Exxon Mobil Begins Oil Exploration Drilling in Pakistan (latest updates.
With a marked improvement in the law and order situation and restoration of peace in Pakistan in recent years, foreign investors have started looking towards Pakistan as their investment destination. The return of the world’s largest oil and gas company, Exxon Mobil, to Pakistan after a gap of nearly three decades reflects this trend.
Earlier, British Airways has also announced to restart its operation in Pakistan after a gap of over 10 years.
According to media reports drilling equipment of Exxon Mobil have reached Karachi. Three supply vessels of the company are currently docked at Karachi Port and the company will be starting drilling on January 6.
The company will be drilling in the sea (230 km inside the sea) to explore oil and gas in Pakistan for the first time.
Meanwhile, the cabinet on Wednesday gave an exemption from taxes to companies and joint venture partners that are party to any production sharing agreement with the government for offshore petroleum exploration and production activities.
The international oil exploration company, ENI, had stated that the company along with ExxonMobil would commence the process of drilling of an ultra-deep well in Kekra I this month and that it would be executed within a specific weather window. The equipment of both companies comprises of three platform supply vessels (PSVs), two helicopters and one drill-ship.
This is the first time that any company in Pakistan would drill in the sea to explore oil and gas.
The drilling equipment of ExxonMobil, the world largest oil and gas company, has arrived at the Karachi port for exploration of oil and gas.
Information available with Pakistan Today revealed that three supply vessels have arrived at the Karachi port after the gap of nearly three decades.
They are expected to commence drilling (230 km inside the sea) on January 6. This is the first time that any company in Pakistan would drill in the sea to explore oil and gas.
Meanwhile, the cabinet on Wednesday gave an exemption from taxes to companies and joint venture partners that are party to any production sharing agreement with the government for offshore petroleum exploration and production activities.
The international oil exploration company, ENI, in its press release, had stated that the company along with ExxonMobil would commence the process of drilling of an ultra-deep well in Kekra I this month and that it would be executed within a specific weather window. The equipment of both companies comprises of three platform supply vessels (PSVs), two helicopters and one drill-ship.
Earlier, in the last week of November, the Exxon-Mobil chief executive, in a letter sent to the Board of Investment, stated that Exxon Mobil has been assessing its re-entrance into Pakistan for quite a while and has been assiduously hunting energy-related opportunities for past few years.
Exxon Mobil has made major strides to re-enter the Pakistani market which included acquiring a 25% stake in offshore drilling in May last year.
Previously, Italian energy giant ENI, Pakistan Petroleum Limited (PPL) and Oil and Gas Development Company (OGDC) held 33% shares each in offshore drilling in Pakistan.
infoWORLD
Web:
Youtube:
Facebook:
Twitter:
Instagram: