Massive oil discovery in Pakistan spurs hope of economic revival: report

Pakistan has found large deposits of natural gas and oil in its territorial waters after a three year survey, reported Times of India.

A senior security official at Dawn News TV was quoted by TOI, stating that these reserves have the potential to significantly boost the nation's economy.

The official also said that these reserves would be key in forming a 'blue water economy' for the country. The survey has currently mapped out and identified the locations of these reserves and informed relevant government bodies.

Though the reserves have been discovered, they have a way to go before contributing to the economy, as they are still in the early stages of exploration. The labour required to dig wells and further extract oil will take years.

Tapping into the ocean as a source of economics benefit could yield great rewards for Pakistan with valuable minerals that can be extracted, the official told TOI.

It is estimated that these reserves could be one of the world's largest, with Pakistan potentially having the fourth-largest deposit globally.

Currently, Venezuela, leads the board in oil reserves, with around 3.4 million barrels, followed by Saudi Arabia, Iran, Canada and Iraq.

The United States also holds the record for the most untapped shale oil reserves.

In an interview with Dawn News TV, former member of Pakistan's Oil and Gas Regulatory Authority (OGRA), Muhammad Arif, said that though the development is positive, they need to be cautious as the reserves may not end up being as large or as easily extractable as they seem.

"If this is a gas reserve, it can replace LNG imports, and if these are oil reserves, we can substitute imported oil," he added.

Arif also said that there would be a requirement for significant financial investment in the process of exploring these reserves, estimating costs to be around 5 billion dollars.