Pakistan is hoping major discovery of oil and gas in offshore drilling by April of this year, according to a statement of the petroleum minister.
Federal Minister for Petroleum, Ghulam Sarwar Khan, expressed optimism for Pakistan’s energy future on Wednesday, as Exxon Mobil initiated drilling activities in the offshore Indus G Block. The project, conducted in partnership with Italian energy company ENI, Pakistan Oil and Gas Development Company Limited (OGDCL), and Pakistan Petroleum Limited (PPL), is poised to make a significant impact on the country’s energy landscape.
Exxon Mobil’s deep-sea exploration endeavor, currently underway, holds the promise of uncovering vast reserves of oil and gas. The well, with a diameter ranging from 18 to 24 inches, has already reached a depth of 1900 feet, marking a significant milestone in ultra-deep exploration. This progress was discussed during a meeting between Minister Ghulam Sarwar Khan and officials from Exxon Mobil.
The company has set an ambitious target depth of 5500 feet, with expectations of delivering good news to the nation by March or April. In March, Exxon Mobil plans to send a specimen to Houston for examination, while ENI will send a specimen to Milan. By April to May, there should be a clearer understanding of whether the well contains substantial oil or gas deposits.
Irtiza Syed, CEO of Exxon Mobil, met with Minister Ghulam Sarwar Khan to provide updates on the progress at Indus G Block, highlighting the potential significance of this exploration.
The discovery is anticipated to yield gas flows on a scale comparable to the Sui field, with estimated reserves of 3 to 8 trillion cubic feet (TCF), which equates to 25-40 percent of Pakistan’s total gas reserves. This discovery could significantly enhance Pakistan’s energy security and reduce its dependence on imported fossil fuels.
This deep-sea drilling venture has been made possible through the joint efforts of Pakistan Exploration and Production (E&P) companies and their international partners. The operator of the block, ENI, has chartered Saipem, a rig ship, to drill the exploration well located 230 kilometers southwest of Karachi. ENI, an Italian company, has been operating in Pakistan since 2000, establishing itself as a trusted partner in the nation’s energy sector.
The exploration project comes at an estimated cost of $75 million, employing over 200 people onboard the ship. The venture not only promises to create employment opportunities but also offers the potential for long-term energy sustainability. If the discovery proves successful, Pakistan could rely on this newly discovered source of gas for the next 25 to 30 years.
Minister Ghulam Sarwar Khan also extended an invitation to Exxon Mobil for onshore exploration projects, demonstrating the government’s commitment to facilitating international investment. In this regard, duties and taxes have been waived off for the import of drilling equipment to attract more investments in the energy sector.
During the meeting, Stephen, Vice President of Exxon Mobil, expressed his enthusiasm for the project and the opportunities it presents for both Pakistan and the company. The drilling activities in the Indus G Block hold the promise of transforming Pakistan’s energy landscape, potentially leading to a more secure and sustainable energy future.
As the project progresses, it will be closely monitored, and the nation eagerly awaits the outcome, expected to be unveiled in the coming months. With the combined efforts of international and domestic players, Pakistan is taking significant steps toward securing its energy needs and reducing its reliance on external sources.
