A senior security official in India highlighted that recent discoveries of reserves could greatly enhance Pakistan’s economy. These reserves, mapped out and reported to government bodies, are seen as pivotal for developing a ‘blue water economy’ in the country.
However, the reserves are still in the early stages of exploration, and substantial labor and time will be required for drilling and extraction, potentially taking years before they impact the economy. The official emphasized that tapping into these oceanic reserves could offer significant economic benefits, with the possibility of Pakistan holding one of the world’s largest deposits, potentially the fourth-largest globally.
Currently, Venezuela leads in oil reserves with approximately 3.4 million barrels, followed by Saudi Arabia, Iran, Canada, and Iraq. The United States holds the record for the most untapped shale oil reserves.
Muhammad Arif, a former member of Pakistan’s Oil and Gas Regulatory Authority (OGRA), noted the need for caution. He pointed out that the reserves may not be as large or easily extractable as anticipated. Arif suggested that if these reserves are gas, they could replace LNG imports; if oil, they could substitute imported oil. He also highlighted the need for a substantial financial investment, estimating costs at around $5 billion.
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