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Pakistan starts deep sea Oil and Gas exploration within its territorial waters

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Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]
Oil and gas exploration work has started at 230 nautical miles from Karachi port within territorial waters of Pakistan. On Sunday January 13, mother-ship “Saipem 12000” has started drilling for the Oil and Gas.

Initial 12 hours report was submitted to the company. Besides 6th generation ultra-Deepwater drillship Saipem 12000, three supply vessels were buoyed for the fast pace drilling activities.

Saipem has been awarded new onshore and offshore drilling contracts worth approximately 255 million USD in total.

In onshore drilling the new contracts have been obtained in Argentina, Ecuador and Peru.

In offshore drilling, a contract has been signed with Eni Messico for the drilling, offshore Mexico, of 15 wells, plus 13 optional ones split in three different options. Work is expected to commence in the first quarter of 2019 utilizing the new high specification Jack-Up Pioneer chartered from Jindal group. This unit will enlarge Saipem’s shallow water drilling fleet, for the period of contract validity.

Another contract has been awarded by Eni in the offshore Norwegian sector for which the Scarabeo 8, a harsh environment high specialized semi submersible drilling unit, will be deployed. The work consists of the drilling of one well in 2019.

Furthermore, Saipem consolidates its presence in the Middle East, a strategic area for the Company, thanks to the extension of offshore drilling activities of Jack-Up drilling units already operating in the area.

Finally, two contracts have been awarded by Eni, one in Pakistan, with the drillship Saipem 12000 and one contract extension in Indonesia, with the utilization of Scarabeo 7.

Stefano Cao, Saipem CEO, commented: “The awarding of important contracts in onshore drilling in South America marks the solidification of Saipem in the area and the strengthening of our presence in a market of particular interest in terms of size and prospects for growth. The new offshore drilling contracts confirm the Company’s consolidation strategy both with long-term and new clients with a view to growth in the drilling market”.

Saipem is one of the world leaders in drilling services, as well as in the engineering, procurement, construction and installation of pipelines and complex projects, onshore and offshore, in the oil & gas market. The company has distinctive competences in operations in harsh environments, remote areas and deepwater. Saipem provides a full range of services with “EPC” and “EPCI” contracts (on a “turn-key” basis) and has distinctive capabilities and unique assets with a high technological content.

Read more: US giant ExxonMobil to start deep sea exploration at port city of Pakistan from January 6

It is pertinent to note here that Pakistan has exempted customs duty and other levies from the import of drilling rigs, vessels and other equipment in a bid to stimulate offshore exploration.

 

 

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