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

[CHACHA"G"]

As per sources reserves are found but how good they are economically is yet to be determined.
https://www.express.pk/story/1605911/1/

Noe they will run lab analysis , now they will decide is it worthy to take them out..... But important thing is reserves are there and in future if oil crosses 100$ we can start using our own,...… In all shapes this is win win for us..

 

[Norwegian]

 

[Umar Nazir]

Maybe, they mean South Asia

it can be largest single place of reserves. Saudia 272 billion reserves are not at a single place in saudia
IF the reserves are large enough, that Pak can start exporting, why not?

Noe they will run lab analysis , now they will decide is it worthy to take them out..... But important thing is reserves are there and in future if oil crosses 100$ we can start using our own,...… In all shapes this is win win for us..

our last year oil import bill was over 13 billion dollars which roughly equal to our 33% total imports

 

[CHACHA"G"]

The best option in my opinion would be to invest in the most neglected sector in pakistan. Human development. Massive education, health andf social programme to lift up the underdeveloped and poorer sections of society. This would have huge long term benefits for the country.

Nursing Institutes , Car machines , plumbers , wood crafts , electricians and other so many 3 years diplomas for metric and FSc(F.A) students , make sure we teach them English and Arabic and flood them to ME ……. Take 1+ million jobs in ME ,,,,,,, this will help directly to up left Pakistan and Pakistani economy.

 

[bananarepublic]

Pakistani media acts like idiots when oil and gas is involved..
Maybe we gonna become next sheikhs and dream of al-Bakistan might come true

Regards
Sheikh Bananarepublic Al-Bakistani

 

[Indus Pakistan]

ake 1+ million jobs in ME ,,,,,,, this will help directly to up left Pakistan and Pakistani economy.

I have always said that the single, easiest way to uplift Pakistan is to get million odd jobs from our 'Muslim' brothers in Saidia Arabia, UAE. Less talk more action. Much like secular Western Europe gave most of Eastern Europe free labour access to it's employment markets resulting in millions of Eastern Euros moving to the West, Pak needs to sign something similiar with GCC.

Can it though, is the big question?

 

[PakSword]

I have always said that the single, easiest way to uplift Pakistan is to get million odd jobs from our 'Muslim' brothers in Saidia Arabia, UAE. Less talk more action. Much like secular Western Europe gave most of Eastern Europe free labour access to it's employment markets resulting in millions of Eastern Euros moving to the West, Pak needs to sign something similiar with GCC.

Can it though, is the big question?

Huge number of small technical jobs are being taken by Indians and other states..

We need to do two things only:

1 - Strengthen our technical education standards
2 - Along with technical education, Arabic should be made compulsory.

We will see a lot of people getting jobs in Middle East after that replacing Indians and other arab nationals...

Nursing Institutes , Car machines , plumbers , wood crafts , electricians and other so many 3 years diplomas for metric and FSc(F.A) students , make sure we teach them English and Arabic and flood them to ME ……. Take 1+ million jobs in ME ,,,,,,, this will help directly to up left Pakistan and Pakistani economy.

Have just read your comment man! you are spot on..

I think the above is most probable scenario.

The deposits if any will cover only a few years of crude oil import requirement.

The best option would be to sell the oil at market price and retaining the profits for further investment in other capex heavy industries via sovereign wealth fund.

Another option could be to invest the profits into a fund that collabs on defence/computer hardware manufacturing sector in order to exponentially increase investment in sub-components manufacturing sector similar to what Israel is doing.

Third option could be to offer the oil (refined from the extracted oil) for the next 5 years at discounted price to industrial sector/aviation sector in order to revamp them to become market competitive again and to boost exports.

I would say, invest as much as we can in Education.. Make education free.. even if we have to provide two times food to the children in schools, that will eradicate the illiteracy in coming 10 years.. by the time oil finishes, we will have educated population ready to build the nation without the need of any natural resources..

 

[CHACHA"G"]

I have always said that the single, easiest way to uplift Pakistan is to get million odd jobs from our 'Muslim' brothers in Saidia Arabia, UAE. Less talk more action. Much like secular Western Europe gave most of Eastern Europe free labour access to it's employment markets resulting in millions of Eastern Euros moving to the West, Pak needs to sign something similiar with GCC.

Can it though, is the big question?

Yes it can be ……….. We only need to clean our Passport section , we have to make sure no irani will go to GCC on Pakistan Passport (thanks to Pee , pee , pee) ,,,,,,,,,,, We have to give some extra grantee to Kuwait and Qatar , we can do that …….. we can easily make ties great again with KSA ,,, only problem is with UAE ( that is because of Gawader ) we can sort this out ,,,,, don't forget we have tota name iran under our hands …..
In short , if we want getting 1+ million job is not hard , we can get 1.5+Million (C , C+ , B , B+ , A category) Visas (jobs).
In short we have to look after our own interests , which are with GCC (we like it or not)

 

[Ocelot]

I think they probably means largest offshore reserves in Asia. Still shouldn't celebrate prematurely.

 

[Khafee]

our last year oil import bill was over 13 billion dollars which roughly equal to our 33% total imports

How much is that in millions of barrel?

Yes it can be ……….. We only need to clean our Passport section , we have to make sure no irani will go to GCC on Pakistan Passport (thanks to Pee , pee , pee) ,,,,,,,,,,, We have to give some extra grantee to Kuwait and Qatar , we can do that …….. we can easily make ties great again with KSA ,,, only problem is with UAE ( that is because of Gawader ) we can sort this out ,,,,, don't forget we have tota name iran under our hands …..
In short , if we want getting 1+ million job is not hard , we can get 1.5+Million (C , C+ , B , B+ , A category) Visas (jobs).
In short we have to look after our own interests , which are with GCC (we like it or not)

UAE's problem with Gawadar is propaganda, and pure BS. Btw Gawadar Port, will be given a tough time by Port Qassim, wait and watch.

 

[Umar Nazir]

How much is that in millions of barrel?

we imported 4 lakh 50 thousand barrel oil as per wikipedia

 

[CHACHA"G"]

How much is that in millions of barrel?



UAE's problem with Gawadar is propaganda, and pure BS. Btw Gawadar Port, will be given a tough time by Port Qassim, wait and watch.

What ever this is we have to figure it out ASAP, and we need to start sending Pakistanis to GCC , including UAE..

 

[Khafee]

we imported 4 lakh 50 thousand barrel oil as per wikipedia

1) 450k barrels divide by US$13bn = US$28,889 per barrel. Goes to show how credible Wikipedia is.

2) US$13bn / US$65 per barrel = 200m barrel, or 547,947barrels per day.

3) IF Pakistani oil reserves are a 10bn barrels (conservative estimate), then at a constant consumption of 200m barrels per annum, you are good for 50 years. But demand keeps on increasing, so a conservative 30yr estimate would be fair.

Nonetheless, lets not count our eggs before they hatch, and hope / pray for the best.

What ever this is we have to figure it out ASAP, and we need to start sending Pakistanis to GCC , including UAE..

Technical / Vocational schools, as well as a revamp of higher education institutes is required ASAP.

There are 2.6m~2.7m Pakistanis in KSA, and 1.6m~1.7m in UAE. These two countries alone make a good proportion of Pakistans Remittances.

@farhan_9909 & @PakSword can shed more light on how these remittances can be increased.

 

[monitor]

Pakistan may soon hit oil, gas jackpot: Prime Minister Imran Khan
The offshore drilling for oil was in final stages and there could be a major find, he said.PTI | Updated: March 23, 2019, 09:22 IST
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New Delhi: Pakistan is on the verge of hitting a kind of jackpot in the form of discovering a huge reserve of oil and gas in the Arabian Sea, Prime Minister Imran Khan has said, hoping that the discovery will solve the economic problems of the cash-strapped country.

The offshore drilling for oil was in final stages and there could be a major find, he said.

"I implore that we all pray that Pakistan gets this natural resource in substantial quantity. Our hopes and expectations from the offshore drilling being carried out by the ExxonMobil-led consortium prove to be true," he said on Thursday.

"There's already been a delay of about three weeks, but if the indications we are getting from the companies are anything to go by, there's a strong possibility that we may discover a very big reserve in our waters. And if that happens, Pakistan will altogether be in a different league," he said.

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In an informal chat with a group of newspaper editors and other senior journalists, Khan did not share details of the offshore drilling process. And there has been no official word from ExxonMobil and the international oil exploration company ENI which have been involved since January in drilling an ultra-deep well (230km inside the sea) for oil in what is known as Kekra-1 area.

Italy's ENI and US oil major Exxon Mobil are jointly drilling for gas offshore in Pakistan's Arabian Sea. Many other Western companies have left more than a decade ago because of Islamist militant violence.

ExxonMobil returned to Pakistan after nearly a decade after surveys were carried out last year suggesting the possibility of big oil reserves within the Pakistani waters.

The prime minister believes that if big oil reserves are discovered, most of Pakistan's economic problems will be addressed and then there will be no stopping the country's progress.

Talking about various challenges his government was confronted with, Khan said that bringing about economic stability remained his biggest challenge.

He said when he took charge, the foreign reserves were extremely low and the International Monetary Fund (IMF) was putting extremely tough conditions, like "asking us to allow free floating of the rupee".

Khan said that with the help of friendly countries like the UAE, China and particularly Saudi Arabia, the government managed to improve the situation. Now, he said, even the IMF had relaxed its terms and things were moving in the right direction.

Pakistan has received $1 billion each from Saudi Arabia and the UAE, as part of the bailout packages by the two Gulf nations to help shore up Islamabad's dwindling foreign currency reserves.

Earlier, Pakistan officials said that Islamabad would seek around $8 billion from the IMF which would be the biggest package by the Fund for Islamabad.

 

[Syed1.]

Only about 2 million Pakistanis are enrolled in higher education.


So that means 2 million Pakistanis will be earning degrees to feed 220 million???? That is abysmal.... Need to increase this number 10-fold to atleast 20 million. Use the extra space this oil field will provide (inshallah) to increase enrollment and investment in education.