Bloomberg: Experts Doubt Trump’s Claim of ‘Massive’ Oil Reserves in Pakistan

KARACHI:

Bloomberg has reported growing scepticism among industry experts over US President Donald Trump’s claim that Pakistan possesses “massive” untapped oil reserves.

Trump had announced that Washington would work with Islamabad to develop these resources, but Bloomberg noted Pakistan’s oil production has been on a steady decline since 2018.

“If Pakistan had massive oil reserves, so many foreign companies wouldn’t have left,” Bloomberg quoted Moin Raza Khan, former CEO of Pakistan Petroleum Limited (PPL).

The news outlet added that while officials often refer to a 2013 US EIA estimate of 9.1 billion barrels of shale oil, analysts put realistic recoverable reserves at closer to 238 million barrels.

Bloomberg highlighted that Pakistan’s last significant discoveries — Makori East in 2011 and Nashpa in 2009 — remain the country’s largest oil-producing fields.

Global majors including Eni, ExxonMobil, TotalEnergies, and Shell have since scaled back or exited after disappointing offshore drilling results.

According to Bloomberg, Pakistan has now announced a bidding round for 40 offshore blocks in the Indus Basin, hoping to attract fresh investment.

However, experts cited by Bloomberg warned that technological gaps, infrastructure shortages, and security challenges will make tapping any potential reserves extremely difficult.