Off-shore Drilling ship Saipem 12000 will stop drilling from June to September 2019 due to rough sea condition, it’s impossible for the ship to maintain its position at the drilling hole.
Pakistan’s economy and the energy sector are currently betting on a new oil and gas discovery, as a consortium of foreign and local companies have started offshore spud work some 230 kilometers from Karachi with renowned drilling ship Saipem 12000 where reserves are likely to be more than the Sui field.
Primarily drilling was planned to be carried out at Kekra-1 of the Indus G-block around 5,800 meters deep from the sea level with Saipem 12000 and was expected to be completed in a period of two months at a cost of $70-$80 million, to be contributed equally by the joint venture partners.
The joint venture has been formed by ENI, ExxonMobil (that has come back to Pakistan after nearly three decades), Oil and Gas Development Company (OGDC), and Pakistan Petroleum (PPL) to spud the Kekra-1 exploration well.
Both Pakistani Govt owned companies have 25% share each in this Project.
However, there have been warnings too of another dry well, as has been experienced in the past. Pakistan has drilled 17 offshore wells to date and most failed to reach the target reservoirs.
The last offshore well Shark-1, a JV of PPL and ENI was spud in 2010 at exploration cost of $40-$45 million, and was found to be commercially unfeasible after three months of drilling.
If drilling in Indus G-block turns out to be unsuccessful, it could be another blow to Pakistan and its exploration companies that were in dire need of some major discoveries given fast depleting hydrocarbon reserves.