PTI reported that Pakistan's hopes for the discovery of large reserves of oil and gas off Karachi coast in the Arabian Sea faded as it stopped the much-celebrated offshore drilling after no oil and gas reserves were found. Dawn reported that special assistant to the prime minister on Petroleum, Nadeem Babar, announced that the offshore drilling in Kekra-1 did not yield desired results. The paper said that "The operators of the well have decided to plug it in the coming days. Around 17 attempts have been made in the past, but all remained unsuccessful despite encouraging data from each drilling.
A senior official of the petroleum division said that after drilling more than 5,500 metres reserves were not found. Therefore, he added, it had been decided to plug the well and abandon the project.
The paper added that around USD 100 million has been invested in the project, but the officials of the petroleum division maintain that the data received from the drilling and other seismic studies of the well will be useful for future exploration activities in the region.
At the same time, the officials say, oil and gas E&P is described as a "high risk-high reward" business and the failures should not be taken as a loss.
The drilling was initiated around four months back by ENI, an Italian oil and gas exploration and production (E&P) giant, which is the operator of Kekra-1. The other four partners of the well were ExxonMobil of the US one of the world's largest oil and gas firms Pakistan Petroleum Limited and the Oil and Gas Development Company Limited (OGDCL).
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