KARACHI - Pakistan is on the verge of discovering the largest ever gas and oil reserves of its history, enough for the needs of next 50 years, it has been revealed.
A vessel of US oil-giant ExxonMobil will start drilling tomorrow (Friday) to search for reserves of oil and gas in Pakistan’s territorial waters.
The US oil-giant has anchored its mother vessel 230 kilometres into Pakistan’s aquatic territory to find the reserves. Three more ships will also be anchored to facilitate the drilling.
According to a survey, large reserves of oil and gas are expected to be found in the country. ExxonMobil is starting its operation in the country with an investment of $70 million.
ExxonMobil re-opened its office in Pakistan in November last year 27 years after leaving the country. Its reentry into Pakistan was termed a ‘great achievement’ by the PTI government.
Pakistan imports oil worth $14 billion every year.