Sat Sep 07 13:30:38 UTC 2024: – A significant deposit of petroleum and natural gas has been discovered in Pakistan’s territorial waters
– The discovery could potentially reshape the country’s economic future
– Former Ogra member Muhammad Arif advised caution, noting that successful extraction is not certain until thorough analysis and drilling are done
– Initial exploration could require an investment of approximately $5 billion, with full extraction taking four to five years if reserves are confirmed
– Depending on the type of reserves found, Pakistan could reduce its dependence on imported LNG or oil
– The discovery was made following a three-year collaborative survey with assistance from a friendly nation
– The “blue water economy” also holds potential for other valuable minerals and elements
– Proposals for exploration and bidding are under review, but the actual extraction of oil could take several years

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