Oil plans to invest $5 billion to explore drilling sites in Pakistan

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Oil and fuel operating in Pakistan plan to invest $5 billion over the next three years to explore drilling sites in the South Asian country, Pakistani Prime Minister Shehbaz Sharif said over the weekend.

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Pakistan has set up a committee that will draft proposals to attract investment in oil and fuel exploration after consulting with the industry, Pakistani media outlet The News reported.

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In addition to attracting investment in exploration, Pakistan needs to increase its oil imports from Russia, the Pakistani prime minister said.

Pakistan has held talks with Russian President Vladimir Putin, Sharif said.

“I hope it will make a stopover in Pakistan soon,” the Pakistani prime minister was quoted as saying by The News.

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Last year, Pakistan began importing Russian crude oil, mainly from government to government, as part of an import trial with cargoes set to arrive in June 2023.

Pakistan is desperate to import cheap energy after being outperformed in the market in 2022, when oil and fuel costs soared as its foreign exchange reserves declined. The country has entered into a currency exchange with China, which would force it to pay for crude rather than use the small reserves of U. S. dollars it has.

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The personal refinery, which is Pakistan’s largest refinery with a capacity of 156,000 barrels per day (b/d), has consulted with sanctions advisers and conducted due diligence so that the acquisition does not violate sanctions on Russia, a Cnergyico spokesperson said. Reuters at the press conference. time.

By Tsvetana Paraskova for Oilprice. com

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