Pakistan, which is on the verge of bankruptcy, has recently received a very good news. Pakistan has discovered a huge reserve of crude oil and natural gas in its sea area, which is being said that it will change the fate of the poor Pakistan. The reserve discovered after a survey lasting three years is being described as the fourth largest oil and gas field in the world. Crude oil is also called ‘black gold’.
Pakistan is being burdened by skyrocketing inflation and debt crisis. Even after the help of friendly countries like China, its problems are not reducing. Political instability is also a big issue amidst the economic crisis. Surrounded by problems from all sides, Pakistan is facing terrorism every day.
Will the new discovery be able to change Pakistan’s miserable fortunes?
Pakistan has found a ray of hope at the bottom of the sea which can play an important role in solving its economic crisis in future.
However, speaking to Dawn News TV, a former member of Pakistan’s Oil and Gas Regulator said that Pakistan should be hopeful about the new discovery but it never happens that a reserve will yield as much oil and gas as expected.
When asked if the new reserves would meet the country’s energy needs, he said it would depend on the size of the oil and gas reserves and then their recovery rate.
He said, ‘If this gas becomes a reserve, we will stop buying the natural gas we import. And if this oil becomes a reserve, we will use it instead of imported oil.’
Pakistan is dependent on imports for its energy needs
Pakistan is heavily dependent on imports for its energy needs. In the year 2023, Pakistan imported energy worth $17.5 billion. According to a report in the Pakistani newspaper Express Tribune, Pakistan’s energy import bill will double to $31 billion in the next 7 years.
Pakistan imports 29% of its gas, 85% of crude oil, 20% of coal and 50% of LPG requirements.
No immediate relief for Pakistan
Pakistan may be excited about the discovery of new reserves, but the road ahead is not easy. A former member of Pakistan’s Oil and Gas Regulator said that Pakistan’s dream is not going to be fulfilled so soon.
He said that the reserve has been found but the process of drilling it and then extracting oil or gas and earning revenue from it is very complicated and long.
Experts said that a huge investment of 5 billion dollars was made in finding the oil and gas reserves, a huge amount of money can be spent in extracting oil or gas. It will also take 4-5 years to extract oil or gas from the sea. Looking at all these things, it is clear that Pakistan is not going to get any immediate relief from the new discovery. Sometimes extracting oil from these reserves is also very complicated and due to its high cost, the profit is less.
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