<p class="title">Pakistan Prime Minister Imran Khan's dream of the cash-strapped country becoming self-sufficient in oil has been dashed after no reserves were discovered in the Arabian Sea off the Karachi coast, media reports said.</p>.<p class="bodytext">The drilling work at Kekra-1 well in deep sea near Karachi has been stopped after no oil or gas reservoir could be found, according to Special Assistant to Prime Minister Khan on Petroleum Nadeem Babar.</p>.<p class="bodytext">Pakistan was hopeful of finding large oil and gas reserves in its territorial waters in the Arabian Sea. US oil giant Exxon Mobil, Italy’s ENI and a couple of other companies were involved in drilling an ultra-deep oil well.</p>.<p class="bodytext">Babar told Geo News that the process of drilling up to more than 5,500 meters was completed on Kekra-1 (Indus G-Block) off Karachi coast.</p>.<p class="bodytext">Babar said the office of DG Petroleum Concessions has been apprised of the results of drilling.</p>.<p class="bodytext">He said that the cost of drilling project, which has now been abandoned, remained over USD 100 million.</p>.<p class="bodytext">In March, Prime Minister Khan had said Pakistan would not need to import oil after reserves were found near Karachi coast.</p>.<p class="bodytext">"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," Khan had said.</p>.<p class="bodytext">"God willing the reserves will be so large that we will not need to import any oil," he said.</p>.<p class="bodytext">Khan said he believes that if big oil reserves are discovered, most of Pakistan's economic problems will be addressed and then there will be no stopping in the country's progress.</p>.<p class="bodytext">Around four months ago, Italian firm ENI, the operator of the Kekra-1 offshore block, started drilling in a joint venture with US firm ExxonMobil, one of the world's largest oil and gas firm, and the Pakistan state-owned Oil and Gas Development Company Limited (OGDCL) and Pakistan Petroleum Limited (PPL).</p>.<p class="bodytext">Each of the four firms has a 25 per cent participating interest in the block.</p>.<p class="bodytext">The drilling was carried out in ultra-deep waters some 280 kilometres away from the Karachi coast.</p>.<p class="bodytext">The well was spudded on January 13 this year, targeting a carbonate reservoir with a proposed total depth of 5,660 metres.</p>.<p class="bodytext">Some surveyors had found the block ‘Indus-G’ similar to the Indian offshore Bombay High oilfield, which produces 350,000 barrels per day of crude oil, while others described it as similar to the ones in the oil- and gas-rich Kuwait, the Express Tribune reported.</p>.<p class="bodytext">At the same time, officials say, oil and gas exploration and production is described as a ‘high risk- high reward’ business and the failures should not be taken as a loss. "India found offshore reserves from its ‘Bombay High well’ after 40 attempts," the officials were quoted as saying by the Dawn News.</p>.<p class="bodytext">OGDCL spokesman Ahmed Lak said that Pakistan should continue its efforts to find hydrocarbon reserves because there was a large area where reserves had been predicted by experts.</p>.<p class="bodytext">"US firm ExxonMobile has become a working partner in the block only because of encouraging data," he said, adding that international researches had shown that hydrocarbon reserves were found in the sea facing the river basins.</p>.<p class="bodytext">"Since Indus is an ancient river with a large basin, experts do not contest the views there is a huge pocket of hydrocarbon reserve in the Arabian Sea off Sindh," Lak said.</p>.<p class="bodytext">"Because the well remained dry, now it will be plugged and abandoned,” said Lak.</p>.<p class="bodytext">Currently, Pakistan meets only 15 per cent of its domestic petroleum needs with crude oil production of around 22 million tonnes; the other 85 per cent is met through imports. </p>
<p class="title">Pakistan Prime Minister Imran Khan's dream of the cash-strapped country becoming self-sufficient in oil has been dashed after no reserves were discovered in the Arabian Sea off the Karachi coast, media reports said.</p>.<p class="bodytext">The drilling work at Kekra-1 well in deep sea near Karachi has been stopped after no oil or gas reservoir could be found, according to Special Assistant to Prime Minister Khan on Petroleum Nadeem Babar.</p>.<p class="bodytext">Pakistan was hopeful of finding large oil and gas reserves in its territorial waters in the Arabian Sea. US oil giant Exxon Mobil, Italy’s ENI and a couple of other companies were involved in drilling an ultra-deep oil well.</p>.<p class="bodytext">Babar told Geo News that the process of drilling up to more than 5,500 meters was completed on Kekra-1 (Indus G-Block) off Karachi coast.</p>.<p class="bodytext">Babar said the office of DG Petroleum Concessions has been apprised of the results of drilling.</p>.<p class="bodytext">He said that the cost of drilling project, which has now been abandoned, remained over USD 100 million.</p>.<p class="bodytext">In March, Prime Minister Khan had said Pakistan would not need to import oil after reserves were found near Karachi coast.</p>.<p class="bodytext">"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," Khan had said.</p>.<p class="bodytext">"God willing the reserves will be so large that we will not need to import any oil," he said.</p>.<p class="bodytext">Khan said he believes that if big oil reserves are discovered, most of Pakistan's economic problems will be addressed and then there will be no stopping in the country's progress.</p>.<p class="bodytext">Around four months ago, Italian firm ENI, the operator of the Kekra-1 offshore block, started drilling in a joint venture with US firm ExxonMobil, one of the world's largest oil and gas firm, and the Pakistan state-owned Oil and Gas Development Company Limited (OGDCL) and Pakistan Petroleum Limited (PPL).</p>.<p class="bodytext">Each of the four firms has a 25 per cent participating interest in the block.</p>.<p class="bodytext">The drilling was carried out in ultra-deep waters some 280 kilometres away from the Karachi coast.</p>.<p class="bodytext">The well was spudded on January 13 this year, targeting a carbonate reservoir with a proposed total depth of 5,660 metres.</p>.<p class="bodytext">Some surveyors had found the block ‘Indus-G’ similar to the Indian offshore Bombay High oilfield, which produces 350,000 barrels per day of crude oil, while others described it as similar to the ones in the oil- and gas-rich Kuwait, the Express Tribune reported.</p>.<p class="bodytext">At the same time, officials say, oil and gas exploration and production is described as a ‘high risk- high reward’ business and the failures should not be taken as a loss. "India found offshore reserves from its ‘Bombay High well’ after 40 attempts," the officials were quoted as saying by the Dawn News.</p>.<p class="bodytext">OGDCL spokesman Ahmed Lak said that Pakistan should continue its efforts to find hydrocarbon reserves because there was a large area where reserves had been predicted by experts.</p>.<p class="bodytext">"US firm ExxonMobile has become a working partner in the block only because of encouraging data," he said, adding that international researches had shown that hydrocarbon reserves were found in the sea facing the river basins.</p>.<p class="bodytext">"Since Indus is an ancient river with a large basin, experts do not contest the views there is a huge pocket of hydrocarbon reserve in the Arabian Sea off Sindh," Lak said.</p>.<p class="bodytext">"Because the well remained dry, now it will be plugged and abandoned,” said Lak.</p>.<p class="bodytext">Currently, Pakistan meets only 15 per cent of its domestic petroleum needs with crude oil production of around 22 million tonnes; the other 85 per cent is met through imports. </p>