According to a recent report, a significant oil and gas reserve has been identified in Pakistani waters, with estimates suggesting it could be the fourth-largest such discovery globally. The discovery could enhance Pakistan’s geopolitical standing in the region, particularly regarding energy diplomacy.
Pakistan has discovered a massive oil and gas reserve within its territorial waters, which could significantly reshape the nation’s economic landscape. According to reports, the discovery was made following a comprehensive three-year survey conducted in collaboration with a friendly nation. This discovery is estimated to be the fourth-largest of its kind in the world. Positioning Pakistan alongside countries like Venezuela, Saudi Arabia, and Iran in terms of oil and gas reserves.
Strategic Location and Economic Potential
A senior security official confirmed that a geographic survey has successfully pinpointed the exact locations of these reserves. The findings have already been reported to relevant government departments, and proposals for bidding and exploration are currently under review. While this is a promising development, the official cautioned that actual drilling and extraction could take several years. The reserves hold the potential to drastically reduce Pakistan’s dependence on energy imports, especially liquefied natural gas (LNG) and crude oil.
Beyond the oil and gas, the official also highlighted the potential of the “blue water economy” to tap into other valuable minerals and resources from the ocean, presenting further economic opportunities for the nation.
Muhammad Arif, a former member of the Oil and Gas Regulatory Authority (OGRA), expressed cautious optimism regarding the discovery. He emphasized that while the findings are hopeful. However, there is no guarantee that the reserves will meet expectations until proper analysis and drilling are carried out. Arif also noted that exploration and extraction could require an initial investment of around $5 billion and take up to four or five years to yield results.
He further explained that Pakistan could significantly reduce its dependence on imported LNG and oil if the reserves prove viable. However, the process will require substantial investments in infrastructure, including drilling wells and establishing extraction facilities.
Pakistan’s discovery would be ranked among the world’s largest oil and gas reserves if proven. Currently, Venezuela leads with 3.4 billion barrels of oil reserves. The United States holds the top position in untapped shale oil reserves. Other nations in the top five include Saudi Arabia, Iran, Canada, and Iraq.
