Pakistan has recently discovered a substantial deposit of petroleum and natural gas within its territorial waters. The top security officials have revealed the discovery of the world’s fourth-largest oil and gas reserves in the seas off the coast of Pakistan giving hope to boost the energy sector.
According to DawnNewsTv, the officials assured the discovery, as it was confirmed following the completion of an extensive geographic survey that took more than three years to conduct in collaboration with an allied country.
The geographic survey has allowed Pakistan to identify the location of the deposits, and the relevant departments have informed the government of the resources found in Pakistani waters. The project is viewed as a strategic move to capitalize on the ‘blue water economy’ and the applications for bidding and exploration are presently being reviewed, implying that exploration activities may begin soon.
The official said the work of digging wells and extracting oil could take several years. Beside oil and gas, elements, and minerals from the seabed can add to the economic fortune of the country. This discovery constitutes the fourth largest oil and gas reserves in the world according to the estimated survey. Currently, Venezuela holds the position for the largest oil reserves, estimated at approximately 3.4 billion barrels, while the United States leads in untapped shale oil reserves. The top five include Saudi Arabia, Iran, Canada, and Iraq.
The discovery of significant oil and gas reserves can have a transformative impact, with the potential to reduce foreign debt and increase economic stability.
The hefty amount of around $5 billion was needed for exploration alone and it might take four to five years to extract reserves from an offshore location along with more investment in the infrastructure.
According to expert analysis, there is no guarantee that deposits will be identified where they are found and an element of uncertainty is still present.
