The seismic assessment in Pakistan cannot be said to be the discovery of oil and gas reserves yet, a senior official in the neighboring country-owned oil and gas company said to CNN-News18, as there have been reports that a satisfactory amount has been discovered in Pakistan’s continental shelf after a survey of three years with the help of a friendly nation.
One of the OGDCL officials said that it was just a seismic survey conducted in the Arabian Sea, and they could not claim that huge hydrocarbon reserves have been discovered yet.
The provenvelle said that all the results of the survey are still under analysis and calculations to assess and determine the possible extent of hydrocarbon resources.
A seismic survey only gives information on the formation that is below the sea surface, and this was tried in 2018 as well.”
Pakistan, which is economically unstable, is searching for future resources to attract both foreign as well as public and private investments and collaborations in the country.
This fundamental hindrance to the country’s exploration plans is simple and could be the huge financial capital necessary to explore the offshore oil and gas reserves, which is approximately at least US $3 billion for the first phase of exploration.
ExxonMobil, the American multinational oil and gas company, had drilled up to 5,000 meters in 2018 and was hopeful of making an oil find, but after the seventeenth try, it gave up because there were no reserves.
The Express Tribune revealed that Pakistan had an energy import bill of $17 in 2023. 5 billion, it is predicted that even it will raise to around $31 billion in 7 years. At the moment, it exercises imports for 29 percent of gas, 85 percent of oil, 20 percent of coal, and 50 percent of LPG requirements.
