil reserves, Venezuela is now the country with the biggest oil reserves, although the United States has the most undeveloped shale oil deposits. Saudi Arabia, Iran, Canada, and Iraq are the top five.
Muhammad Arif, a former member of the Oil and Gas Regulatory Authority (Ogra), voiced cautious optimism about the results in an interview with DawnNewsTV. Although the discovery is encouraging, he admitted that there is no certainty that reserves would be found as planned. The amount and rate of recovery of these deposits will determine whether they can supply the nation's energy needs," he noted.
Arif proposed that oil reserves may take the place of imported oil, and that gas reserves might replace LNG imports. However, he cautioned that until comprehensive reserves studies are finished and drilling activities start, it is still "wishful thinking.
He also made note of the fact that an offshore property may
not produce results for four to five years after an exploration investment of
roughly $5 billion. According to DawnNewsTV, further funding would be required
to drill wells and build the infrastructure required for extraction and fuel
production should exploration reveal the existence of deposits.
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