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ISLAMABAD: After a gap of nearly three decades, ExxonMobil is gearing to re-enter the Pakistani market, as the world’s largest oil and gas company eyes it as an emerging economy with immense potential.
ExxonMobil has made major strides to re-enter the Pakistani market which included acquiring a 25% stake in offshore drilling in May this year.
The first exploration well is planned for January 2019. Previously, Italian energy giant Eni, Pakistan Petroleum Limited (PPL) and Oil and Gas Development Company (OGDC) held 33% share each in offshore drilling in Pakistan.
Also, Exxon Mobil in partnership with Pakistani consortium Energas is planning to build Pakistan’s third import liquefied natural gas (LNG) terminal.
And the company has registered its local partner in Pakistan as “ExxonMobil Pakistan (Private) Limited” and has obtained office space for its headquarters in Islamabad to herald its comeback.