Breaking! Large oil, gas reserves found near Karachi: PM

[JamD]

It depends on the situation of the state.

In at least the short/medium term, Pakistan won't be exporting the oil and gas, but meeting its own needs. This will have the effect of shaving $12 billion off Pakistan's imports and, in turn, bring the trade deficit down.

I just hope Pakistan avoids the trap of exporting oil, gas, minerals, etc without a plan to use the profits to bolster the manufacturing industries. The long-term ForEx drivers should be machines, electronics, steel, composites, and engineering services, not natural resources. The natural resources should just be a stopgap or cushion.

@Khafee @Oscar @JamD My fear is that we short-cut like Nigeria, Venezuela, etc did, e.g., export natural resources, get cash, import like nuts.

On top of that I don't think Pakistan needs any more geostrategic pressures that come with having oil. Call me a pessimist but IF this reserve is real (that this isn't an attempt to "truck ki batee kay peechay lagana"), then it is likely Pakistan will be exploited for it and the country will see little benefit. I would like nothing more than to be proven wrong.

 

[ghazi52]

 

[doorstar]

more like

because [according to Gulf News] Pakistan's expected oil discovery is located near Iran border

 

[CHACHA"G"]

more like
View attachment 549715
because Pakistan expected oil discovery is located near Iran border

This time we will be ready with big guns...…… Had enough of persina randi rona

 

[ziaulislam]

more like
View attachment 549715
because Pakistan expected oil discovery is located near Iran border

wrong..there is no oil near iran boarder

oil is almost always found in deltas and basins like..so dont expect oil near iran boarder as iran has nothing over it side either

 

[doorstar]

wrong..there is no oil near iran boarder

oil is almost always found in deltas and basins like..so dont expect oil near iran boarder as iran has nothing over it side either

tell it to Gulf News (and Iran which believes that it is saving Sistan reserves for the future)

 

[ziaulislam]

tell it to Gulf News (and Iran which believes that it is saving Sistan reserves for the future)

well, iranian also believe on aliens..and some people believe world is flat

i am not saying htere is no oil in Baluchistan..i am saying its an unexplored area and high risk with low prospect area

 

[Kabotar]

Today PM IK hinted that it is gas

 

[Clutch]

more like
View attachment 549715
because Pakistan expected oil discovery is located near Iran border

Says who?... Do you even know coordinates of the drill?

So much ignorance on this topic it's unbelievable!

Does this look like it's next to Iran to you????
22°30'18.1"N 66°06'54.6"E
Arabian Sea
https://goo.gl/maps/3fHBpDtSJwG2

 

[tarrar]

A very good news it is indeed for Pakistan.

 

[Hakikat ve Hikmet]

Why not like the other "KHAN"s?????

 

[Meengla]

Why not like the other "KHAN"s?????
View attachment 549761

Off topic.. but speaking of Khans.. just saw a docu about Crimea.. Russians are renovating a Khan Sarai..Palace there.. Very interesting

 

[monitor]

• 
  Fajr 4:57AM
  Gold / Forex
  ASIA Pakistan
  
  
  Pakistan’s massive oil and gas discovery report to be out in April
  
  Prime Minister Imran Khan says he will soon share good news
  
  Published: March 28, 2019 19:32Ashfaq Ahmed, Associate Editor - Online
  Pakistan expected oil discovery is located near Iran border
• Pakistan Prime Minister Imran hints at finding massive oil reserves

Dubai: Pakistan will announce the discovery of massive oil and gas reserves in the next three weeks, said an official.

A consortium of four leading companies led by US-based ExxonMobil, which has started drilling in ultra-deep waters offshore Karachi, is likely to submit its report by April, Pakistan’s official news agency APP reported on Thursday.

The consortium has claimed it has discovered massive oil and gas reserves offshore Indus G-Block called Kekra-I some 230-km off the Karachi coast.

Gulf News earlier reported that the location of the reserves is near Iran borders. On Monday, Pakistan Prime Minister Imran Khan had also hinted at finding ‘massive’ oil reserves off the coast of Karachi.

He said he would soon share good news with the nation. He had said Pakistan would not need to import oil after the offshore reserves are found.

“Steady drilling is in progress and there are ‘good symptoms’ about the success of the project. Currently, more than 4,000 metres of vertical drilling has been completed. Drilling is under way horizontally against the target of around 5,500 metres,” the official said.

Experts believe that there are huge hydrocarbon deposits, sufficient for the country’s needs for 25 to 30 years. The energy scarce nation is anxiously waiting for good news.

What we know so far
The official said exploration activity is continuing round-the-clock by a highly skilled team of more than 200 professionals with periodical tests of specimens conducted after almost every 1,000-metre drill.

The well’s diameter is 18 to 24 inches and companies had set the target depth of 5,500 metres, the official said, adding that the discovery is anticipated to yield gas flows which could be ‘as big as Sui field’. Estimated reserves are three to eight trillion cubic feet (TCF), or 25-40 per cent of the country’s total gas reserves.

The official said the country is in dire need of a big discovery as existing hydrocarbon reserves are depleting fast and its reliance on imported gas and oil is increasing with each passing day.

How will this help Pakistan?
According to data of a recent study, existing deposits in Pakistan will further deplete 60 per cent by the year 2027. It underlined the need to step up exploration in potential areas on a war-footing.

The offshore drilling is a joint venture of ENI, Exxon Mobil, Oil and Gas Development Company Limited and Pakistan Petroleum Limited. In December 2018, Exxon Mobil had announced that it would reinvest in the Pakistani market after a gap of nearly three decades.

According to media reports, if oil deposits are discovered as expected, Pakistan will be among top 10 oil-producing countries.

Pakistan currently meets only 15 per cent of its domestic petroleum needs with crude oil production of around 22 million tons; the other 85 per cent is met through imports.

The country is facing a huge current account deficit of up to $18 billion and is spending a substantial amount of foreign exchange reserves on import of oil. The import bill of Pakistan rose by to $12.928 billion in the July-May 2017-18 period of the last fiscal year.

EXCLUSIVE
Pakistan expected oil discovery is located near Iran border
The expected massive oil and gas reserves are located 230km off the Karachi coast

Published: March 26, 2019 20:24Ashfaq Ahmed, Associate Editor - Online
Pakistan Prime Minister Imran hints at finding massive oil reserves
Dubai: Pakistan’s expected discovery of massive oil reserves is located 230km off shore Karachi close to the Iran borders, a senior official has confided to Gulf News.

“It is too early to determine the size of the reserves but it is expected to be big enough to cater to Pakistan’s oil needs,” a source close to the information said on the condition of anonymity.

He, however, said the initial findings suggested that Pakistan may become an oil exporting country in the future.

Meanwhile, Pakistan’s Minister for Petroleum Ghulam Sarwar Khan has also hinted at the discovery of oil and gas reserves. He said that the offshore drilling around 230 kilometres into the sea has found positive signs of large reserves. “We will reveal details next month,” he said,

The minister said: “The drilling for oil and gas exploration by an energy firm has reached the lowest layer and entered the final stages, and is hinting at the discovery of large reserves. However, the final word in this regard is expected next month.”

On Monday, Prime Minister Imran Khan had also hinted at finding ‘massive’ oil reserves off the coast of Karachi.

He had said that the Pakistan would not need to import oil after reserves are found near Karachi’s seas. He said he would share the good news with everyone soon.

Things would dramatically change
A group of multinational companies had started offshore drilling at a distance of 230 kilometres from Karachi for the exploration of oil and gas on January 14.

In December 2018, Exxon Mobil had announced that it would reinvest in the Pakistani market after a gap of nearly three decades.

$18billion
Pakistan's current account deficit
According to media reports, if the oil deposits are discovered as expected, Pakistan will be among top the 10 oil-producing countries.

Pakistan currently meets only 15 per cent of its domestic petroleum needs with crude oil production of around 22 million tons; the other 85 per cent is supplied through imports.

The country facing huge current account deficit, of up to $18 billion, is spending a substantial amount of foreign exchange reserves on import of oil. The import bill of Pakistan rose by to $12.928 billion in the July-May 2017-18 period of the last fiscal year.

ExxonMobile Exploration activity
ExxonMobil holds 25 per cent interest in Block G located offshore Pakistan which is operated by Eni Pakistan Limited.

The Indus Block G, which is approximately 7,500 square kilometres, is located in ultra deep water of an underexplored and promising area offshore Pakistan.

The block is located approximately 143 miles (230 kilometres) off the coast of Pakistan in water depth of about 6,200 feet (1,900 meters).

ExxonMobil is working with its partners and the government of Pakistan to evaluate the full exploration potential of this large offshore block.




© Al Nisr Publishing LLC 2019. All rights reserved.

 

[shahbaz baig]

Unfortunately

Experts reject claim of major oil, gas discovery

 

[Syed1.]

Unfortunately

Experts reject claim of major oil, gas discovery

Are these "experts" busy drilling in the middle of the Arabian Sea and giving sitting Prime Minister minute by minute updates?


If yes then I'll take their word for it, otherwise these "experts" can shove their opinion where the sun don't shine.