1. Steering Through Turbulence
  2. ExxonMobil – Close to hitting huge oil reserves in Pakistan, bigger than Kuwait’s
  3. NAYA PAKISTAN?
  4. Making ADR work for Women
  5. Women’s Rights under Family Law
  6. Shutting the Door on Refugees
  7. Water Challenges and Opportunities
  8. In Conversation with Dr. Ghulam Rasul on Hydrology
  9. In Conversation with Shafqat kakakhel: Internal Water Management Practices
  10. Come on Skipper !
  11. GUMM
  12. Annus Horibilis
  13. The Inhumanity of Pakistan’s Coal Industry
  14. Iran Nuclear Deal The U.S Withdrawal
  15. Method in the Madness
  16. Legal System Reforms
  17. Power Over Impulse
  18. Refugees and Migrants are People too
  19. PTCL – A Nonstop Journey Towards Excellence
  20. Gulgee – The Last of The Greats
  21. Patrik Hoffmann – Sonraj
  22. Pakistan’s Primordial Hindu Heritage
  23. Pakistan’s Migrant Tragedy
  24. PTCL – Fastest Growing Brand in Pakistan
  25. Keep Pakistan’s Wagon Hitched To The China Star
  26. Anique’s Chocolate Cake
  27. Selfless & Fearless – Lahore Qalandars
  28. NEWS PICKS
  29. Intellectual Property and Tourism
  30. Fitness with the Mughal
  31. REBEL WITH A CAUSE
  32. The Big Fat Lie – Cholesterol (Part-1)
  33. Mummy’s Recipes Roast Chicken & Veg
  34. ENGAGING HEADS HEARTS AND HANDS
  35. The Big Fat Lie – Cholesterol (Part-2)
  36. Q & A with Star of Parchi
  37. Addressing Sexual Abuse
  38. Q & A with EMAN ZAEEM & MEHR SAAD
  39. Pakistan’s Lost Children
  40. ENGLAND AND THE INDUSTRIAL REVOLUTION
  41. STICK WITH FRIENDS AND DITCH THE ENEMIES
  42. The Phenomenon that Stephen Hawking was!
  43. In Conversation with ANUSHAY ZEESHAN
  44. Q & A with owner of District 6 – Anum Rafat
  45. Ali Rehman Khan – Naturally A Star
  46. MUNIBA`S Call for Tolerance & Justice
  47. Q&A Muniba Mazari
  48. Health Quotient (Dental health)
  49. Money for nothing, bits for free
  50. FinTech
  51. TRADING THREATS OF WAR
  52. Crisis of Civilization
  53. Child Sexual Abuse
  54. Education is the only Solution
  55. Fit for Purpose
  56. BLUE CHIP TALKS TO THE CREATOR OF TEETOO AND TANIA
  57. Mini meringue recipe
  58. NEW ANIMATED TV SERIES PAKISTANI
  59. Changing the Perception of Public Transport Motorway Express
  60. AUSTENISTAN DEBUTS WITH ELEGANCE AND ENTHUSIASM
  61. PAKISTAN’S WOMEN OF 2017
  62. THE BEAUTY IN BUSINESS
  63. PERCEPTIONS ARE ALSO REALITY
  64. Blue Chip Q/A with Atiqa Odho
  65. Five major political events of 2017
  66. WHAT DOES TRUMP’S TWEET MEAN FOR CPEC AND THE REGION
  67. THE GLOBAL ECONOMY IN 2017
  68. AFGHANISTAN GOING DOWNHILL
  69. 2017 FOR PSX – THE CLIMB AND THE DECLINE
  70. What we can learn from Ghalib
  71. QUINOA SALAD WITH THAI DRESSING
Thu, Sep 20, 2018
  1. Steering Through Turbulence
  2. ExxonMobil – Close to hitting huge oil reserves in Pakistan, bigger than Kuwait’s
  3. NAYA PAKISTAN?
  4. Making ADR work for Women
  5. Women’s Rights under Family Law
  6. Shutting the Door on Refugees
  7. Water Challenges and Opportunities
  8. In Conversation with Dr. Ghulam Rasul on Hydrology
  9. In Conversation with Shafqat kakakhel: Internal Water Management Practices
  10. Come on Skipper !
  11. GUMM
  12. Annus Horibilis
  13. The Inhumanity of Pakistan’s Coal Industry
  14. Iran Nuclear Deal The U.S Withdrawal
  15. Method in the Madness
  16. Legal System Reforms
  17. Power Over Impulse
  18. Refugees and Migrants are People too
  19. PTCL – A Nonstop Journey Towards Excellence
  20. Gulgee – The Last of The Greats
  21. Patrik Hoffmann – Sonraj
  22. Pakistan’s Primordial Hindu Heritage
  23. Pakistan’s Migrant Tragedy
  24. PTCL – Fastest Growing Brand in Pakistan
  25. Keep Pakistan’s Wagon Hitched To The China Star
  26. Anique’s Chocolate Cake
  27. Selfless & Fearless – Lahore Qalandars
  28. NEWS PICKS
  29. Intellectual Property and Tourism
  30. Fitness with the Mughal
  31. REBEL WITH A CAUSE
  32. The Big Fat Lie – Cholesterol (Part-1)
  33. Mummy’s Recipes Roast Chicken & Veg
  34. ENGAGING HEADS HEARTS AND HANDS
  35. The Big Fat Lie – Cholesterol (Part-2)
  36. Q & A with Star of Parchi
  37. Addressing Sexual Abuse
  38. Q & A with EMAN ZAEEM & MEHR SAAD
  39. Pakistan’s Lost Children
  40. ENGLAND AND THE INDUSTRIAL REVOLUTION
  41. STICK WITH FRIENDS AND DITCH THE ENEMIES
  42. The Phenomenon that Stephen Hawking was!
  43. In Conversation with ANUSHAY ZEESHAN
  44. Q & A with owner of District 6 – Anum Rafat
  45. Ali Rehman Khan – Naturally A Star
  46. MUNIBA`S Call for Tolerance & Justice
  47. Q&A Muniba Mazari
  48. Health Quotient (Dental health)
  49. Money for nothing, bits for free
  50. FinTech
  51. TRADING THREATS OF WAR
  52. Crisis of Civilization
  53. Child Sexual Abuse
  54. Education is the only Solution
  55. Fit for Purpose
  56. BLUE CHIP TALKS TO THE CREATOR OF TEETOO AND TANIA
  57. Mini meringue recipe
  58. NEW ANIMATED TV SERIES PAKISTANI
  59. Changing the Perception of Public Transport Motorway Express
  60. AUSTENISTAN DEBUTS WITH ELEGANCE AND ENTHUSIASM
  61. PAKISTAN’S WOMEN OF 2017
  62. THE BEAUTY IN BUSINESS
  63. PERCEPTIONS ARE ALSO REALITY
  64. Blue Chip Q/A with Atiqa Odho
  65. Five major political events of 2017
  66. WHAT DOES TRUMP’S TWEET MEAN FOR CPEC AND THE REGION
  67. THE GLOBAL ECONOMY IN 2017
  68. AFGHANISTAN GOING DOWNHILL
  69. 2017 FOR PSX – THE CLIMB AND THE DECLINE
  70. What we can learn from Ghalib
  71. QUINOA SALAD WITH THAI DRESSING

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.”

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.

by Khurshid Ahmed

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