Some projections rank this discovery as the world’s fourth-largest in terms of oil and gas reserves.
A significant discovery of oil and natural gas reserves in Pakistan’s territorial waters has the potential to transform the nation’s economic future, according to a report by local publication Dawn. This major hydrocarbon find, confirmed after a three-year survey conducted in partnership with an allied nation, could place Pakistan among the world’s largest holders of oil and gas reserves.
The comprehensive geographic survey, which identified the precise location of these deposits, has already been presented to the Pakistani government by relevant departments. According to a senior security official cited by DawnNewsTV, this discovery presents an opportunity to leverage Pakistan’s “blue water economy,” suggesting that the government is considering proposals for exploration bids. If approved, exploration activities could commence soon.
However, the official noted that despite the optimistic outlook, the extraction process will be lengthy, potentially taking several years to drill wells and begin production. The “blue water economy” offers more than just oil and gas; it also includes the extraction of other valuable minerals and elements from the ocean, adding to Pakistan’s potential economic benefits.
This discovery comes at a critical time for Pakistan, which is currently facing a severe economic crisis. Projections place these reserves as potentially the world’s fourth-largest, following countries such as Venezuela, which leads in oil reserves, and the United States, known for its substantial untapped shale oil resources. Saudi Arabia, Iran, Canada, and Iraq also rank among the top five.
While there is considerable excitement, former Oil and Gas Regulatory Authority member Muhammad Arif has advised cautious optimism. He stressed that while the discovery is promising, there is no certainty that the reserves will meet expectations until further analysis and drilling begin. “If this is a gas reserve, it could replace LNG imports, and if these are oil reserves, we could reduce our reliance on imported oil,” Arif told DawnNewsTV. However, he emphasized that these are preliminary hopes, and significant analysis and exploration are still required.
Arif further explained that the exploration phase alone would require an estimated investment of around $5 billion (Rs1.39 trillion) and could take four to five years for offshore extraction. Should the exploration prove successful, additional investments would be necessary to develop the infrastructure needed for full-scale production.
This offshore discovery follows recent developments onshore. Last month, MOL Pakistan announced three new gas discoveries in the TAL Block in the Kohat Plateau of Khyber Pakhtunkhwa province. Both discoveries signal a bright future for Pakistan’s energy sector, provided the investments and efforts align to realize these resources’ full potential.
Credit: Offshore Technology
