Failed to find oil and gas reserves in Karachi
Hopes for the discovery of large reserves of oil and gas off Karachi coast faded after it was officially announced on Saturday that the much-celebrated offshore drilling in Kekra-1 had been stopped because no reserves were found. The operators of the well have decided to plug it in the coming days.
Around 17 attempts have been made in the past, but all remained unsuccessful despite encouraging data from each drilling.
Talking to a private news channel, Special Assistant to the Prime Minister on Petroleum Nadeem Babar announced that the offshore drilling in Kekra-1 did not yield desired results.
At the same time, the officials say, oil and gas E&P is described as a ‘high risk- high reward’ business.