Islamabad:
While Pakistan celebrates the announcement by US President Donald Trump for the joint oil reserves of Pakistan oil reserves, Washington has not indicated whether his energy giant Exxonmobil will return to participate in the auctions for the oil and offshore gas fields.
Although Pakistan and the United States have a long history of relationship, American oil and gas companies have not remained very active here. The two provinces of Pakistan – Khyber -Pakhtunkhwa and Balutchistan – are rich in oil and gas depots, however, security challenges have hindered progress in potential projects.
Mistrust between Pakistan and the United States is still prevailing, because conspiracy theories suggest that offshore fields in Karachi sea water have significant hydrocarbon reserves.
Many people believe that Pakistan has not allowed Exxonmobil to go further at sea for offshore exploration during the mandate of the Pakistani government Tehreek-E-insaf (PTI). The reports indicate that the American company has requested access to an additional area in the field of Kekra to assess the prospects of finding oil and gas, but Pakistan has expressed its hesitation.
Now, the American president has concluded a new agreement for the development of the oil and gas field in Pakistan. This comes at a time when Islamabad invites foreign companies to submit offers for the offshore fields, which will open on September 30.
Discussions in the background with officials revealed that the United States had dozens of private energy companies, but there was no signal that would be participated in the development on the ground. Pakistan expects Exxonmobil to come back for a new offshore exploration company.
However, Pakistani officials point out that Trump’s announcement is only a commitment that American energy companies will come to Pakistan. “It will be clear in the coming days when the two countries will start talks at the official level by including energy companies to seek opportunities for joint ventures,” said an official.
This is an encouraging news because the United States has been inclined to India in the past. Even Indian oil and gas companies had formed joint ventures with American companies.
Earlier, Washington even refused to export liquefied natural gas (LNG) to Pakistan and showed its interest in dealing with Delhi. At that time, an official of the United States Embassy told the media that Indian companies had concluded joint ventures with American companies; Consequently, LNG trade doors were open for India, not Pakistan.
Recently, the American president referred to the investment of American companies in the mineral sector of Pakistan. US Exim Bank is one of the financiers interested in pumping capital in the Reko Diq copper and gold extraction project.
American companies also want to forge joint ventures with Pakistani companies in the mineral sector, which estimated the potential worth 8 dollars. Experts call it a new opening in the bilateral relationship between Pakistan and the United States which will open the way to notable investments.
