A significant deposit of petroleum and natural gas has been discovered within Pakistan’s territorial waters, according to a recent report. This discovery, made following a three-year collaborative survey with a friendly nation, is anticipated to have a transformative impact on Pakistan’s economic future. Experts suggest that if the exploration proves successful, it could dramatically alter the country’s energy landscape and reduce its dependence on LNG and oil imports.
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The discovery is still in its early stages, with exploration and evaluation of the reserves yet to be completed. The government has been informed, and proposals for bidding on the reserves are currently under review. While this marks a promising development, the extraction of oil and gas could take several years to commence. Former OGRA member Muhammad Arif has highlighted that substantial investment and time are required before any significant benefits can be realized. The exploration phase alone is estimated to need around $5 billion, and actual extraction could take four to five years.
If the reserves prove to be substantial, they could significantly impact Pakistan’s energy sector, aligning with the broader concept of the “blue economy,” which involves utilizing sea-based resources for economic gain. However, the official has emphasized the importance of acting swiftly to make the most of this opportunity, noting that while the potential benefits are high, careful planning and investment will be crucial to turning this discovery into a tangible economic advantage.
