Pakistan discovers Massive oil, gas reserves in its waters.

According to Pakistani news outlet Dawn, Massive oil, gas reserves found in Pakistani waters, Dawn reported quoting a senior security official.

According to the published report, a Senior security official said that a 3-year survey undertaken alongside ‘friendly country’ has resulted in the discovery of huge reserves in Pakistani waters.

This could be huge in terms of impact on the overall economy and geopolitical landscape surrounding Pakistan. Currently, the country is debt bound to IMF, China and other allies.

The political turmoil is also crippling the country internally and corruption is one of the major challenges among many other issues.

According to a report, if the oil and gas reserves are discovered in large quantities, this could make Pakistan the fourth largest in the world, in terms of oil reserves.

A substantial deposit of petroleum and natural gas has been discovered in Pakistan’s territorial waters, a cache so large its exploitation could change the country’s destiny, DawnNewsTV quoted a senior security official as saying on Friday. According to the official, who is understood to be privy to the development, a three-year survey was undertaken in collaboration with a friendly country to verify the presence of the oil and gas reserves.

According to the report, a geographic survey has led to the location of the reserves in the Pakistani waters.

Digging and exploration:

The report goes on to point out that the senior official termed the effort as ‘blue water economy’, and that the official said that proposals for bidding and exploration were being studied. This means that exploration work can be started in the near future. Though the report sited that, “digging of the wells and actually getting oil out could take several years.”

Pakistan has reportedly spent $5 billion in the exploration of the reserves with a “friendly country”, and it might take four to five years to extract reserves from an offshore location.

According to estimates the reserves could be 4th largest in the world, currently

It remains to be seen how Pakistan utilizes such substantial reserves and derives benefits from them in the near future, given the current economic and political circumstances.