Pakistan is on the Verge of Becoming One of the Top 10 Oil Producing Countries in the World

[Shahzaz ud din]

Pakistan is on the Verge of Becoming One of the Top 10 Oil Producing Countries in the World
Posted 36 mins ago by ProPK Staff

ENERGY

Will this solve Pakistan’s economic crisis once and for all? Time will tell.

• Pakistan Oilfields Limited Discovers Oil and Gas in Attock District
  
  ExxonMobil has currently drilled up to 5000 meters near the Iranian border and is thoroughly optimistic about the oil reserve discovery.
  
  Top 10 Oil Producers in The World
  If the reserves do turn out to be as massive as expected, it will put Pakistan among the top 10 oil producing countries, at the 6th position above Kuwait.
  
  Currently, Kuwait possesses 8.4% of the world’s oil reserves and claims that they have nearly 101.5 billion barrels of crude oil. The country also owns 2.5 billion barrels in the Saudi-Kuwaiti neutral zone.
  
  Govt’s Stance
  Mr. Hussain said that the government has already forged an agreement with ExxonMobil for a $10 billion “generation complex”. He said,
  
  They are also putting up an LNG berth at Port Qasim, the second seaport in Karachi. They have already paid for the drilling rights in Pakistan. Pakistan is providing a level playing field to foreign investors and they are interested in coming to Pakistan. What we need to do is to meet their standards and attract them to make investment.
  
  ExxonMobil made the headlines earlier in May 2018, when the company acquired a 25% stake in offshore drilling in Pakistan. The agreement was inked at Prime Minister’s Secretariat between Oil and Gas Development Corporation, Government Holding Private Limited PPL and Eni.
  
  Could Substantially Reduce Our Import Bill
  It should be noted that most of Pakistan’s import bill is based on oil imports. The country only manages to meet 15% of its demand through locally produced crude oil, which is around 22 million tons, while the other 85% is imported.
  
  Current account deficit for Pakistan stands at $18 billion. Pakistan’s imports stood at $12.928 billion in the July-May 2017-18 period for the last fiscal year.
  
  This discovery alone has the potential to solve one of the biggest problems Pakistan currently faces.
  
  We’ll have to wait and see if ExxonMobil’s prediction actually pans out.
  
  Via ArabNews
  

 

[Clutch]

Bs report... ExxonMobil has not struck oil and as far as i know has not even started its exploratory well.

 

[Evil Flare]

WHAT a fake BS ....

 

[PaklovesTurkiye]

There must be some truth to it....Reports rarely surface without much background.

We know Balochistan is filled with minerals and other natural resources.

Lets find out what the largest province of Pakistan by area holds for us

If Balochistan can posses gas reserves like we know, then they can give us oil too....

 

[war&peace]

I won't call it a fake but I will take it with a grain of salt.

 

[Chanakyaa]

Cant say abt this report. But if ( Read > HUGE Investment ) Pakistan can Tap its Shale.. Inshallah...That can surely help its economy.

 

[KAMDEV]

Pakistan is on the Verge of Becoming One of the Top 10 Oil Producing Countries in the World
Posted 36 mins ago by ProPK Staff

ENERGY

Will this solve Pakistan’s economic crisis once and for all? Time will tell.

• Pakistan Oilfields Limited Discovers Oil and Gas in Attock District
  
  ExxonMobil has currently drilled up to 5000 meters near the Iranian border and is thoroughly optimistic about the oil reserve discovery.
  
  Top 10 Oil Producers in The World
  If the reserves do turn out to be as massive as expected, it will put Pakistan among the top 10 oil producing countries, at the 6th position above Kuwait.
  
  Currently, Kuwait possesses 8.4% of the world’s oil reserves and claims that they have nearly 101.5 billion barrels of crude oil. The country also owns 2.5 billion barrels in the Saudi-Kuwaiti neutral zone.
  
  Govt’s Stance
  Mr. Hussain said that the government has already forged an agreement with ExxonMobil for a $10 billion “generation complex”. He said,
  
  They are also putting up an LNG berth at Port Qasim, the second seaport in Karachi. They have already paid for the drilling rights in Pakistan. Pakistan is providing a level playing field to foreign investors and they are interested in coming to Pakistan. What we need to do is to meet their standards and attract them to make investment.
  
  ExxonMobil made the headlines earlier in May 2018, when the company acquired a 25% stake in offshore drilling in Pakistan. The agreement was inked at Prime Minister’s Secretariat between Oil and Gas Development Corporation, Government Holding Private Limited PPL and Eni.
  
  Could Substantially Reduce Our Import Bill
  It should be noted that most of Pakistan’s import bill is based on oil imports. The country only manages to meet 15% of its demand through locally produced crude oil, which is around 22 million tons, while the other 85% is imported.
  
  Current account deficit for Pakistan stands at $18 billion. Pakistan’s imports stood at $12.928 billion in the July-May 2017-18 period for the last fiscal year.
  
  This discovery alone has the potential to solve one of the biggest problems Pakistan currently faces.
  
  We’ll have to wait and see if ExxonMobil’s prediction actually pans out.
  
  Via ArabNews

very good news
We will get sasta oil in the neighborhood. We got separated in 47 Only , so we also should get some royalty. this was our oil.

 

[Musalman]

Don't get carried away!!! its not a reserve unless you hit it

 

[Sugarcane]

All these reports are based on Mr. Hussains claims not the facts.

 

[Dark-Destroyer]

if these turn out to be untrue someone bring mr hussain back to the chambers of commerce and ask him where did he get the bullshit he was spewing

 

[BRAVO_]

this news has some meaningful background otherwise it would not be circulating in international media ... here are some links.
US energy giant ‘close to discover’ oil reserves bigger than Kuwait in Pakistan
The US-based energy giant ExxonMobil is close to discover huge oil reserves near the Pakistan-Iran border, which could be even bigger than the Kuwaiti reserves.

This was revealed by Abdullah Hussain Haroon, Pakistan’s caretaker minister for maritime affairs and foreign affairs, while addressing the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Friday.

ExxonMobil has so far drilled up to 5,000 meters close to the Iranian border and is optimistic about the oil discovery, Haroon claimed. If the oil deposits are discovered, Pakistan will become one of the top 10 oil-producing countries ahead of Kuwait, which sits at sixth position, quoted Arab News.

Kuwait’s oil reserves make up 8.4 percent of the oil reserves in the world. Kuwait claims to hold about 101.50 billion barrels, including half of five billion barrels in the Saudi-Kuwaiti neutral zone, which Kuwait shares with Saudi Arabia.

According to current estimates, 81.89 percent of the world’s proven oil reserves are located in Organization of the Petroleum Exporting Countries (OPEC) member countries, with the bulk of oil reserves in the Middle East, amounting to 65.36 percent of the OPEC total, latest OPEC data shows.

Hussain also informed that the 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 second seaport in Karachi. They have already paid for the drilling rights in Pakistan,” Haroon added.

During Jul-Febuary 2017-18, the country imported 60.4 million barrels of crude oil, while it locally extracted 21.8 million barrels oil, reported Business Recorder. Indigenous crude oil meet only 15 percent of the country’s total requirements, while 85 percent requirements were met through imports in the shape of crude oil and refined petroleum products.
https://www.brecorder.com/2018/08/0...-oil-reserves-bigger-than-kuwait-in-pakistan/

American firm close to discover oil reserves in Pakistan
https://dailytimes.com.pk/278057/american-firm-close-to-discover-oil-reserves-in-pakistan/

Major oil discovery at Pak-Iran border
http://www.iranoilgas.com/news/details?id=19260&title=Major+oil+discovery+at+Pak-Iran+border

 

[xyxmt]

very good news
We will get sasta oil in the neighborhood. We got separated in 47 Only , sowe also should get some royalty. this was our oil.

dont worry we will use it on you, you get the first right

 

[KAMDEV]

dont worry we will use it on you, you get the first right

Remember this is an American company they are using it on you Without your knowledge .. .

 

[Max]

Seeing is believing.

 

[Dark-Destroyer]

Remember this is an American company they are using it on you Without your knowledge .. .

Lol if the oil is there then that’s good for Pakistan and India