Sat Sep 07 17:34:38 UTC 2024: – A large deposit of petroleum and natural gas has been discovered in Pakistan’s territorial waters
– A three-year survey was conducted in collaboration with a friendly country to confirm the presence of the oil and gas reserves
– Pakistan has identified the location of the deposits and is considering proposals for bidding and exploration
– The discovery could potentially change the country’s economic fortunes and is seen as an opportunity to benefit from the ‘blue water economy’
– The official estimates that this discovery constitutes the fourth-largest oil and gas reserves in the world
– Former Ogra member Muhammad Arif cautions that there is never 100% certainty in discovering reserves as expected
– Further investment would be needed for wells and infrastructure to extract and produce fuel if reserves are confirmed
– It may take four to five years to extract reserves from an offshore location
– The potential reserves could potentially replace LNG imports or substitute imported oil

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