Russia led with 10 discoveries, followed by Australia with seven discoveries and Colombia with four discoveries. Pakistan and the UK each had three discoveries in the fourth quarter of 2017, according to Global Oil and Gas Discoveries Review.
These discoveries may have prompted the US-based Exxon-Mobil to join offshore drilling efforts in Pakistan, according to Global Oil and Gas Discoveries Review. In fourth quarter of 2017, the former Soviet Union led with 12 discoveries, followed by Asia with eight discoveries, and Oceania with seven discoveries. Europe and South America had five discoveries each, followed by North America with two discoveries, while the Middle East and Africa had one discovery each in the quarter, according to Offshore Technology website.
A Pakistan Basin Study conducted in 2009 found that the country has six onshore and two offshore basins; offshore basins being the Indus Basin and the Makran Basin in the Arabian Sea. The Indus offshore basin is a rift basin that geologists said it developed after the separation of the Indian Plate from Africa in the late Jurassic period. It is believed to be the second largest submarine fan system in the world after the Bay of Bengal with high probability of hydrocarbon discoveries.
The United States Energy Information Administration (EIA) estimated that Pakistan has 586 TCF (trillion cubic feet) of gas in Pakistan of which 105 TCF is technically recoverable.
In addition to gas deposits, the US EIA estimates that there are 227 billion barrels of oil in Pakistan with 9.1 billion barrels being technically recoverable. Pakistan also has 185 billion tons of coal deposits in Thar Desert which are just beginning to be extracted by Sindh Engro Coal Mining Corporation.
The oil and gas exploration and production companies are currently planning to drill 90 wells in different parts of the country. Under the plan, as many as 50 exploratory and 40 development wells would be drilled in a bid to make the country self-sufficient in the energy sector, according to media reports.