ExonMobil, ENI start drilling off Karachi coast for oil, natural gas

KARACHI — Petroleum giants ExxonMobil and ENI have started drilling in Pakistan to explore oil and gas reserves.

This is the first time any company, foreign or local, has begun drilling operations along the coastal area of Pakistan.

Both the American and Italian companies kicked off their operations some 230 km from the coast of Karachi.

The process of drilling started with the ExxonMobil rig accompanied by three vessels in the Arabian Sea.

https://twitter.com/SyedRezaMehdi/status/1083307627331928064

Along with millions of Pakistanis, the companies are hoping to succeed in exploring vast reserves of oil and natural gas and it is estimated to cater for next 50 years need for the South Asian country.

If the oil deposits are discovered as expected, Pakistan will be among top the 10 oil-producing countries ahead of Kuwait in the sixth position.

OPEC data shows 81.89 percent of the world’s proven oil reserves are located in OPEC member countries, with the bulk of OPEC oil reserves in the Middle East, amounting to 65.36 percent of the OPEC total.

https://en.dailypakistan.com.pk/business/exxonmobil-to-re-enter-pakistani-market-after-27-years/

In November 2018, the Texas-based company had announced that it will reinvest in Pakistani market after a gap of nearly three decades.

A company’s delegation, led by LNG Market Development Chairperson Emma Cochrane, had met with Prime Minister Imran Khan, who welcomed the resumption of Exxon Mobil operations in Pakistan and assured the delegation of free and safe business operations in the country.