Pakistan Could Become One of The Top 10 Oil Producers in The World – Research Snipers

Pakistan Could Become One of The Top 10 Oil Producers in The World

top 10 oil producers

Pakistan could be among the top 10 oil producers in the world, as informed by Abdullah Hussain—the Caretaker Minister for Maritime and Foreign AffairsCaretaker Minister for Maritime and Foreign Affairs. He said that Pakistan is on the point of discovering huge oil reserves in the country.

Abdullah Hussain further said that ExxonMobil—the United States based firm, is on the verge of finding massive oil reserves near the Pakistan-Iran border, which might even be bigger than Kuwait’s reserves.

The minister said this while he was addressing the Federation of Pakistan Chambers of Commerce and Industry (FPCCI).

ExxonMobil has drilled up to five thousand meters near the Iranian birder and is thoroughly positive regarding the discovery of oil reserves.

Also Read: LPG Price Increased by 7 Rupees

If the oil reserves turn out to be as huge and extensive as being expected, then this would place Pakistan among the top ten oil producing nations. Pakistan would be on the sixth spot above Kuwait.

Presently, Kuwait has got 8.4 per cent of the world’s oil reserves and it claims that they have got almost 101.5 billion barrels of crude oil. Kuwait also possess 2.5 billion barrels in the Saudi Arabia-Kuwait neutral zone.

The Caretaker Minister for Maritime and Foreign Affairs informed that the ExxonMobil is already installing an LNG berth at Port Qasim—the second seaport of the Sindh’s provincial capital. They have also paid for the drilling rights in Pakistan. He added that Pakistan is providing free access to the international investors and they are keen about coming to the country. He said that what needs to be done is to meet their standards and to attract them for making their investments.

In May 2018, ExxonMobil was in news because of acquiring a twenty dive per cent stake in offshore drilling in Pakistan. The deal was signed at the Prime Minister’s Secretariat between the Government holding Private Limited PPL, Eni and the Oil and Gas Development Corporation.

It is pertinent to mention that most of the country’s import bill is based on the oil imports. Pakistan manages to meet fifteen per cent of its demand via the locally produced crude oil, which is approximately twenty two million tons, while the other eighty five per cent is imported.

The present account deficit of Pakistan is at $18 billion. The country’s present import is at $12.928 billion in the July-May 2017-18 period for the last financial year.

If this prediction actually becomes a reality, then it alone has the potential of solving Pakistan’s biggest problem of present times.

More Read: Govt. Ready to Borrow Rs5.7tr to Finance Budget Deficit