World's energy giant ExxonMobil hints at more oil and gas reserves offshore Pakistan

[Maxpane]

Tests are two types... Based on geological studies and sonar and radar data... And physical confirmation by flow pressure etc... They have one... They are waiting for the second

First has told you already what to expect... But quality plus other variables are being assessed... In my guess

thank you sir but without passing second test why they are for terminals?

 

[alphibeti]

ISLAMABAD: US energy giant ExxonMobil has expressed interest in drilling more offshore blocks in search for hydrocarbon reserves and is also looking to make investment in the liquefied natural gas (LNG) sector in Pakistan.

whats its mean ?? are they really found some thing huge at Kekra-I ???????

Please DO NOT allocate more blocks to foreign companies. Now that there is real possibility of huge reserves of oil/gas in the vicinity, Pak needs to the drilling itself. Why give 50% share to others just for nothing.

 

[Mrc]

thank you sir but without passing second test why they are for terminals?

Cause when results of 2nd tests are known whole world will be here asking for same...


I get what u are implying and it's an interesting thought

 

[Murgah]

I see it seems to be a joint venture between

This operation is a joint venture between
Pakistan govt have 75 % stake rest of 25 % stake belings to exon and eni

• ENI Pakistan
• Exploration and Production Pakistan BV (EEPP)
• Pakistan oil and Gas Development Company (OGDC)
• Pakistan Petroleum Limited (PPL).

Each of the 4 companies have a 25% stake in Pakistan’s oil reserves at Kekra 1
https://www.valuewalk.com/2019/04/pakistan-oil-reserves/



US energy giant ExxonMobil has acquired 25% shareholding in offshore drilling in Pakistan.

Eni had 33% stake each in offshore drilling in the country

ENI Pakistan 25%, italian branch in Pakistan
ExxonMobil that will acquire 25%
Oil and Gas Development Company (OGDC) 25% Pakistani Multi National Company
Pakistan Petroleum Limited (PPL) 25% , Government of Pakistan

 

[1Paki$tani]

Please DO NOT allocate more blocks to foreign companies. Now that there is real possibility of huge reserves of oil/gas in the vicinity, Pak needs to the drilling itself. Why give 50% share to others just for nothing.

So the indicators it seems are that there is good quality reserves. So if they want access to those blocks or terminals than they need to come to the table with something with considering. 50% will no longer cut it and it has to be reduced to less than 30%.

 

[The Accountant]

Np

Well they may have discovered something out there but instead of disclosing it they first came and asked just how much Gas Pakistan needs , may be negotiate a Terminal setup so they would rack in the $$$ from processing the LNG etc

Being shrewd businessmen why give up the Terminal rights to Pakistan ? They will make some % from share in gas discovery , plus they might also make extra money by setting up a LNG terminal as bonus

But it is 100% business related move


ExxonMobil holds 25 percent interest in Block G located offshore Pakistan
Pakistans owns 75% interest

So they want to may be make some extra money from Terminals operation

Not possible

 

[Materialistic]

Fellow members lets not get too excited. While it may be news for us this could be regular business for them. Oil and gas companies are exploring multiple zones throughout the world everyday. There is a good potential and ofcourse there are perks for being the first one to discover in a new country than the one already exporting oil. It doesnt mean everything revolves around this potential find including the current geo-policital developments (which are more likely due to US pullout from Afghanistan and CPEC)

Not saying that we should lose all hope, but this is the 18th time since 1960 when a well is being explored and everytime companies invested 70-80 million USD or equivalent in different eras for exploration and that turned out to be a 100% loss in the last 17 attempts yet they are here for the 18th. If this turns out to be a loss too then they move to the new well, hence the proposal. Just another possibility.

 

[ALi Rizwan]

ISLAMABAD: US energy giant ExxonMobil has expressed interest in drilling more offshore blocks in search for hydrocarbon reserves and is also looking to make investment in the liquefied natural gas (LNG) sector in Pakistan.

whats its mean ?? are they really found some thing huge at Kekra-I ???????

Unlikely. If their was a success we would have known. Secondly you have very little window to operate in Deep Sea the start of months of a year when sea is stable. Third it was and is ENI Project, ExxonMobil enter late and primaray objective was to cover the cost/risk.

Regarding LNG/KEKRA-1. Pls note Kekra 1 is in deep sea you need big discovery otherwise it will not be feasible.
Once discovery is made they will deploy Pipe Line connecting well with Main Gas Lines in Shore.
Second possibility would be installing LNG plant on RIG. but i don't think its financially & practically viable. .

 

[alphibeti]

Unlikely. If their was a success we would have known. Secondly you have very little window to operate in Deep Sea the start of months of a year when sea is stable. Third it was and is ENI Project, ExxonMobil enter late and primaray objective was to cover the cost/risk.

Regarding LNG/KEKRA-1. Pls note Kekra 1 is in deep sea you need big discovery otherwise it will not be feasible.
Once discovery is made they will deploy Pipe Line connecting well with Main Gas Lines in Shore.
Second possibility would be installing LNG plant on RIG. but i don't think its financially & practically viable. .

What you are saying doesn't make sense at least to me. ExxonMobil is a huge company. That is a proof that they are smart. They know how to do their business. If there is no indication (from the drilling they have done in Kekra-1) of a promising outcome, why would they be so keen to 'waste' more of their money. Conversely, if they have strong indications of a larger hydrocarbon reserves (potentially spread over multiple blocks), they would try hard to get their hands on those blocks too (which might be a normal business practice) but as a nation we need to safeguard our own national interests. If there is a big reserve in the area, there is a strong possibility that another well turns out to be a big success (meaning minimal chances of a failure but potentially hitting a big reserve) at the nominal cost of drilling (surveys/studies have already been done). I would say Pakistan should take on that venture all alone (even if we have to borrow money for that). If it turns out to be a success, we'll be 100% owner of the production.