KARACHI – In a major development, Pakistan has discovered massive reserves of petroleum and natural gas in its territorial waters.
The discovery has spurred the hopes of economic turnaround in the country, which is highly depended on imported fuel to run powers plants and other commercial activities.
The oil and gas deposits were located during a three-year survey, which was conducted by Pakistani authorities with assistance of a friendly country. The survey helped the officials to trace the location of the reserves in Pakistani waters.
Reports said the relevant department has informed the government about the discovery while no official statement has been made in this regard so far.
The authorities have initiated working on proposals for bidding and exploration as the government apparently aims at launch working on the project in the near future.
It would take several years to dig wells in the sea and get oil and gas out of them, they said but emphasised that it would prove a game changer for the cash-strapped country.
An official told local media that immediate actions must be taken to execute the project as it could bring economic growth in the country.
