ExxonMobil close to hitting huge oil reserves in Pakistan, bigger than Kuwait’s

Abdullah Hussain Haroon, Pakistan’s caretaker Minister for Maritime Affairs and Foreign Affairs, speaking at the Federation of Pakistan Chambers of Commerce and Industry. (AN photo)
Updated 05 August 2018
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ExxonMobil close to hitting huge oil reserves in Pakistan, bigger than Kuwait’s

  • The US energy giant has drilled up to 5,000 meters near the Pakistan-Iran border, says Pakistan foreign minister
  • If the oil deposits are discovered as expected, Pakistan will be among the top 10 oil-producing countries, ahead of Kuwait in sixth position

KARACHI: The US energy giant ExxonMobil is close to hitting huge oil reserves near the Pakistan-Iran border, which could be even bigger than the Kuwaiti reserves, says Abdullah Hussain Haroon, Pakistan’s caretaker minister for maritime affairs and foreign affairs.

ExxonMobil, the American multinational oil and gas company, has so far drilled up to 5,000 meters close to the Iranian border and is optimistic about the oil discovery, Haroon told business leaders at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI).
If the oil deposits are discovered as expected, Pakistan will be among top the 10 oil-producing countries ahead of Kuwait in sixth position.
Kuwait’s oil reserves make up 8.4 percent of the oil reserves in the world. Kuwait claims to hold about 101.50 billion barrels, including half of five billion barrels in the Saudi-Kuwaiti neutral zone which Kuwait shares with Saudi Arabia.
According to current estimates, 81.89 percent of the world’s proven oil reserves are located in OPEC member countries, with the bulk of OPEC oil reserves in the Middle East, amounting to 65.36 percent of the OPEC total, latest OPEC data shows.
Pakistan’s foreign minister also said that his government has already taken an undertaking from ExxonMobil to set up a generation complex worth $10 billion.
“They are also putting up an LNG berth at Port Qasim, the second seaport in Karachi. They have already paid for the drilling rights in Pakistan,” Haroon added.
He said: “Pakistan is providing a level playing field to foreign investors and they are interested in coming to Pakistan. What we need to do is to meet their standards and attract them to make investment.”
In May 2018, the ExxonMobil had acquired 25 percent stakes in offshore drilling in Pakistan. The agreement was signed at Prime Minister’s Secretariat among ExxonMobil, Government Holdings Private Limited, PPL, Eni and the Oil and Gas Development Corporation.
The agreement has reduced the drilling share of other partner exploration companies to 25 percent each.
Haroon said that Pakistan is being dragged into the US-China trade war but “the country is maintaining its impartiality.”
“When we sought a much-needed external loan from China, which they initially had refused, the US expressed its annoyance,” Haroon added.
Pakistan currently meets only 15 percent of its domestic petroleum needs with crude oil production of around 22 million tons; the other 85 percent is met through imports. The country facing huge current account deficit of up to $18 billion is spending a substantial amount of foreign exchange reserves on import of oil. The import bill of Pakistan rose by to $12.928 billion in the July-May 2017-18 period of the last fiscal year.
Pakistan’s foreign minister also talked about the current water crisis and its impact on Indo-Pak relations. “India is acting to control water flows which would endanger Pakistan’s food security and they would ruin our crops,” he said.
Haroon called for the integration of Karachi Port and Port Qasim so that they could supplement each other in the larger interest of the country.
He underlined the need for a new area for a fish harbor as the existing one has many issues and there is shortage of land. He regretted that the harbor is not well kept and hoped that the European Union will give subsidy for a new one.
Ghazanfar Bilour, president of the FPCCI, said that Pakistan trade was facing global competition both in terms of marketing products and trade diplomacy as the agreement signed by Pakistan to expand exports was not providing potential benefits. “We need strong advocacy to achieve market access for Pakistani products in other leading markets, and correction in the existing bilateral trade agreements,” he noted.
Tariq Haleem, vice president of the FPCCI, called for bringing down the cost of doing business and improving efficiency at all Pakistan ports.
“At Karachi Port, about 27 million tons (import and export) of dry and liquid cargo is handled per annum. But, in actual fact, these volumes were not satisfactory, the reason being the extreme shortage of space at the Karachi port,” he said.


New Zealand marks one week since mosque terrorist attack with prayers

Updated 4 min 33 sec ago
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New Zealand marks one week since mosque terrorist attack with prayers

  • Prime Minister Ardern to join mourners near Al Noor mosque
  • Friday call to prayer to be broadcast nationally

CHRISTCHURCH: New Zealanders on Friday marked one week since a mass shooting killed 50 Muslim worshippers in the South Island city of Christchurch, holding nationwide prayers and wearing headscarves to show their support for the devastated community.
People have started congregating at Hagley Park, across the road from Al Noor mosque, where 42 people were killed last week in one of two shootings at mosques on March 15. At least seven others at the nearby Linwood mosque after a white supremacist gunned them down.
Prime Minister Jacinda Ardern will lead thousands of mourners at the park.
The prime minister is expected to be accompanied in the Christchurch prayers with community leaders and other foreign dignitaries.
Thousands more were planning to listen in on the radio or watch on television as the event was broadcast live. 
The adhan, or Muslim call to prayer, will be broadcast on all major New Zealand networks at 1:30 p.m. (NZ time), followed by a two-minute nationwide silence.  
Fahim Imam, 33, of Auckland, flew in Friday morning from New Zealand’s largest city for the service. He was born and grew up in Christchurch but moved away three years ago.
“It’s just amazing to see how the country and the community have come together — blows my mind, actually,” Imam said before the event.
“As soon as I got off the plane, I saw a sign someone was holding that said ‘jenaza,’ denoting Muslim funeral prayer. Others were offering free rides to and from the prayer service,” Imam said.
“The moment I landed in Christchurch, I could feel the love here. I’ve never felt more proud to be a Muslim, or a Kiwi for that matter. It makes me really happy to be able to say that I’m a New Zealander,” he added.
He called it surreal to see the mosque where he used to pray surrounded by flowers.
Most victims of New Zealand’s worst mass shooting were migrants or refugees from countries such as Pakistan, India, Malaysia, Indonesia, Turkey, Somalia, Afghanistan and Bangladesh.
Muslims account for just over one percent of New Zealand’s population, most of whom were born overseas.

High-powered guns banned
The observance comes the day after the government announced a ban on “military-style” semi-automatic firearms and high-capacity magazines like the weapons that were used in last Friday’s attacks.
There are nearly 250,000 licensed gun owners in New Zealand, which has a population of 5 million. Officials estimate there are 1.5 million guns in the country.
Ardern said people could hand over their prohibited guns under an amnesty while officials develop a formal buyback scheme, which could cost up to 200 million New Zealand dollars ($140 million).
The government said the police and military would be exempt. Access for international shooting competitions would also be considered.

Headscarves
The #headscarfforharmony movement, launched by an Auckland doctor, encouraged people to wear headscarves on Friday to show their support for the Muslim community.
Robyn Molony, 65, was with a group of friend wearing headscarves at Hagley Park, where they walked daily.
“We are wearing headscarves showing our support, love and solidarity, and hope that by everybody doing this it will demonstrate to Muslim women ... that they are one with us,” she said.
Images of a grieving Ardern wearing a black headscarf as she visited families of the victims a day after the attacks were broadcast around the world.
Some women in the capital Wellington were also seen wearing headscarves on their morning commute.

Security high
Armed police have been guarding mosques around New Zealand since the attacks and police said there would be a “heightened presence” on Friday to reassure those attending weekly prayers.
Officers dotted around Christchurch wore green ribbons pinned to their chests as a sign of peace and solidarity. Australian Brenton Tarrant, 28, a suspected white supremacist who was living in Dunedin, on New Zealand’s South Island, has been charged with murder following the attack.
He was remanded without a plea and is due back in court on April 5, when police said he was likely to face more charges.
Newspapers across the country ran full-page memorials with the names of the victims, and a call for national mourning.
“A call to prayer...in unity there is strength,” New Zealand Herald said on its front page.
Candlelight vigils continued until late on Thursday across the country, while volunteers prepared the bodies of the deceased for a mass burial that expected after the prayers.
“All the bodies are washed. We finished around 1.30 a.m. this morning. It was our duty. After we finished there was a lot of emotion, people were crying and hugging,” said a body washer in Christchurch who gave his name as Missouri.

(With Reuters and AP)