KARACHI- September 08, 2024- Pakistan has made a significant discovery of oil and gas reserves within its territorial waters, a find that officials believe could transform the nation’s economic future. A local TV channel has reported that according to sources familiar with the development, a comprehensive three-year survey, conducted in partnership with a friendly nation, confirmed the existence of these substantial reserves.
The survey has pinpointed the exact location of the deposits, and relevant authorities have informed the government of the discovery. Describing the find as part of Pakistan’s emerging “blue water economy,” officials revealed that the country is now evaluating proposals for exploration and bidding, with extraction efforts expected to begin in the near future.
However, the process of drilling wells and extracting oil may take several years. Beyond oil and gas, Pakistan’s blue economy offers additional opportunities, with the potential to mine valuable minerals and elements from the ocean floor.
The official emphasized that swift action on this discovery could play a pivotal role in reviving Pakistan’s economic prospects. Early estimates suggest that these reserves could rank as the fourth largest in the world.
Currently, Venezuela leads in oil reserves with approximately 3.4 billion barrels, followed by countries like Saudi Arabia, Iran, Canada, and Iraq, which round out the top five. The U.S. is believed to hold the largest untapped shale oil reserves.
