Pakistan
Substantial Oil and Gas Reserves Discovered in Pakistan’s Waters: Report. Pakistan has uncovered substantial deposits of oil and natural gas within its maritime territory, a breakthrough that could reshape the country’s energy future. According to a report by DawnNewsTV, this discovery follows a comprehensive three-year geographic survey conducted in collaboration with an allied nation. The successful survey has pinpointed the locations of these valuable resources, with relevant departments already notifying the government.
The senior security official overseeing the project described the initiative as a strategic effort to leverage Pakistan’s “blue water economy.” He also revealed that proposals for bidding and exploration are under review, indicating that exploration activities may commence soon. While this news is promising, the official cautioned that the drilling and extraction processes could take several years.
Beyond oil and gas, there is potential to uncover additional valuable minerals and elements from the ocean. This emphasizes the importance of swift action to capitalize on the opportunity. Initial estimates suggest that these newly found reserves could rank as the fourth-largest globally, behind Venezuela, Saudi Arabia, and the United States, which leads in untapped shale oil reserves.
Speaking to DawnNewsTV, former Oil and Gas Regulatory Authority (OGRA) member Muhammad Arif expressed cautious optimism. While he acknowledged the promising nature of the discovery, he warned that expectations must remain tempered. “The size and recovery rate of the reserves will determine whether they can meet the country’s energy demands,” Arif stated.
He also highlighted the possibility of reducing dependence on liquefied natural gas (LNG) and imported oil if the reserves are as significant as estimated. However, he warned that substantial investments of around $5 billion would be required, with an estimated four to five years needed to confirm and develop the offshore reserves. This could lead to the development of new wells and essential infrastructure for extraction and fuel production, if successful.
The discovery represents a critical opportunity for Pakistan, but patience and careful planning will be key as the nation navigates this exciting new chapter in its energy landscape.
