Pakistan is about to discover the largest ever gas and oil reserves in its history.
Reportedly, these reserves will be enough to meet the oil requirements of the next 50 years. As per the details, the US oil and gas giant, ExxonMobil, was expected to begin the drilling today to find the oil and gas reserves in the territorial waters of Pakistan.
The said vessel has been anchored into Pakistan’s aquatic territory to discover the reserves. Moreover, the company will anchor three additional ships to assist the drilling.
Notably, a survey predicted the discovery of large oil and gas reserves in the country. As for ExxonMobil, the company had reentered Pakistan after 27 years in November 2018.
It also acquired a 25 percent stake in offshore drilling in May, last year. Other shareholders in the offshore drilling include previously Italian energy giant Eni, Pakistan Petroleum Limited (PPL), and Oil and Gas Development Company (OGDC), each holding 33 percent share in the drilling.
The company has also planned to build Pakistan’s third import Liquefied Natural Gas (LNG) terminal in partnership with Pakistani consortium Energas.
Currently, Pakistan’s annual oil imports amount to $14 billion. If the country gets to have its large oil and gas reserves, it will alleviate its economy drastically.