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ExxonMobil Discovers Brobdingnagian Oil Reserves in Pakistan 2018

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ExxonMobil Discovers Brobdingnagian Oil Reserves
ExxonMobil Discovers Brobdingnagian Oil Reserves

ExxonMobil Discovers Brobdingnagian Oil Reserves Update:

The US energy giant ExxonMobil is close to hitting huge oil reserves near the Pakistan-Iran border, this Oil Well could be even bigger than the Kuwaiti reserves, says Abdullah Hussain Haroon, Pakistan’s caretaker minister for maritime affairs and foreign affairs while addressing business leaders at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI).

Kuwait’s oil reserves make up 8.4 percent of the oil reserves in the world. Kuwait Oil Well 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.

ExxonMobil Discovers Brobdingnagian Oil Reserves, the American multinational oil and gas company, has so far drilled up to 5,000 meters of Oil Well close to the Iranian border and is optimistic about the oil discovery.

Read Also: Pakistani Dr Shahida Hasnain Wins Microbiology UNESCO Prize

According to current estimates, 81.89 percent of the world’s proven Oil Well & 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. ExxonMobil Discovers Brobdingnagian Oil Reserves.

Pakistan’s foreign minister also said that his government has already taken an undertaking from ExxonMobil to set up a generation complex worth $10 billion. He said:

“Foreign investors are interested in coming to Pakistan, provided we manage to meet their standards and attract them to make investment.”

ExxonMobil Discovers Brobdingnagian Oil Reserves. He emphasized the need for integrating the Karachi Port and Port Qasim so that they could supplement each other in the larger interest of the country.

He appreciated the role of foreign ministry in achieving GSP Plus status from the European Union but pointed out that there was a need to find a lobbyist to get GSP from USA for our textile products.He remarked:

“We need strong advocacy to achieve market access for Pakistani products in other leading markets, and of course, correction in the existing bilateral trade agreements.”

Arab News further reports that in May 2018, the ExxonMobil had acquired 25 percent stakes in offshore Oil Well drilling in Pakistan. The agreement was signed at Prime Minister’s Secretariat among ExxonMobil, Government Holdings Private Limited, PPL, Eni and the Oil and Gas Development Corporation. ExxonMobil Discovers Brobdingnagian Oil Reserves.

Sources: Arab News, Times of Islamabad

Image Sources: Inside Financial Market, Arab News, Chemcon

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