European oil giant makes entry into Pakistan for offshore drilling

European oil giant makes entry into Pakistan for offshore drilling
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ISLAMABAD - A vessel of Italian oil-giant ENI will start drilling tomorrow (Friday) to search for reserves of oil and gas in Pakistan’s territorial waters.

The 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. ENI is starting its operation in the country with an investment of $70 million.

The project is a collaboration between ENI , OGDCL, PPL and ExxonMobil. ExxonMobil has a 25% stake in it.

Pakistan imports oil worth $14 billion every year.

Economy