Oil giant ExxonMobil acquires 25 percent stake in Pakistan – Research Snipers

Oil giant ExxonMobil acquires 25 percent stake in Pakistan

ExxonMobil

In a noteworthy improvement, US energy giant ExxonMobil has gained 25% shareholding in offshore drilling in Pakistan.

Prior, Oil and Gas Development Company (OGDC), Pakistan Petroleum Limited (PPL) and Italian energy firm Eni had 33% stake each in offshore drilling in the nation. Presently, ExxonMobil has obtained 25% shareholding, decreasing the offer of all accomplice organizations to 25% each.

An agreement in such manner was marked at the Prime Minister’s Secretariat on Monday among ExxonMobil, Government Holdings Private Limited (GHPL), PPL, Eni and OGDC. ExxonMobil has immense experience of offshore drilling for the inquiry of hydrocarbons and it will help support endeavors of accomplice organizations for oil and gas investigation in the nation.

Offshore drilling has gotten a change in the US oil and gas market and even shaken the monopoly business model of Organization of Petroleum Exporting Countries (OPEC) – a worldwide group of significant oil producers and exporters.

Another innovation in offshore drilling is a noteworthy explanation for the lift to shale oil and gas exploration and authorities trust ExxonMobil will help convey cutting edge innovation to Pakistan. The organization has been chipping away at oil and gas exploration in various nations and Pakistan has now progressed toward becoming piece of its extension design.

“An agreement has been signed with ExxonMobil that will acquire 25% shares in offshore drilling in Pakistan,” GHPL Managing Director Mobin Saulat said. Another official said a study would be conducted in the potential areas allocated to the four companies before undertaking drilling activities.

According to the EIA assessment in April 2011, Pakistan had 206 trillion cubic feet of shale gas in the lower Indus Basin, of which 51 trillion cubic feet were recoverable. However, in June 2013, it revised the estimate upwards to 586 trillion cubic feet, of which 105 trillion cubic feet were technically recoverable.

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