ISLAMABAD – *A well-known multinational oil and gas firm in the UnitedStates ‘Exxon Mobil’ is on the point of exploring huge oil reserves nearthe Pakistan-Iran border, which could reportedly be bigger than the Kuwaitireserves.*
Caretaker Minister for Maritime and Foreign Affairs Abdullah Hussain Haroonmade this revelation while addressing business leaders at the Federation ofPakistan Chambers of Commerce and Industry (FPCCI).
If the oil deposits are discovered as expected, Pakistan will be among topthe 10 oil-producing countries ahead of Kuwait in sixth position, reportsArab News.
Kuwait’s oil reserves make up 8.4 percent of the oil reserves in the world.Kuwait claims to hold about 101.50 billion barrels, including half of fivebillion barrels in the Saudi-Kuwaiti neutral zone which Kuwait shares withSaudi Arabia.
The minister said Exxon Mobil had so far drilled up to 5,000 meters closeto the Iranian border and is optimistic about the oil find.
He also informed that the Government of Pakistan had already taken anundertaking from the company to set up a generation complex worth $10billion. “Foreign investors are interested in coming to Pakistan, providedwe manage to meet their standards and attract them to make investment,” hesaid.
He emphasized the need for integrating the Karachi Port and Port Qasim sothat they could supplement each other in the larger interest of the country.
According to current estimates, 81.89 percent of the world’s proven oilreserves are located in OPEC member countries, with the bulk of OPEC oilreserves in the Middle East, amounting to 65.36 percent of the OPEC total,latest OPEC data shows.
Earlier during the meeting, Ghazanfar Bilour, President FPCCI said thatPakistan trade was facing global competition both in terms of marketingproducts and trade diplomacy as the agreement signed by Pakistan to expandexports were not providing potential benefits.
He appreciated the role of foreign ministry in achieving GSP Plus statusfrom the European Union but pointed out that there was a need to find alobbyist to get GSP from USA for our textile products. “We need strongadvocacy to achieve market access for Pakistani products in other leadingmarkets, and of course, correction in the existing bilateral tradeagreements.” He remarked.
Arab News further reports that in May 2018, the ExxonMobil had acquired 25percent stakes in offshore drilling in Pakistan. The agreement was signedat Prime Minister’s Secretariat among ExxonMobil, Government HoldingsPrivate Limited, PPL, Eni and the Oil and Gas Development Corporation.
“The agreement has reduced the drilling share of other partner explorationcompanies to 25 percent each,” the report adds.