A large deposit of petroleum and natural gas has been found in Pakistan’s waters, offering the potential to change the country’s economic outlook. However, Muhammad Arif, a former member of the Oil and Gas Regulatory Authority (Ogra), urges caution.
He emphasized that just finding the reserves doesn’t guarantee success, as more detailed analysis and drilling are needed before anything can be confirmed.
Early estimates suggest this could be one of the biggest oil and gas deposits in the world. However, fully extracting these resources may take four to five years and would likely require a $5 billion investment.
If these reserves are successfully tapped, Pakistan could significantly reduce its reliance on imported liquefied natural gas (LNG) and oil, which would be a major economic boost.
This discovery comes after a collaborative survey that took three years to complete. The findings have been shared with the relevant government agencies, and plans for exploration are currently being reviewed.
The government is looking at bids from companies interested in conducting the actual extraction. However, it may still take several years before any oil or gas can be extracted from the site.
The discovery holds great promise, but experts remain cautious, as much still depends on the results of further studies and the complexities of the extraction process.
