Islamabad: A discovery of petroleum and natural gas has been found in Pakistan’s maritime territory, potentially ranking as the world’s fourth-largest reserve, Pakistan media reported.
The discovery, confirmed after a three-year survey in collaboration with a friendly nation, could have profound economic implications for Pakistan, according to a senior security official cited by DawnNewsTV.
The comprehensive survey has identified the precise locations of these deposits, with relevant authorities briefing the government. This marks the beginning of Pakistan’s efforts to tap into its ‘blue water economy’, encompassing not only oil and gas but also valuable oceanic minerals.
Proposals for exploration and bidding are currently under evaluation, but actual extraction may be several years away. Establishing wells and extracting these resources will require substantial long-term investments and infrastructure development.
Former Oil and Gas Regulatory Authority (Ogra) member Muhammad Arif expressed caution, emphasising that while optimistic, the actual yield of these reserves is uncertain. He noted that exploration alone could demand investments nearing $5 billion, with extraction potentially taking up to five years.
