Oil Giant ExxonMobil to re-enter Pakistani Market

After being away for nearly three decades ExxonMobil, the world’s largest publicly traded international oil and Gas Company is set to re-enter Pakistani market. The company has registered its local affiliate in Pakistan “ExxonMobil Pakistan (Private) Limited” and secured office space in Islamabad for head office, which marks the official return of ExxonMobil to Pakistan. The company’s Chairwoman Emma Cochrane, LNG Market Development, Visited Pakistan in late November along with Michael Deal, Vice President ExxonMobil Exploration Co, as well as other senior officials. Company’s Chief Executive Officer Irtiza Sayyed said “With the permanent presence on an ExxonMobil head office in Pakistan, our other business ventures will explore the feasibility of the opportunities in the energy sector”

ExxonMobil has been actively pursuing energy related opportunities for several years. Two of most significances are as follows: (i) ExxonMobil Exploration and Production Pakistan BV has completed acquisition of a 25 per cent interest in Block-G (offshore) for which Eni Pakistan Limited will continue to be the operator. The PPL and OGDC are 25 per cent shareholders apart from ENI and ExxonMobil. The first exploration well is planned for January 2019; (ii) ExxonMobil LNG Market Development Inc has partnered with Pakistani Consortium Energas to support the development of Pakistan’s third LNG import terminal with reliable supply of LNG from its joint ventures to private consumers consisting of IPPs and the CNG industry in the near term, with the desire to supply other sectors as they develop. Energas is sponsored by Younus Brothers (Lucky Cement), Saphire Group and Halmore Power Company.