Pakistan is optimistic after the reported discovery of significant oil and gas reserves in its territorial waters,
A development that could ease the nation’s economic challenges. The find comes as the South Asian country grapples with a severe financial crisis, marked by soaring energy prices and dwindling foreign exchange reserves.
According to a senior official, the reserves have the potential to reshape the country’s economic trajectory. However, experts have urged caution, emphasizing that it’s premature to celebrate, as thorough exploration and confirmation are still required.
The reserves were identified after a comprehensive three-year survey, conducted in collaboration with a partner nation, and have been described as potentially the “fourth largest” globally.
Currently, Venezuela holds the largest known oil reserves, followed by Saudi Arabia, Iran, Canada, and Iraq. Pakistan, heavily reliant on imported energy, is particularly vulnerable to fluctuations in global fuel prices.
Recent data shows that Pakistan spent $17.5 billion on energy imports last year, a figure projected to double within the next seven years. Beyond oil and gas, Pakistan’s territorial waters hold potential for other valuable resources.
The nation stands to benefit from the “blue economy,” which promotes sustainable ocean resource use to support economic growth and ecosystem health.
While the discovery is promising, Pakistan’s energy landscape remains complex. With high costs for imported fuel, any steps toward self-sufficiency will be gradual.
