KARACHI: With a marked improvement in the law and order situation and restoration of peace in Pakistan in recent years, foreign investors have started looking towards Pakistan as their investment destination. The return of the world’s largest oil and gas company, ExxonMobil, to Pakistan after a gap of nearly three decades reflects this trend.
Earlier, British Airways has also announced to restart its operation in Pakistan after a gap of over 10 years.
According to media reports drilling equipment of ExxonMobil have reached Karachi. Three supply vessels of the company are currently docked at Karachi Port and the company will be starting drilling on January 6.
The company will be drilling in the sea (230km inside the sea) to explore oil and gas in Pakistan for the first time.
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, 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.