A significant deposit of petroleum and natural gas has been discovered in Pakistan’s territorial waters, sparking hope for a transformation of the country’s economic future, according to a recent media report. This potential windfall comes after a three-year survey conducted with the assistance of a friendly nation, as confirmed by a senior security official.
The Discovery and Its Potential Impact
The geographic survey has pinpointed the location of these valuable oil and gas deposits. According to the official, relevant government departments have been informed, and discussions are already underway about starting the process of exploration. Describing the initiative as part of the ‘blue water economy,’ the official emphasized that this discovery holds promise not only for oil and gas but also for other valuable minerals found in the ocean.
While the drilling and extraction of these reserves may take several years, the official expressed optimism, saying that quick action could significantly boost Pakistan’s economic fortunes. Some estimates suggest that the reserves could rank as the fourth-largest in the world, trailing behind nations such as Venezuela, which leads with an estimated 3.4 billion barrels of oil.
A Long Road Ahead
Despite the optimism surrounding the discovery, former Oil and Gas Regulatory Authority (OGRA) member Muhammad Arif offered a cautious perspective. Speaking to DawnNewsTV, Arif explained that while the discovery is promising, “there’s never 100 per cent certainty” about the size and accessibility of the reserves until the drilling process begins.
When asked about the potential to meet Pakistan’s energy needs, Arif noted that it depends heavily on the production and recovery rates of the reserves. He added, “If this is a gas reserve, it can replace LNG imports, and if these are oil reserves, we can substitute imported oil.” However, he emphasized that while the discovery is exciting, it remains “wishful thinking” until detailed analysis is conducted.
The Cost of Exploration
Arif also pointed out the financial challenge that comes with offshore exploration. The cost of exploration alone could reach around USD 5 billion, with the full process—drilling wells and constructing the necessary infrastructure to extract fuel—likely taking four to five years. Further investment will be required if the reserves are successfully confirmed and extraction begins.
While there are many unknowns surrounding the size and feasibility of these reserves, the discovery has ignited hope that Pakistan may soon benefit from a substantial boost in domestic energy production. The exploration process is expected to take time, but the long-term rewards could potentially reshape the country’s energy landscape.