No Oil and Gas reserves found off Karachi coast

Oil and gas reserves have not been found in offshore drilling off Karachi coast, Special Assistant to PM on Petroleum Nadeem Babar notified on Saturday.

The government was hopeful of finding large oil and gas reserves in its territorial waters in the Arabian Sea.

The site at the Kekra-1 had been drilled up to 5,560 meters. At least Rs14 billion was spent on the drilling, half of which was paid by the government of Pakistan

For this search US oil giant Exxon Mobil, Italy’s ENI and a few other companies had been involved in drilling an ultra-deep oil well. The cost of drilling project, which has now been abandoned, remained over $100 million.

Talking to news channel Nadeem Babar said that the process of drilling up to more than 5500 meters was completed on Kekra-1 (Indus G-Block) off Karachi coast.

He further said Oil and Gas Development Company Limited (OGDCL) and Pakistan Petroleum Limited (PPL) also assisted Exxon Mobil and ENI in drilling the oil well.

The PM’s aide said the office of DG Petroleum Concessions has been apprised of the results of drilling.

He further informed that the cost of drilling project, which has now been abandoned, remained.

It was earlier this year, Prime Minister Imran Khan told the nation that  Pakistan would not need to import oil after reserves were found near Karachi coast.

During a presser, PM Imran Khan told reporters in Islamabad: “We are hopeful of finding large reserves of gas and oil in the sea near Karachi. The nation should pray for this and I will soon share good news regarding this. God willing the reserves will be so large that we will not need to import any oil.”