Pakistan could become the next Dubai
When crude oil was found in Dubai, money started pouring in. So much money came in that today it is one of the richest countries in the world and almost all the rich people in the world are investing there. A similar scenario could happen in Pakistan in a few years, because Pakistan, India’s neighbouring country, has found a huge reserve of oil and natural gas on its maritime border. How will this change Pakistan’s economy and what loss can India suffer because of this?
Pakistan’s leading television channel Dawn News TV reported on Friday, citing a senior official, that this reserve was discovered after a survey lasting about three years. In this work, Pakistan received help from an allied country to conduct a geographical survey. Only after that could the existence of oil reserves on Pakistan’s maritime border be confirmed.
The fourth largest reserve in the world
According to Dawn News TV, this oil reserve is probably the fourth largest reserve in the world. Now Pakistan is gearing up to tap this oil reserve. Bids may be invited soon for well digging, exploration, etc. However, despite this, it may take a few years to start crude oil production from here. The senior official says that taking the initiative in this regard and completing the work quickly can help turn around Pakistan’s economic fortunes.
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Venezuela currently has the largest oil reserves in the world. Saudi Arabia, Iran, Canada and Iraq are among the top five countries in the world. The United States has the largest accumulated oil reserves.
A Pakistani official said that if natural gas reserves are discovered instead of crude oil, it will replace Pakistan’s LNG imports. At the same time, it can be used instead of imported crude oil. However, an investment of $5 billion will be required for the exploration of this reserve.
Benefits of Pakistan’s economy
Pakistan is currently one of the top 30 crude oil importers in the world. Its annual crude oil imports are over $5 billion. The largest source of crude oil for Pakistan is Saudi Arabia. It is followed by the United Arab Emirates (UAE), Kuwait and the Netherlands.
Compared to the UAE, it exported oil worth $402 billion in 2022. In this situation, it became the 18th largest oil exporter in the world. While in terms of oil reserves, it ranks seventh. Abu Dhabi also has the largest share of the UAE’s oil reserves, while Dubai has only 4 billion barrels of oil reserves. Despite this, Dubai’s economy has received enormous strength from oil.
Will there be losses for India?
The discovery of oil reserves in Pakistan can also have a major impact on India’s economy. If Pakistan’s economy is strengthened by oil, then its strategic strength will also increase. This situation will not be favorable for India, because there have been tensions in relations between India and Pakistan since 1947.
Not only this, because of the oil reserves, the world’s major economic powers may be interested in Pakistan. This may also create an atmosphere of unrest in this area. This situation has been seen before in the case of Iraq.
(Entrance – Agency)
