Karachi: Pakistan has identified significant petroleum and natural gas reserves within its territorial waters, potentially marking a major shift in the nation’s energy strategy and economic prospects. This discovery follows a detailed three-year survey conducted in collaboration with a foreign ally, laying the groundwork for future exploratory and extraction efforts.

According to Zameen.Com, the findings from the survey have been relayed to the government by officials involved with the project, who have described the discovery as integral to harnessing Pakistan’s “blue water economy.” Plans for bidding and detailed exploration are currently being reviewed, with the official noting that while immediate extraction may take years, the confirmed reserves are poised to significantly impact the country’s economic landscape.

The discovery also includes prospects for extracting other valuable minerals from the ocean floor, further enhancing the potential benefits of this find. Initial assessments suggest that these reserves could rank among the world’s largest, potentially placing Pakistan alongside leading global producers.

Muhammad Arif, a former member of the Oil and Gas Regulatory Authority (OGRA), while optimistic, has urged caution, noting that the actual extent and economic viability of the reserves will depend on thorough analysis and sustained production efforts. He elaborated that the impact on Pakistan’s energy imports would vary based on whether the reserves are predominantly oil or gas, but emphasized that substantial exploratory investments, potentially reaching USD 5 billion, will be crucial for realizing the full potential of this discovery.