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.