World’s fourth-largest oil, gas reserves found in Pakistan: reports

A major discovery of petroleum and natural gas has been found in Pakistan’s territorial waters, with estimates suggesting it could be the fourth largest oil and gas reserves in the world.

According to a senior security official, a three-year survey was conducted in collaboration with a friendly country to verify the presence of the oil and gas reserves.

The official revealed that proposals for bidding and exploration are being studied for exploration work which would commence in the near future.

However, extracting oil and gas from the deposits could take several years.

The discovery is seen as a game-changer for Pakistan’s economy, with the potential to yield more than just oil and gas. The ‘blue water economy’ also holds valuable minerals and elements that can be mined from the ocean.

This breakthrough comes at a crucial time for Pakistan, which has been facing economic challenges in recent years.

Further details about the discovery and the plans for exploration and extraction are expected to be revealed in the coming weeks.

It should be noted here that currently, Venezuela is thought to be the leader in oil reserves with around 3.4 billion barrels, while the US has the most untapped shale oil reserves.

Saudi Arabia, Iran, Canada and Iraq constitute the rest of the top five.