Pakistan has discovered a substantial deposit of petroleum and natural gas within its territorial waters, a discovery that could significantly alter the country's economic landscape, reported 24NewsHD TV channel on Saturday.

Reports suggested that this discovery follows a comprehensive three-year survey conducted in partnership with an allied nation to verify these valuable resources' presence.

According to sources in the Power Division, the geographic survey has successfully pinpointed the locations of the deposits, with relevant departments notifying the government about the findings in Pakistan’s maritime territory. The sources described the initiative as a strategic move to leverage the ‘blue water economy’ and indicated that proposals for bidding and exploration are currently under review, suggesting that exploration activities may commence shortly.

Despite the promising news, the sources cautioned that drilling and extracting oil could take several years. Beyond oil and gas, the sources highlighted the potential for uncovering additional valuable minerals and elements from the ocean, emphasising the importance of swift action to capitalise on this opportunity.

Initial estimates suggest that this discovery could represent the fourth-largest oil and gas reserves globally. Currently, Venezuela holds the position for the largest oil reserves, estimated at approximately 3.4 billion barrels, while the United States leads in untapped shale oil reserves. The top five include Saudi Arabia, Iran, Canada, and Iraq.