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News // Oil and gas worldwide

ExxonMobil close to hitting huge oil reserves in Pakistan, bigger than Kuwait’s

07 August 2018 , 18:00Neftegaz.RU776

Islamabad, August 7 - Neftegaz.RU. The US energy giant ExxonMobil is close to hitting huge oil reserves near the Pakistan-Iran border, which could be even bigger than the Kuwaiti reserves, says Abdullah Hussain Haroon, Pakistan’s caretaker minister for maritime affairs and foreign affairs.


ExxonMobil has so far drilled up to 5,000 meters close to the Iranian border and is optimistic about the oil discovery, Haroon told business leaders at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI).
If the oil deposits are discovered as expected, Pakistan will be among top the 10 oil-producing countries ahead of Kuwait in 6th position.


Pakistan’s foreign minister also said that his government has already taken an undertaking from ExxonMobil to set up a generation complex worth $10 billion. «They are also putting up an LNG berth at Port Qasim, the 2nd seaport in Karachi. They have already paid for the drilling rights in Pakistan» Haroon added.


Pakistan currently meets only 15 % of its domestic petroleum needs with crude oil production of around 22 million tons; the other 85 % is met through imports. The country facing huge current account deficit of up to $18 billion is spending a substantial amount of foreign exchange reserves on import of oil. The import bill of Pakistan rose by to $12.928 billion in the July-May 2017-18 period of the last fiscal year.



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