Islamabad: Significant discoveries of oil and gas reserves have been reported in Pakistan’s waters, for which a geological survey has been conducted.
Sources from the Petroleum Division have clarified that while a geological survey has been conducted for oil and gas exploration in the sea, it is premature to claim the presence of substantial reserves.
According to the Petroleum Division sources, data collected from the sea during the geological survey is being analyzed. However, it is too early to confirm significant reserves of oil and gas; current estimates may only suggest the presence of these resources.
The sources from the Petroleum Division stated that the Director General of Petroleum Concessions Office will conduct bidding in the first quarter of next year.
Successful bidders will be awarded offshore blocks, and the discovery of oil and gas will be confirmed after the exploration process begins.