With Allah's Blessings Pakistan is close to making a mega oil discovery

Posted by : Admin on Aug 07, 2018 01:00 PM

Islamabad: Pakistanis chose an honest leader and Allah Almighty blessed the nation with mega oil reserve. American multinational oil and gas company, ExxonMobil is close to discover huge oil reserves near the Pak-Iran border, which could be even bigger than the oil reserves of Kuwait. According to Arab News, if the oil discovery in Pakistan turns out to be as large as expected, the country would rank among the world’s top ten oil producing countries, ahead of Kuwait.
 
Kuwait’s total proved oil reserves were 101.5 billion barrels at the end of 2017, according to the BP Statistical Review of World Energy 2018. The Kuwaiti reserves account for 6 percent of the world’s total proved oil reserves, putting Kuwait among the top ten countries in terms of largest oil reserves per country after Venezuela, Saudi Arabia, Canada, Iran, Iraq, and Russia.
 
The Minister for Maritime Affairs and Foreign Affairs, Abdullah Hussain Haroon informed while addressing business leaders at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI). Exxon Mobil has so far drilled up to 5,000 meters close to the Iranian border and is optimistic about the oil find, he added.
 
He also informed that the Government of Pakistan had already taken an undertaking from the company to set up a generation complex worth $10 billion. Foreign investors are interested in coming to Pakistan, provided we manage to meet their standards and attract them to make investment, he stressed. He emphasized the need for integrating the Karachi Port and Port Qasim so that they could supplement each other in the larger interest of the country.
 
The Minister said that there was a greater need to have new area for fish harbour because the existing one has many issues and there is shortage of land. However, he regretted that the harbour is not well kept and hoped that the European Union (EU) will give subsidy for new fish harbour.
 
According to Arab News, Pakistan currently meets just 15 percent of its petroleum demand with domestic crude oil production, while 85 percent of its demand is met with imports. With the high imports, and the higher oil prices in recent months, Pakistan faces a large current account deficit and spends a substantial portion of its foreign exchange reserves on importing oil.