Pakistan now discovers the world’s 4th largest oil and gas reserves in the countries territorial waters, several media report.
A significant deposit of petroleum and natural gas has been found in Pakistan’s territorial waters, potentially altering the country’s economic landscape, according to recent reports.
A three-year survey conducted in collaboration with an allied nation confirmed the presence of these substantial reserves, as stated by a senior security official recently.
The geographical survey has pinpointed the locations of the deposits, and relevant departments have briefed the government on the resources identified in Pakistani waters.
The official described this initiative as a step toward harnessing the “blue water economy,” indicating that proposals for bidding and exploration are currently under review, suggesting that exploration efforts could begin soon.
While the extraction process will take several years, the “blue water economy” holds promise beyond oil and gas, as it could also yield various valuable minerals and elements from the ocean.
The official emphasized that prompt action could significantly enhance the country’s economic prospects, with some estimates indicating that this discovery could represent the fourth-largest oil and gas reserves globally.
Currently, Venezuela leads in oil reserves with approximately 3.4 billion barrels, followed by the U.S. with the most untapped shale oil reserves, and Saudi Arabia, Iran, Canada, and Iraq rounding out the top five.
Former member of the Oil and Gas Regulatory Authority (Ogra), Muhammad Arif, cautioned that while optimism is warranted, there is no guarantee that the reserves will meet expectations.
He noted that the potential impact on the country’s energy needs will depend on the size and recovery rate of the reserves.
“If this is a gas reserve, it could replace LNG imports; if it’s oil, it could substitute imported oil,” he explained.
However, he warned that it is “wishful thinking” to assume success until thorough analyses and the drilling process commence.
Exploration alone is expected to require a substantial investment of around $5 billion, and it could take four to five years to extract reserves from offshore locations.
Should exploration yield positive results, additional investment will be necessary for drilling wells and establishing the infrastructure needed for extraction and fuel production.
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Also Read: Russia and China Now Plan To Respond Against USA Threats
Other World News Today
Israeli and Iranian leaders have now exchanged warning threats, highlighting the deepening crisis between their nations.
Israeli Prime Minister and Iran’s President have exchanged threats — Benjamin Netanyahu vowed a firm response to any threats, while Masoud Pezeshkian pledged retaliation.
At a ceremony in Jerusalem, Israeli Prime Minister Benjamin Netanyahu addressed the nation with a resolute tone.
Amid a backdrop of rising regional tensions, Netanyahu declared, “Anyone who harms our country will be held accountable. Iran and its proxies seek to surround us with a stranglehold of terror on seven fronts.
Their visible aggression is insatiable, but Israel is not helpless.
We are determined to stand against them on every front, in every arena, far and near.
Anyone who murders our citizens, anyone who harms our country will be held accountable.
He will pay a very heavy price.”
Netanyahu’s comments come in the wake of nearly ten months of conflict in Gaza and the recent assassinations of a senior Hezbollah commander in Lebanon and Hamas’ top political leader in Iran.
The heightened hostilities have raised fears of further escalation and retaliation from Iran and its allies.
On his part, Iranian President Masoud Pezeshkian condemned the assassination of Hamas leader Ismail Haniyeh, calling it a violation of international law.
“The assassination of a guest of the Islamic Republic of Iran was an act that violated all international laws,” Pezeshkian said.
“It was a grave mistake by the Zionists.
The audacity will not go unanswered.”
According to media reports, Iranian officials told Arab diplomats that Tehran does not care if an attack on Israel triggers a regional war. But this can also be part of a psychological war both sides have launched.
Israel’s channel 12 said that Israel’s security establishment is considering the possibility of “preventive actions or attacks” it could initiate, “including in Lebanon or perhaps in other places as necessitated.”
Siamak Javadi, an economics professor and researcher at the University of Texas, told Iran International, “Aside from its military aspect, war is a full-scale economic project.
You can’t wage war with an empty pocket.”
Comparing gross domestic product, per capita national income, and inflation and unemployment rates in Iran and Israel, he added that the Islamic Republic is financially and economically incapable of engaging in a full-scale war with Israel.
Hossein Aghaei, a researcher in international relations and strategic affairs, also told Iran International, “The Islamic Republic is caught in the strategic trap or chain reaction game set by Israel.”
He added that the Iranian government finds itself in a “difficult and enigmatic” situation and has no choice but to provide a “direct and proportionate response” to Israel in order to restore its deterrent power.
Aghaei warned that if the Islamic Republic engages in “a high-risk game” and initiates a “comprehensive and multi-front” conflict against Israel, the region could be drawn into a major military confrontation.
Also Read: 15 Civilians Have Now Been Killed in Israeli Strike On Gaza School
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