Pakistan’s economy is running on the back of a bailout package from the IMF.
The poor condition of Pakistan’s economy is not hidden from anyone. Its economy is facing a huge crisis since 2022. The situation is such that inflation is at its peak and people do not even have money to eat. Pakistan itself is currently surviving on the bailout package from the International Monetary Fund (IMF). In such a situation, finding a new oil reserve on its maritime border can be a game-changer for Pakistan’s economy. But will this be possible?
Pakistan has received a bailout package of around $7 billion from the IMF. Since the formation of Pakistan, it has received 24 bailout packages from the IMF. In such a situation, where will Pakistan get the money to invest in oil or natural gas extraction from the maritime border?
$5 billion will have to be invested
The oil reserve claimed to be located on Pakistan’s maritime border is estimated to be the fourth largest oil reserve in the world. In a news report by Pakistani television channel ‘Dawn News TV’, it was reported that this reserve has been discovered after a study of about 3 years.
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If Pakistan wants to tap this oil reserve economically, it will soon have to dig wells, explore, etc. But the problem with this is that despite immediate action, it may take a few years before crude oil production starts from here. Pakistan will have to invest $5 billion just in exploring this reserve.
In this regard, a senior Pakistani official says that if natural gas reserves are discovered instead of crude oil, then LNG imports from Pakistan can be replaced. Venezuela currently has the largest oil reserves in the world. While Saudi Arabia, Iran, Canada and Iraq are included in the top five countries in the world.
What options does Pakistan have?
If Pakistan does not have money to invest on its own in the exploration of oil reserves, then it can consider other options adopted in the world for the exploration of oil reserves. The simplest option in this could be that it can invite all those companies in the world that are experts in doing this work. These companies will work on the exploration of oil reserves and invest in them by entering into an agreement with Pakistan on a partnership or royalty basis. This will give Pakistan the opportunity to earn money even without investment.
