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ExxonMobil close to hitting huge oil reserves in Pakistan, bigger than Kuwait’s
 [ARABNEWS] The US energy giant ExxonMobil is close to hitting huge oil reserves near the Pakistain-Iran border, which could be even bigger than the Kuwaiti reserves, says Abdullah Hussain Haroon, Pakistain’s caretaker minister for maritime affairs and foreign affairs.ExxonMobil, the American multinational oil and gas company, 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 Pakistain Chambers of Commerce and Industry (FPCCI). If the oil deposits are discovered as expected, Pakistain will be among top the 10 oil-producing countries ahead of Kuwait in sixth position. 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 Soddy Arabia ...a kingdom taking up the bulk of the Arabian peninsula. Its primary economic activity involves exporting oil and soaking Islamic rubes on the annual hajj pilgrimage. The country supports a large number of princes in whatcha might call princely splendor. When the oil runs out the rest of the world is going to kick sand in the Soddy national face... According to current estimates, 81.89 percent of the world’s proven oil reserves are located in OPEC member countries, with the bulk of OPEC oil reserves in the Middle East, amounting to 65.36 percent of the OPEC total, latest OPEC data shows. Pakistain’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 second seaport in Bloody Karachi ...formerly the capital of Pakistain, now merely its most important port and financial center. It is among the largest cities in the world, with a population of 18 million, most of whom hate each other and many of whom are armed and dangerous... . They have already paid for the drilling rights in Pakistain," Haroon added. He said: "Pakistain is providing a level playing field to foreign investors and they are interested in coming to Pakistain. What we need to do is to meet their standards and attract them to make investment." In May 2018, the ExxonMobil had acquired 25 percent stakes in offshore drilling in Pakistain. The agreement was signed at Prime Minister’s Secretariat among ExxonMobil, Government Holdings Private Limited, PPL, Eni and the Oil and Gas Development Corporation. Posted by: Fred 2018-08-06 |
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