We may be on the verge of discovering massive oil reserves in Pakistan, according to the caretaker minister for maritime and foreign affairs, Abdullah Hussain.
Mr. Hussain mentioned that ExxonMobil, the US-based energy company, is on the verge of discovering huge oil reserves close to the Pakistan-Iran border, which may be even bigger than Kuwait’s reserves.
The minister said this while addressing Federation of Pakistan Chambers of Commerce and Industry (FPCCI).
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ExxonMobil has currently drilled up to 5000 meters near the Iranian border and is thoroughly optimistic about the oil reserve discovery.
Top 10 Oil Producers in The World
If the reserves do turn out to be as massive as expected, it will put Pakistan among the top 10 oil producing countries, at the 6th position above Kuwait.
Currently, Kuwait possesses 8.4% of the world’s oil reserves and claims that they have nearly 101.5 billion barrels of crude oil. The country also owns 2.5 billion barrels in the Saudi-Kuwaiti neutral zone.
Govt’s Stance
Mr. Hussain said that the government has already forged an agreement with ExxonMobil for a $10 billion “generation complex”. He said,
They are also putting up an LNG berth at Port Qasim, the second seaport in Karachi. They have already paid for the drilling rights in Pakistan. Pakistan is providing a level playing field to foreign investors and they are interested in coming to Pakistan. What we need to do is to meet their standards and attract them to make investment.
ExxonMobil made the headlines earlier in May 2018, when the company acquired a 25% stake in offshore drilling in Pakistan. The agreement was inked at Prime Minister’s Secretariat between Oil and Gas Development Corporation, Government Holding Private Limited PPL and Eni.
Could Substantially Reduce Our Import Bill
It should be noted that most of Pakistan’s import bill is based on oil imports. The country only manages to meet 15% of its demand through locally produced crude oil, which is around 22 million tons, while the other 85% is imported.
Current account deficit for Pakistan stands at $18 billion. Pakistan’s imports stood at $12.928 billion in the July-May 2017-18 period for the last fiscal year.
This discovery alone has the potential to solve one of the biggest problems Pakistan currently faces.
We’ll have to wait and see if ExxonMobil’s prediction actually pans out.
Via ArabNews
Wah, Kya baat hai ?, Now even we can be rich and use the money for development in the country amd get rid of expensive imports.
Wah, Kya baat hai ?, Now even we can be rich and use the money for development in the country amd get rid of expensive imports.
Think again, it can only happen if we have a sincere Govt.
Hawaii fire Mubarak ho!
Another fire after fire of “Coal energy will be sufficient for 100 years”
this news is not new. it was not discovered due to agreement with Iran that we will not drill oil from pak iran border.
it is very clear after few days all of them forget this news. its a high level game. poor become more poorer and rich become more richer……
I want to know more. Can you explain in detail and provide links?
I heard same when I was teenager (currently 40). So I believe @Carl.
he geographical view and the landscape in Iran further reinforce the idea of oil flowing from upper surface in Iran to lower surface in Balochistan. With an area of 1,648,000 square kilometers, Iran is located in southwestern Asia. It shares its northern border with the Russia. Its western borders are with Turkey in the north and Iraq in the south. Its southern border is formed by the Persian Gulf and Gulf of Oman littorals. Its eastern borders are with Afghanistan on the north and Pakistan on the south. Iran’s high interior basin is surrounded by a series of mountain ranges. Most of the country is above 1,500 feet, one-sixth of it over 6,500 high, depicting a sharp contrast to its coastal regions, which are outside the mountain ring.
that is an agreement sign b/w pak nd iran in 1958 that up 60 yeas pak did not drill any oil well near pak iran boarder nd know that period has been completed.
is Pakistan dont have their own Crude Oil Discoverer… why we need US based Companies…. corruption begins here.
More like US forces. Iraq, Libya, Syria and now the turn goes to (drum roll please) Pakistan.
we don’t have the technology or the money to invest in such ventures. also corruption mostly involves pious bearded and hijabi muslims not infidels.
ooh very big news , People around to world is working hard to move their dependency from oil to alternate sources and now Pakistan is planning to drill for oil . Curde oil was present there from very long time but thanks to agreement with iran for not drilling it . I would suggest they should wait another twenty years when no one need oil at all .
Thanks to Iran, we were saved from an invasion from uncle Sam.
This is completely wrong… The minister is un informed and knows nothing about the Petroleum sector of Pakistan ..Exxon is not currently drilling in Pakistan… Even if they were drilling, no one can predict oil discovery until it has been discovered
Mark my words: Exonn will be followed by US military.
If this news is true (probably not) prepare for an invasion from coalition forces which by the way is not too hard to imagine. FATF grey list and now we have the oil reserves. War on terror has a new playground.
they don’t need to invade us. they can simply deny us dollars and our economy will collapse. but they won’t do that because there’s a risk our nukes fall into the hands of our terrorists. so they’ll continue to bail us out and we’ll continue to mismanage our economy and curse them.
An agreement was signed b/w pak nd iran in 1958 that up 60 yeas pak did not drill any oil well near pak iran boarder nd know that period has been completed.
Tabdeeli Aa nahi rahi hai ……
Tabdeeli Aa Gai hai.
The amount of parhay likhay jahils in this post is too damn highh! From this fake news of oil discovery to mythical pak-iran agreement, every one in Pakistan just beleive on hearsay and myths!
banging my head on the wall here. prime example of 4th most intelligent nation.
dasti chorri hai
As per PAKISTAN DAILY NEWS PAPER:
The financially-strapped Pakistanis were left pleasantly surprised after being informed by leading media outlets that largest oil reserves have been unearthed in the country, however, the ground realities confirm that the piece of news might appear to be fake.
Pakistani media is currently flooded with speculative and fake news owing to the fraught election season and possible appointments in days to come, however, one of the news story carried by multiple media outlets quoted minister for Maritime Affairs and Foreign Affairs Abdullah Hussain Haroon, as saying that ExxonMobil (multinational oil and gas company) has indicated that it was close to hitting huge oil reserves near the Pak-Iran border, which could be even bigger than the Kuwaiti reserves.
This is a matter of jolly and happy to the people of Pakistan BUT, BUT, BUT why concern people, gangster/Mafias are denying and trying to convert this NEWS as Fake ??? Just like Reko Diq a small town in Chagai District, Balochistan, Pakistan. It is located in a desert area, … Reko Diq Mine is famous because of its vast Gold and Copper Reserves and its believed to have the world 5th largest gold deposit. Zardari the leader of Mafias in Pakistan was trying to sell out GOLD but Supreme court interrupted and result still silent.