Pakistan is exploring ways to meet its increasing energy needs, but officials are warning against early claims of discovering major oil and gas reserves in the country’s waters.
According to a private news channel, citing Petroleum Division sources, while a geological survey has been done, actual reserves can only be confirmed after proper exploration.
The data from the survey is currently being analyzed. The Petroleum Division mentioned that the Director General of Petroleum Concessions will hold bidding for offshore exploration blocks early next year.
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Companies that win the bids will be allowed to explore these areas. Recent reports show a sharp decline in Pakistan’s oil and gas reserves. Oil reserves have dropped by 14% in the last year, and gas reserves fell by 5%, now standing at 18,109 billion cubic feet (bcf).
Last month, the government announced it will auction 20 offshore blocks for exploration. However, officials explained that until oil or gas is actually found, it’s too early to estimate how large the reserves might be, stressing that previous efforts at offshore exploration have also been based on early estimates.
