A significant deposit of petroleum and natural gas has been discovered within Pakistan’s territorial waters, following a detailed three-year survey carried out in collaboration with a friendly nation. The discovery could potentially offer a drastic boost to the nation’s economy, according to a Pakistani senior security official quoted by DawnNewsTV.
The official explained that the survey has successfully identified the location of the reserves, and relevant government bodies have been informed.These resources, located in the depths of Pakistani waters, represent a critical step towards capitalising what the official referred to as the “blue water economy.”
While this discovery could lead to a major boost for Pakistan’s energy sector, the process of exploration is still in its early stages.
The work of digging wells and actually getting oil out could take several years. The official also talked about the potential of the blue water economy, pointing out that valuable minerals and elements could be extracted from the ocean, providing additional economic benefits for Pakistan.
Estimates suggest that this discovery could be among the world’s largest oil and gas reserves, potentially placing Pakistan as the holder of the fourth-largest deposit globally.
Venezuela currently leads in terms of oil reserves, with approximately 3.4 billion barrels, followed by countries like Saudi Arabia, Iran, Canada, and Iraq. The US is also notable for holding the most significant untapped shale oil reserves.
In an interview with DawnNewsTV, Muhammad Arif, a former member of the Oil and Gas Regulatory Authority (Ogra) said that while the discovery is a positive development, there is no guarantee the reserves will be as large or easily recoverable as initially hoped.He said, “If this is a gas reserve, it can replace LNG imports and if these are oil reserves, we can substitute imported oil.”
The significant financial investment needed to explore offshore oil and gas reserves, estimating the cost at around $5 billion just for exploration, further claimed Arif.
The official explained that the survey has successfully identified the location of the reserves, and relevant government bodies have been informed.These resources, located in the depths of Pakistani waters, represent a critical step towards capitalising what the official referred to as the “blue water economy.”
While this discovery could lead to a major boost for Pakistan’s energy sector, the process of exploration is still in its early stages.
The work of digging wells and actually getting oil out could take several years. The official also talked about the potential of the blue water economy, pointing out that valuable minerals and elements could be extracted from the ocean, providing additional economic benefits for Pakistan.
Estimates suggest that this discovery could be among the world’s largest oil and gas reserves, potentially placing Pakistan as the holder of the fourth-largest deposit globally.
Venezuela currently leads in terms of oil reserves, with approximately 3.4 billion barrels, followed by countries like Saudi Arabia, Iran, Canada, and Iraq. The US is also notable for holding the most significant untapped shale oil reserves.
In an interview with DawnNewsTV, Muhammad Arif, a former member of the Oil and Gas Regulatory Authority (Ogra) said that while the discovery is a positive development, there is no guarantee the reserves will be as large or easily recoverable as initially hoped.He said, “If this is a gas reserve, it can replace LNG imports and if these are oil reserves, we can substitute imported oil.”
The significant financial investment needed to explore offshore oil and gas reserves, estimating the cost at around $5 billion just for exploration, further claimed Arif.
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