Major oil and gas reserves discovered

A significant deposit of petroleum and natural gas has been discovered in Pakistan’s territorial waters, potentially reshaping the country’s economic future. However, former Ogra member Muhammad Arif advises caution, stating that successful extraction is not guaranteed until thorough analysis and drilling commence.

Initial estimates suggest this could be one of the largest oil and gas deposits globally, but extraction could take four to five years and require an investment of approximately $5 billion. If reserves are confirmed, Pakistan could significantly reduce its dependence on imported LNG or oil.

The discovery follows a three-year collaborative survey, and relevant government departments have been informed. Proposals for exploration and bidding are under review, but actual extraction may take several years. (Source: Dawn)