Baku, Azerbaijan, August 7
Trend:
Huge oil reserves, even potentially larger than Kuwait’s crude reserves, have been detected in Pakistan near the border with Iran.
According to reports published by Pakistani media outlets, Exxon Mobil Corp is close to discovering huge oil reserves in Pakistan near the border with Iran.
Pakistani officials, Pakistani Minister for Maritime Affairs and Foreign Affairs Abdullah Hussain Haroon, also confirmed the news, saying that Exxon had drilled for oil close to the Iranian border.
The reports added that the oil discovery in Pakistan turns out to be as large as expected, the country would rank among the world’s top ten oil producing countries, ahead of Kuwait.
Oil reserves in Kuwait make up 8 percent of the oil reserves in the world. Kuwait is OPEC's third largest oil producer and claims to hold approximately 104 billion barrels (16.5×109 m3). This includes half of the 5 billion barrels (790×106 m3) in the Saudi-Kuwaiti neutral zone which Kuwait shares with Saudi Arabia.