ISLAMABAD – ExxonMobil, the world largest oil and gas company has enteredPakistan after a decade for the first ever offshore drilling project inhistory of Pakistan.
ExxonMobil vessels has arrived at the Karachi port for exploration of oiland gas. Three supply vessels have arrived at the Karachi port after thegap of nearly three decades.
They are expected to commence drilling (230km inside the sea) on January 6.This is the first time that any company in Pakistan would drill in the seato explore oil and gas.
Meanwhile, the cabinet on Wednesday gave an exemption from taxes tocompanies and joint venture partners that are party to any productionsharing agreement with the government for offshore petroleum explorationand production activities.
The international oil exploration company, ENI, in its press release, hadstated that the company along with ExxonMobil would commence the process ofdrilling of an ultra-deep well in Kekra I this month and that it would beexecuted within a specific weather window. The equipment of both companiescomprises of three platform supply vessels (PSVs), two helicopters and onedrillship.
Earlier, in the last week of November, the ExxonMobil chief executive, in aletter sent to the Board of Investment, stated that ExxonMobil has beenassessing its re-entrance into Pakistan for quite a while and has beenassiduously hunting energy-related opportunities for past few years.
ExxonMobil has made major strides to re-enter the Pakistani market whichincluded acquiring a 25pc stake in offshore drilling in May last year.