This is the first time that any company in Pakistan would drill in the sea to explore oil and gas
ISLAMABAD: The drilling equipment of ExxonMobil, the world largest oil and gas company, has arrived at the Karachi port for exploration of oil and gas.
Information available with Pakistan Today revealed that three supply vessels have arrived at the Karachi port after the gap of nearly three decades.
They are expected to commence drilling (230km inside the sea) on January 6. This is the first time that any company in Pakistan would drill in the sea to explore oil and gas.
Meanwhile, the cabinet on Wednesday gave an exemption from taxes to companies and joint venture partners that are party to any production sharing agreement with the government for offshore petroleum exploration and production activities.
The international oil exploration company, ENI, in its press release, had stated that the company along with ExxonMobil would commence the process of drilling of an ultra-deep well in Kekra I this month and that it would be executed within a specific weather window. The equipment of both companies comprises of three platform supply vessels (PSVs), two helicopters and one drillship.
Earlier, in the last week of November, the ExxonMobil chief executive, in a letter sent to the Board of Investment, stated that ExxonMobil has been assessing its re-entrance into Pakistan for quite a while and has been assiduously hunting energy-related opportunities for past few years.
ExxonMobil has made major strides to re-enter the Pakistani market which included acquiring a 25pc stake in offshore drilling in May last year.
Previously, Italian energy giant ENI, Pakistan Petroleum Limited (PPL) and Oil and Gas Development Company (OGDC) held 33pc shares each in offshore drilling in Pakistan.