Mettis Global News
Mettis Global News
Mettis Global News
Mettis Global News

CPI Preview: Inflation to fall below 14% YoY in May

Pursuit for offshore oil, gas discovery in Pakistan still on after 18 attempts

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February 19, 2020: Exploration and Production (E&P) companies, operating in Pakistan, have so far drilled 18 offshore oil and gas wells including Kekra-I to discover hydrocarbon deposits in the deep-sea waters but could not get the required results.              

“No offshore oil and gas reserves have been discovered till date, but Pakistan’s offshore is still under exploration by both local and foreign E&P companies,” according to an official document available with APP.

Last year, a consortium of four world leading companies had drilled a well in ultra-deep waters at the offshore Indus G-Block called Kekra-I some 230-km off the Karachi coast and the results showed show good reservoir but it was “water wet.”

Meanwhile, a senior official privy to petroleum sector developments told APP that the country was in dire need of a big discovery as existing hydrocarbon reserves were depleting fast and its reliance on imported gas and oil was increasing with each passing day.

Quoting a recent study, he feared that the existing deposits would further deplete 60 percent by the year 2027 and underlined the need for stepping up exploration activities in potential areas on war-footing.

In a bid to accelerate oil and gas exploration activities in potential areas of the country, the official said the government was in process of floating an international tender for award of new exploration blocks. “The tenders will be given in international dailies soon, for which the required formalities are being fulfilled.”


Posted on: 2020-02-19T12:45:00+05:00