A blue-water economy. That's how Pakistani officials are describing the major oil and gas deposits found in the country's territorial waters. Some estimates put the discovery as the world's fourth largest reserves.

Currently, the country imports over 80% of its oil needs. However, experts caution it could take several years and billions of dollars in investments to fully utilise the oil and gas deposits. Proposals for bidding and exploration are already under consideration.

The discovery comes as Pakistan grapples with skyrocketing living costs and $126B in debt. One country that could be set to help Pakistan tap those newly found energy reserves could be China, which has already invested billions in its infrastructure.

As a part of Beijing’s' Belt and Road Initiative, China is constructing a 3,000km long infrastructure network, costing $62 billion. But could other countries also step in?

Pakistan and its neighbour, Iran, signed a pipeline deal in 2010 but much of the project remains stalled.

How will Pakistan's latest oil discovery affect the region's already volatile energy market? And will outside powers find themselves in competition to develop this newly found source of wealth?