The discovery of oil and natural gas in Pakistan will help the country address chronic energy shortages, Hungarian energy company MOL said Friday.

MOL announced it made an oil and natural gas discovery in the Karak reserve area in Pakistan. It's the 10th discovery made by the company since it started operations in the country in 1999.

"MOL is committed to help alleviate the energy deficits of Pakistan by maximizing exploration and enhancing current production through cutting-edge technologies," Akos Grosz, managing director for Pakistani operations for MOL, said in a statement.

Pakistan's aging infrastructure means the country lacks a reliable power sector. The Asian Development described the status of the power sector in Pakistan as "crippling."

The bank, which has headquarters in Manila, in February announced plans to help Pakistan build its first liquefied natural gas terminal with a $30 million loan. The plant will be able to convert up to 3 million tons of LNG per year to gas for use in state power plants.

ADB said in a development report for 2015 it expects Pakistan's economy to expand from 4.2 percent this year to 4.5 percent in 2016. Much of the regional economic growth is in part a reaction to lower oil prices, which benefits importing nations like Pakistan.