'Pakistan oil find may have meaning to entire region'

Chinese media said Pakistan may soon hit the oil jackpot, and that will be good news for not only the country itself but all of South Asia as well as China and Gulf nations.

During an informal talk with journalists, Prime Minister Imran Khan on Monday said: “There’s a strong possibility that we may discover a very big (oil) reserve in our waters.”

If his prediction comes true, the discovery will help the South Asian country tackle its economic problems. With Pakistan’s economy in the doldrums, the cash-strapped country may have a more urgent need for foreign investment if massive oil reserves are indeed discovered, the foreign media said.

As per Pakistani media reports, United States’ oil giant Exxon Mobil and Italy’s ENI have been involved since January in drilling an ultra-deep oil well.

Pakistan’s potential oil reserves will increase the country’s attractiveness for Indian companies

There may be more international companies wanting to participate in related projects ranging from exploration to refining and logistics. The related investment will help Pakistan maintain its growth momentum, China’s media outlet reported.

Global Times’s opinion piece asserted that, “China has sound cooperation in energy with Pakistan. A big oil find would stimulate investment enthusiasm among Chinese companies. China is willing to support Pakistan’s efforts to seize the development opportunity such a find might bring, and handle any challenges.”

It further said the China-Pakistan Economic Corridor (CPEC) was originally conceived as a strategic project with oil and gas pipeline links, and if Pakistan discovers massive oil reserves, that will be a motivation to extend Pakistan’s pipeline network further into Iran and India, and also to enhance energy cooperation with Gulf nations such as Saudi Arabia.

“As for India, Pakistan’s potential oil reserves will increase the country’s attractiveness for Indian companies, as oil imports rise in India due to higher fuel demand despite bilateral disputes.”

Terming Pakistan’s potential oil reserves as “game-changer for the region”, the Chinese article hoped that India and Gulf nations will not ignore the opportunities to enhance energy cooperation with Pakistan and help fostering an energy network in Asia.