Exxon Mobil, a renowned US oil and gas firm, will explore oil reserves in Pakistan.
According to sources, Exxon Mobil will explore huge oil reserves in Pakistan larger than the Kuwaiti oil reserves. Abdullah Hussain Haroon, Caretaker Minister for Maritime and Foreign Affairs elaborated while addressing at Federation of Pakistan Chambers of Commerce and Industry (FPCCI). However, he was addressing business leaders at FPCCI forum.
Abdullah Hussain said that if oil reserves in Pakistan will be discovered as expected then the country will be among the largest oil producing countries. He further added that Pakistan could move ahead of Kuwait in terms of oil reserves.
Oil reserves of Kuwait make up 8.4 percent of the earth’s oil reserves. Kuwait possesses 101.50 billion barrels, including half of five billion barrels in the Saudi-Kuwaiti nonpartisan zone which both countries share.
Abdullah Hussain said that Exxon Mobil had so far bored up to 5,000 meters near the Iranian outskirt and is idealistic about the oil find. He further added that the Government of Pakistan had officially taken an endeavor from the organization to set up worth $10 billion generation complex.
Abdullah Hussain accentuated the requirement for coordinating the Karachi Port and Port Qasim with the goal that they could supplement each other in the larger economic interests of Pakistan.
As indicated by current evaluations, 81.89 percent of the world’s demonstrated oil holds are situated in OPEC part nations, with the heft of OPEC oil reserves in the Middle East, adding up to 65.36 percent of the OPEC total oil reserves.