A significant discovery of petroleum and natural gas reserves has been made in Pakistan’s territorial waters, with the potential to transform the country’s economic landscape, according to a senior security official. DawnNewsTV reported on Friday that a three-year collaborative survey with a friendly country has confirmed the presence of these substantial deposits.
The survey pinpointed the location of the oil and gas reserves, and relevant government departments have been informed. Described as part of the ‘blue water economy,’ this discovery holds the promise of long-term economic benefits, although the extraction process may take several years. The official noted that bidding and exploration proposals are currently under review.
The reserves are speculated to be among the largest in the world, placing Pakistan in a position to significantly reduce reliance on imported energy. However, experts, including former Ogra member Muhammad Arif, have urged caution, stating that while optimistic, the success of the project depends on further analysis and the development of necessary infrastructure.
Exploration and extraction are expected to require substantial investments, with estimates suggesting up to $5 billion and a timeline of four to five years before the full potential of these resources can be realized.
