LAHORE: For decades, Pakistanis have heard tales of untapped oil fields, gold-laden mountains and mineral riches lying just beneath the surface -- wealth that, in theory, could end the country’s economic woes overnight. The challenge is to assess this potential with realism rather than fantasy.
In recent months, social media has amplified the hype, fuelling public hopes for an imminent economic miracle. But it is worth asking how much of this optimism is rooted in fact, and how much is political rhetoric or wishful thinking. The reality is that these ‘hidden treasures’ have been known for decades, yet their exploration has been stalled by persistent obstacles that remain in place today.
In oil and gas, Pakistan’s geology does hold promise. The Potohar Plateau, Indus Basin and parts of Balochistan have long produced hydrocarbons, and seismic surveys suggest more reserves may exist. Offshore blocks in the Arabian Sea have even lured global giants like ExxonMobil in the past. However, success rates in exploration remain low, drilling costs are steep, and recent offshore ventures have yielded no significant finds. Without modern technology, substantial investment and long-term policy stability, the ‘black gold’ dream will stay out of reach.
Balochistan’s Reko Diq is among the world’s largest untapped copper-gold deposits. Once fully operational, it could generate billions in export earnings -- but only after years of development, the installation of world-class mining infrastructure, and transparent governance. Prolonged delays have already cost Pakistan around $4 billion, a loss later adjusted through a revised contract that diluted the country’s stake in the project.
Similarly, the Thar coalfields contain enough lignite to power Pakistan for decades, but low-grade quality and environmental concerns make them a long-term rather than immediate solution. Currently, the country lacks the infrastructure to transport this lignite safely to industries that rely on coal. Other resources -- chromite, gypsum, rock salt and gemstones -- are abundant, but poor regulation allows smuggling and wastage, depriving the state of full value. All these resources are located on public land, yet enforcement remains too weak to keep illegal extraction in check.
The gap between potential and reality stems from recurring structural weaknesses: political instability, inconsistent policies, investor disputes, inadequate infrastructure, and security challenges in resource-rich regions. Even when deposits are identified, shortages of skilled labour, outdated technology and opaque revenue management delay the benefits for years.
Pakistan’s natural resource wealth is genuine, but it is no magic wand. Turning it into lasting prosperity demands political will, investor confidence, technical capacity and community participation. Countries like Norway transformed oil wealth into long-term national savings not through hype, but via careful planning and discipline. Pakistan could follow the same path -- but only if exaggerated promises give way to credible timelines and transparent execution.
Until then, the country’s mineral and energy wealth will remain more a political talking point than a driver of genuine economic transformation.
