PTI, oil, gas, reserves, PTI, Imran Khan, oil reserves, Gas reserves, drilling, Kekra-1

Rs 14 billion spent but no oil found

The government was eyeing a hidden treasure trove beneath the sea and it spent over Rs 10 billion on drilling in search of an oil and gas reserves, but the result has been a nightmare that some of us were expecting.

Reports attributing to Petroleum Division are going rounds that drilling at Kekra-1 off the Karachi coast couldn’t find any reserve for gas or the oil.

“ExxonMobil, ENI, PPL and OGDC were conducting the drill at Kekra-1. More than 5,500-metre-deep drilling was conducted but oil and gas reserves were not found. The drilling work has now been abandoned.” 

Special Assistant to the Prime Minister (SAPM) on petroleum division, Nadeem Babar, also confirmed to a local news channel that the search did not find any reserves.

Even earlier in the day (May 17), Prime Minister Imran Khan had raised hopes of the nation that may hit oil and gas jackpot during a fundraiser event for the Shukat Khanum Memorial Cancer Hospital.

On May 15, it was reported that the offshore drilling along the Karachi coast underway for around four months had come to an end.

According to a report, a consortium of four major oil exploration companies finished the drilling near the coast. The companies dug the Kekra-1 well to the depth of 5,470 m at a cost of Rs 14 billion.

ExxonMobil, ENI, Oil and Gas Development Company, and Pakistan Petroleum Limited were among the major firms involved in the drilling to determine the real size of the oil and gas reserves in the Kekra-1 well.

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