Pakistan expects 9 trillion cubic feet of gas reservoirs discovery

Pakistan expects 9 trillion cubic feet of gas reservoirs discovery
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*KARACHI: Adviser for Shipping and Ports Mehmood Molvi has said the report on offshore drilling by multinational companies for exploration of oil and gas will be delayed by a week.*

Exxon Mobil, the world’s biggest oil and gas company, has stopped offshore drilling for oil exploration for now, the adviser said.

He said drilling machine parts were being replaced after they hit ample rocks on the surface, hence affecting the machine.

The drilling will be resumed again in next two to three days after replacement of necessary parts in the equipment. Mehmood Molvi said offshore drilling report was due to be submitted on March 7, but it will now be released after March 15.

A group of multinational companies had started offshore drilling at a distance of 230 kilometers from Karachi for exploration of oil and gas on Jan 14.

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

A company’s delegation called on Prime Minister Imran Khan at the PM House and informed him of projects.

Pakistan, after a gap of nine years, begins offshore drilling to find estimated huge oil and gas deposits in ultra-deep waters at an estimated cost of over $100 million.

“Pakistan has estimated nine trillion cubic feet gas deposits,” an official said, adding “ExxonMobil expects oil deposits there.”

Pakistan meets around 15-20% of its energy needs through local oil and gas exploration and production, while the rest is met through expensive imports.

Economy