http://www.brecorder.com/story.php?id=60599&currPageNo=2&query=&search=&term=&supDate=
$70,000/day. Thats around $ 24.5/year. Not bad. I hope they can find more oil reserves to make Pakistan self reliant on its energy needs. If anyone has news on the off-shote drilling that Pakistan started with TOTAL of France, please update.
http://www.brecorder.com/story.php?id=60539&currPageNo=1&query=&search=&term=&supDate=
Whats interesting is that more and more agreements are being signed in the oil and gas sector. A few days ago I read a statement by Jamali that Ministry of Petroleum should step up its efforts to find news oil reservoirs so that Pakistan becomes self reliant. Great news :k:
:jhanda:
Pakistan, South Korea sign Oil & Gas pact.
Excellent news. I've always stated that foreign direct investment drives economic growth, and this MOU should help Pakistan in developing its natural resources further. More importantly, it represent closer ties between the Pakistani economy and that of Asia, reducing reliance on certain nations that tend to be prone to imposing sanctions.
Good news indeed. As more and more oil and gas reserves are identified, there is a need for untapping these resources and utilizing our them to a hilt.
I think so too that Pakistan should undertake agreements and joint steps of this nature and also in other areas with state actors other than the traditional ones, whom we have been interacting with over the years.
But identifying is one thing that we have been doing since ages , the real test is finally undertaking some definite and pratical steps and moving beyong mere rhetoric. IMHO, it will also help PAkistan build a better image among the North Asian and South East Asian economies.
Good indeed. But i hope he and the finance gurus have the foresight to develop secondary industries along with the exploration of the raw materials. We need a strong industrial base dealing with manufacturing not exporting raw materials. The value added on manufactured products would bring in alot more revenue as well as employing more people.
Exploration is fine as long as industries are built up and around it.
Pakistan has plenty of untapped natural gas and oil resources. According to a recent World Bank report, only a surface has been scratched thus far. Current reserves are somewhere around 43 trillion cubic feet. Close to 10 trillion cubic feet have been discovered within the past 7-8 years. Some estimates suggest that the total potential could be close to 200 trillion cubic feet, comprising of resource rich areas of Sind and Baluchistan. It's the least sure not the last of discoveries, and investment trends :)
Did that report mention Pakistan’s potential in fuel oil? We have plenty of gas reserves but high quality oil has been missing from majority of the gas fields.
it's BOBY OIL Field
when i went there for internship as geologist i was really amazed. its so much big and it do every thing by it self. no service companies involved.
i want to correct that this must not be the discovery if from boby 9 becuz discovery is the first well which hits the oil.
rig-307 is a russian rig and not so mazedar
we r doing our level best to enhance national reserves.
pakistan paindabad
The highlights of report (published in Dawn) did quote oil potential, but it’s mostly off shore, in the Indus Delta. If you remember, few months ago Total-Fina agreed to do exploration in ultra-deep sea waters. I am not sure about the exact figure of initial investment. But, if the tests proves to be promising, which I am sure they will, it will pave the way for billions of dollars of worth of investment, and could make Pakistan a major player in oil exports.
hubba hubba hubba
Alhamdulilah!
I am sure the majority of the money made from this discovery will go to foriegn oil companies who always get the big piece of cake on these deals.
The scraps which are left over are then given to the host country!
Some more significant news in this regard…
http://www.dawn.com/2003/12/04/ebr9.htm
Consortium begins deep waters exploration
A consortium led by Shell Development and Offshore Pakistan, a subsidiary of Anglo-Dutch Shell Group, has started exploring oil and gas in Pakistan’s Indus Delta - the first attempt to prospect in country’s unexplored deep waters. The results of the seismic survey and exploration will be known in the next five to six months, said G.A. Sabri, director general of petroleum concessions at the ministry of petroleum and natural resources. “We think this area is potentially lucrative, and we plan to award more contracts for exploration,” Mr Sabri told Dow Jones Newswires in an interview. Pakistan this year awarded two offshore drilling contracts to multilateral consortiums led by Shell and French Total. Total is expected to start drilling in March-April of the next year. Premier Oil Pakistan and Kuwait Foreign Petroleum Exploration also farmed into the Shell block in the Indus basin, 150 km south of Karachi.
The joint venture partners are expected to invest a total $12 million in the exploration phase, Mr Sabri said, adding the exploration activity in the second block operated by Total has been delayed due the unavailability of rigs. The Total-led consortium, which also includes Malaysia’s Petronas and Austria’s OMV, is expected to invest $30 to $40 million in drilling its ultra deep well in blocks G and H, which cover a combined area of 15,000 square kilometres and are located some 300 km from Karachi. Pakistan signed an offshore oil exploration deal with Total in July this year that could bring the investment up to $3 billion if a significant discovery is found. Mr Sabri said the government had advertised another 2,500-square-km offshore block near Karachi for which bidding will be held on December 22.
The government has also awarded 8,500 square kilometres block to state-run Pakistan Petroleum Ltd along the coastline of Balochistan. Pakistan currently imports around 85 per cent of its oil needs, and so far oil exploration has concentrated mainly onshore. Mr Sabri said exploration activity in Pakistan had picked up and companies drilled 77 wells in the last fiscal year that ended on June 30, almost double the previous year’s level. “We plan to sign 15 new exploration licenses by the close of the current fiscal year,” he said. Mr Sabri said Pakistan’s new exploration policy had been a major factor in attracting foreign companies to undertake exploration activity. Under the policy, which was announced in late 2001, the government has done away with the mandatory 15 to 20 per cent sharing policy, has given new price incentives, and has allowed the exploration firms to develop infrastructure with distribution firms to bring oil or gas to supply centres. “This incentive is now forcing transmission and distribution companies to speed up laying infrastructure and commercialize discoveries as soon as possible,” said Mr Sabri.-Dow Jones Newswires
Lets hope they find large quantities of oil, and end our dependence on other countries for our energy needs.