According to a report issued by theUS Energy Information Administration(EIA),Pakistan has world’s 9th largest shale gas and oil reserves, greater than the total resources in Central Asian States,estimated at 105 trillion cubic feet shale gas and over 9 billion barrels of oil.
The report saysthat the estimates of recoverable hydrocarbon are many times higher than the proven reserves in the country.The currentproduction of gas is nearly 4.25 billion cubic feet per day (BCFD) and of crude oil 70,000 barrels per day. The EIA claims that the investment of only $1.5 billion is enough to produce nine billion barrel oil per day, making Pakistan self-reliant in the energy sector. The cost of extracting shale gas has fallenbelow $1.5 billion, making the shale fuel cost $57 per barrel as drilling companies have discovered inexpensive and modern methods and technology of excavation. The United States and many other countries are using the latest technology and there is a need to encourage foreign companies to make joint ventures with Pakistani firmsto launch a full-fledged exploration drive. The current demand of gas in the country is nearly 8 BCFD against a total supply of 4.3 BCF.
According to the EIA,the estimated risked shale oil in Pakistan and India is 314 billion barrels, with 227 billion barrels in Pakistan and 87 billion barrels in India. The US Federal Statistical System also claims that Pakistan has 586 TCF of risked shale gas in-place which is equal to 400 years’ worth of gas supply while 227 billion barrels of risked shale oil in-placeis equal to 1,700 years’ worth of oil supply. The country’s recoverable shale oil reserves are estimated at 9.1 billion which are equal to 68 years’ worth of crude oil supply.
Sembar Shale in the lower Indus basin has a resource concentration of 83 billion cubic feet per square mile within an area of 31,320 square miles. The dry gas is discovered in 31,320 square miles, wet gas in 25,560 square miles and oil in 26,700 square miles.
On another note, a study by the Sustainable Development Policy Instituteclaimsthe country’s oil reserves at 33 billion Ton of Oil Equivalent (TOE), gas reserves 16 billion TOE and hydropower potential 70 million TOE which are far greater than available reserves in other countries of the region.
Western countries regard Pakistanis as the poor by choice as despite having fertile brains, fertile land, abundance reserves of oil, gas and coal reserves, most of the people eke out a meagre existence. There is a lot of work needs to be done in the country other than politics. So far, every political party in Pakistan exhibits classic example of one man show and this trend can be exploited in a positive manner if all the heads of political parties join hands for the sake of the country and for the development of the country.
