Pakistan has been facing a lot of economic crises in the past few years. It has a shortage of several important things in the country. However, this discovery can be a god’s grace that can turn Pakitan’s fortune completely. The media reports are sharing a discovery of massive oil or gas reserves in Pakistan’s territorial waters. It can be a positive sign that can change the country’s economic conditions. However, the big question arises on the heavy investments it will take to dig out those reserves.
New Gas And Oil Reserves Are Expected In Pakistan’s Waters, May Become The 4th Largest Reserves In The World
According to the reports, the three-year survey points out the discovery of massive oil and gas reserves. Thus, the extraction of these resources can change the country’s future. Pakistan also conducted a geographical survey, after which they knew the exact location of the reserves. There are several proposals for further exploration. However, the matter is still being discussed. The expectation is that the exploration will start soon.
The experts mention that the work of digging out the oil or gas can take a lot of time. It is not possible currently. The exploration alone can take an investment of up to $5 billion. While the digging will further increase the amount. Many also estimate that these reserves can be so big that it can become the fourth-largest oil and gas reserves in the world. If we talk about the current top 5, Venezuela is performing well with 3.4 billion barrels of oil reserves. On the other hand, the United States has the second-highest untapped shale oil reserves. While Saudi Arabia, Iran, and Canada conclude with the rest of the five.
There is also no confirmation whether it is oil reserves or gas reserves. The oil reserves can help substitute imported oil. While the gas reserve can replace the LNG imports. However, the size of the reserves will tell exactly whether these reserves will be enough for the country or not. It will take a long time. Apart from that, it will also take 4-5 years even after investing $5 billion in exploration. Thus, the economy can get its benefits in approx 9-10 years. If it becomes possible, it will surely be a blessing for the country’s economy boosting its economic growth. The massive oil and gas reserves can also solve several issues like electricity, petroleum, diesel, and others. Stay tuned for more information.