Good news for Pakistan. A large, significant reserve of oil and gas has been found in the country’s territorial waters. This discovery is so big that it could change the country’s future and have a greater impact on the pakistan economy.
Details:
A senior security officially said that a three-year survey was conducted with a friend country to confirm the presence of oil and gas reserves. They haven’t disclosed the friend’s country name yet.
This geographical survey helped pakistan to find out the exact location of these reserves. The relevant department from this survey in pakistan has been informed about these resources that are found in pakistani water.
They further said that this project is part of “Blue Economy Water, ” which means using ocean resources. The government is currently reviewing this project to start exploration. After their approval, it will take several years to complete.
The Blue Economy Water Project not only provides oil and gas but also discovers some important minerals and elements in the ocean. The officers said if they get approval quickly, then this project can improve the economy of pakistan.
The former member of the Oil and Gas Regulatory Authority (OGRA), Muhammad Arif, said that pakistan should remain hopeful, but there is no guarantee that they will discovered as expected. He said if it is a gas reserve, it could replace LNG import, and if it is an oil, then it could reduce the need for oil.
He further said this is a larger project that also requires a large investment. The estimated amount to start this project is $5 billion, and it might take four to five years to get that reserve. The government is taking time to make the right decision about whether to start this project or not.
Many Indian news channels covered this news, as many other countries are waiting for the government’s decision to know the reserve’s value.
