The whole world is aware of the financial crisis of the neighbouring country Pakistan, but now its fortunes can change. Actually, the neighbouring country has found a huge reserve in the sea. This reserve is of petroleum and natural gas. This ‘blue treasure’ found in the sea is so big that it can not only improve the economic condition of Pakistan but can also solve the problem of expensive oil in many countries.
According to the report of Dawn News published in the news on Business Today, this discovery of poor Pakistan (PAK Geographic Survey) has been completed after three years. Pakistan has discovered this huge reserve in partnership with an ally country. According to a senior security official, the Geographic Survey has identified this place and the concerned department has also informed the government about these discoveries made in the maritime area of Pakistan.
It may take many years to extract oil
The official described this initiative as a strategic move to take advantage of the ‘blue water economy’. He indicated that bidding and exploration proposals are being considered, which indicates that work to find out its size and extract it may begin soon. However, the official also said that drilling and extracting oil may take several years.
Treasure other than oil and gas
Apart from petroleum and natural gas, there is a possibility of finding other valuable minerals and elements in the sea. The official said that the importance of taking action as soon as possible to take advantage of this opportunity will be emphasized.
The world’s fourth largest oil and gas reserves?
The report said that initial estimates suggest that the discovery could be the fourth largest oil and gas reserve globally. Venezuela currently holds the largest oil reserves, estimated at around 3.4 billion barrels. While the United States leads in untapped shale oil reserves. The top five include Saudi Arabia, Iran, Canada and Iraq.
Speaking to Dawn News TV, former member of the Oil and Gas Regulatory (Ogra) Muhammad Arif admitted that the discovery is promising but the expectation of finding reserves as per the estimate is not guaranteed. “Whether these reserves can meet the country’s energy demands or not depends on their size and supply,” he said.
It can be imported on a large scale
Arif suggested that gas reserves could potentially replace petroleum natural gas (LNG) imports and oil reserves could replace imported oil. However, he cautioned that this would remain a matter of confusion until a thorough analysis of the reserves is completed and drilling operations begin.
It will cost so much money… how will Pakistan withdraw it?
He also said that an investment of about $5 billion is needed to extract it and it may take four to five years to achieve it. If exploration confirms the presence of reserves, more investment will be needed to develop wells and set up the infrastructure required for extraction and fuel production.
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