Pakistan finds world’s fourth-largest oil reserve

In Pakistan’s territorial waters, a substantial deposit of natural gas and petroleum has been found; estimates place it as the world’s fourth-largest gas and oil reserve.

A senior security official quoted by DawnNewsTV stated that the discovery, which was confirmed by a three-year survey conducted in cooperation with a friendly country, has the potential to significantly change Pakistan’s economic fortunes.

The government has been informed by the relevant departments of the deposits’ location, which was determined through an extensive geographic survey.

With the release of the survey, the “blue water economy”—which comprises not only oil and gas but also other valuable minerals from the ocean—is set to begin to reap its benefits.

While exploration and bidding proposals are being reviewed, it might take several years to actually extract the resources.

It may take a while to drill wells and extract the oil and gas, necessitating additional funding and the development of infrastructure.

Muhammad Arif, a former member of the Oil and Gas Regulatory Authority (Ogra), sounded a more sobering note, reminding stakeholders that although optimistic, there is never a guarantee the reserves will live up to expectations.

He clarified that extracting the reserves could take up to five years, and that exploration calls for a significant investment of about $5 billion.

If these reserves of oil and gas are fully developed, they could be a game-changer for the country, easing some of its economic problems by lowering its dependency on expensive imports of energy.