THE discovery of an oil reserve in the eastern Potohar region near Jhelum is good news for this energy-starved country and its people. The find is likely to open up a new area for development of the untapped hydrocarbon potential of the region by exploration and production firms. With total reserves of 22 million barrels of heavy crude and a daily estimated production of 5,500 barrels, it has the distinction of being the country’s largest oil well dug so far.

The company expects to start transporting its oil to a refinery in Rawalpindi by the end of this month. Since the company is also expecting more production from other fields in the area, it is considering setting up a refinery near Sohawa, which is expected to create many new jobs for the local people.

Pakistan has been blessed with enormous natural wealth comprising metallic and non-metallic minerals buried under the earth. Regrettably, successive governments have failed to tap this potential for economic growth for one reason or the other. For example, the Thar coal reserves, estimated to be one of the largest coal deposits anywhere in the world, are waiting to be developed for decades now.

It is only recently that we have thought of exploiting these reserves for the production of cheap electricity, bringing to an end the long power cuts that are dragging down growth. Similarly, massive copper and gold deposits, worth billions of dollars, in Balochistan are waiting for government action before they can contribute to the development of the province and its people.

In fact, the development of natural resources has so far been restricted to mining and quarrying limestone, rock salt, marble, gypsum, etc for producing raw material for industrial use. The need of the hour is to encourage heavy foreign and local investment in minerals that have the potential of spurring industrialisation and of bringing in billions in export revenues thus changing the destiny of this country and its people.

Published in Dawn, June 9th, 2014