ISLAMABAD – Pakistan may soon hit the oil jackpot and that will be goodnews for not only the country itself but all of South Asia as well as Chinaand Gulf nations.
There is a strong possibility that the country may discover a very big oilreserve in its waters.
If this prediction comes true, the discovery will help the South Asiancountry to tackle its economic problems, Global Times reported on Wednesday.
The US oil giant Exxon Mobil and Italy’s ENI have been involved sinceJanuary in drilling an ultra-deep oil well.
Pakistan may have a more urgent need for foreign investment if massive oilreserves were indeed discovered.
There may be more international companies wanting to participate in relatedprojects ranging from exploration to refining and logistics.
The related investment will help Pakistan maintain its growth momentum.
China has sound cooperation in energy with Pakistan.
A big oil find would stimulate investment enthusiasm among Chinesecompanies. China is willing to support Pakistan’s efforts to seize thedevelopment opportunity such a find might bring, and handle any challenges.
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The China-Pakistan Economic Corridor (CPEC) was originally conceived as astrategic project with oil and gas pipeline links between Northwest China’sXinjiang Uyghur Autonomous Region and Gwadar port.
If Pakistan discovers massive oil reserves, that will be a motivation toextend Pakistan’s pipeline network further into neighbouring countries, andalso to enhance energy cooperation with Gulf nations such as Saudi Arabia.
Not only China but also the whole region will benefit from economicintegration through energy connectivity.
Using those reserves will likely result in large cross-border capitalflows, infrastructure investment, energy trades, and people-to-peopleexchanges. The region will see the development and utilisation of oilreserves as a pillar of economic integration and stability.
The geopolitical picture in Asia has long been complex and uneven, butPakistan’s potential oil reserves are likely a game-changer for the region,with economic cooperation in energy.
Hopefully, neighbouring countries and Gulf nations won’t ignore theopportunities to enhance energy cooperation with Pakistan and would help tofoster an energy network in Asia.
