ISLAMABAD – Pakistan made two key oil and gas discoveries in the thirdquarter and another three discoveries in the fourth quarter of 2017. Thesediscoveries may have prompted the US-based Exxon-Mobil to join offshoredrilling efforts in Pakistan. American energy giant’s entry in Pakistanbrings advanced deep sea drilling technology, its long experience inoffshore exploration and production and its deep pockets to the country. USEnergy Information Administration (EIA) estimates that Pakistan hastechnically recoverable deposits of 105 trillion cubic feet (TCF) of gasand 9.1 billion barrels of oil. Exxon-Mobil is expected to accelerateexploration and lead to more discoveries and increased domestic oil and gasproduction.
Top Countries Discovering Oil and Gas
Russia led with 10 discoveries, followed by Australia with sevendiscoveries and Colombia with four discoveries. Pakistan and the UK eachhad three discoveries in the fourth quarter of 2017, according to GlobalOil and Gas Discoveries Review. (Oil and Gas Discoveries 2H/17. Source:Offshore Technology)
In fourth quarter of 2017, the Former Soviet Union leads with 12discoveries, followed by Asia with eight discoveries, and Oceania withseven discoveries. Europe and South America had five discoveries each,followed by North America with two discoveries, while the Middle East andAfrica had one discovery each in the quarter, according to OffshoreTechnology website.
Exxon-Mobil’s Entry in Pakistan
American energy giant Exxon-Mobil has joined the offshore oil and gasexploration efforts started by Oil and Gas Development Corporation (OGDC),Pakistan Petroleum Limited (PPL) and Italian energy giant ENI, according tomedia reports.
Each company will have 25 percent stake in the joint venture under anagreement signed at the Prime Minister’s Secretariat in May betweenExxonMobil, Government Holdings Private Limited (GHPL), PPL, ENI and OGDC.
Pakistan Oil Basins
A Pakistan Basin Study conducted in 2009 found that the country has sixonshore and two offshore basins; offshore basins being the Indus basin andthe Makran basin in the Arabian Sea.
The Indus offshore basin is a rift basin that geologists say developedafter the separation of the Indian Plate from Africa in the late Jurassicperiod. It is believed to be the second largest submarine fan system in theworld after the Bay of Bengal with high probability of hydrocarbondiscoveries.
The Makran Offshore basin is separated from the Indus offshore basin byMurray ridge, according to Syed Mustafa Amjad’s report in *Dawn*. It is anoceanic and continental crust subduction zone with deepwater trenches andvolcanic activity. The basin consists of oceanic crust and periodicemergence of temporary mud islands along the coast suggesting strongevidence of large hydrocarbon deposits.
Pakistan Hydrocarbon Potential
The United States Energy Information Administration (EIA) estimates thatPakistan has 586 TCF (trillion cubic feet) of gas in Pakistan of which 105TCF is technically recoverable.
In addition to gas deposits, US EIA estimates there are 227 billion barrelsof oil in Pakistan with 9.1 billion barrels being technically recoverable.
Pakistan also has 185 billion tons of coal deposits in Thar desert whichare just beginning to be extracted by Sindh Engro Coal Mining Corporation.
Oil and Gas exploration and production companies are currently planning todrill 90 wells in different parts of the country. Under the plan, as manyas 50 exploratory and 40 development wells would be drilled in a bid tomake the country self-sufficient in the energy sector, according to mediareports.
During the last five years, the sources said the exploration and productioncompanies drilled 445 new wells, out of which 221 were exploratory, addingthat the increased exploration activities resulted in 116 new oil and gasdiscoveries.
By: Riaz Haq