Huge Oil and Gas Find in Pakistan? What This Discovery Could Mean for Global Markets

Rumors of massive oil and natural gas deposits discovered in Pakistan are gaining attention.

On Sunday, Muhammad Arif, a former official with Pakistan’s Oil and Gas Regulatory Authority (OGRA), disclosed in an interview with Dawn News that the discovery followed a three-year investigation in collaboration with an undisclosed friendly nation.

However, Arif did not reveal the identity of the friendly nation. He also mentioned that the estimated reserves might not match the exact recovery rates.

He noted, “The ability of these reserves to meet Pakistan’s energy needs will depend on their scale and the pace of development. The exploration is expected to require an investment of around $5 billion and could take four to five years to yield results. There is also potential for uncovering additional significant underground resources during the exploration.”

Pakistan’s economic situation could shift significantly if oil and gas production begins. The country is currently facing financial difficulties and relying on external aid. Despite the unknown amount of reserves, they reported that Pakistan could rise to the fourth position for oil and gas reserves.

For context, Venezuela currently holds the largest oil reserves globally, estimated at approximately 34 billion barrels, followed by Saudi Arabia, Iran, Canada, and Iraq.