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The newly established government of Pakistan yesterday elevated natural gas prices by 20%. Regarding it as a tough decision, Petroleum Minister Chaudhry Mohammad Sarwar stated that the decision will enable Pakistan to bridge a 152 billion rupee deficit for the two main suppliers - Sui Northern and Sui Southern. The minister held the previous government of now-jailed Prime Minister Nawaz Sharif accountable for the huge deficit.
Pakistan’s Maritime and Foreign Affairs Minister informed during FPCCI meeting that the American oil giant, ExxonMobil is close to discover oil reserves near the Pak-Iran border. The reserves could be huge, bigger than the Kuwaiti reserves. Exxon has submitted an undertaking to the government for setting up a $10 billion generation complex, the Minister said. VP of FPCCI emphasized the needs of improving the efficiency of Pakistani ports.
Pakistan owns recoverable deposits of approximately 105 trillion cubic feet (TCF) of gas and 9.1 billion barrels of oil, as estimated by US Energy Information Administration (EIA). The third and fourth quarter of 2017 saw major oil and gas discoveries for this Asian country, placing it into the list of top 5 countries with most discoveries in the year. Russia led with 10 discoveries, followed by Australia and Colombia.
As reported by the AFP news agency, the government of Pakistan is planning to drill around 90 exploration and production (E&P) wells across the next fiscal year. This strategy is part of the government’s objective to make the country “self-sufficient in the energy sector”.
According to the Kuwait Fire Service Directorate (KFSD), 15 oilfield workers lost their lives in a head-on crash on Sunday. This tragic incident occurred on the Al- Artal road where two buses were carrying employees engaged in operations near the Burgan oilfield, one of the region’s giant fields. The victims include seven Indian nationals, five Egyptians, three Pakistanis and others who are in a critical condition.
Together with the Pakistani syndicate Energas, ExxonMobil is planning to develop the nation’s third import terminal for liquefied natural gas (LNG). The proposal is to build a $150 million offshore terminal at Port Qasim near Karachi in May. LNG will be supplied to the terminal by Exxon and Qatar. The terminal which will have a capacity of about 5.6 million tons/year is expected to be completed by late 2019.