ISLAMABAD: As Pakistan welcomes U.S. President Donald Trump’s announcement on joint development of its oil reserves, hopes are rising for a potential return of American energy giant ExxonMobil to offshore exploration.
Although Washington has yet to confirm which U.S. companies will participate, Pakistani officials anticipate ExxonMobil’s renewed interest, especially with offshore bidding for oil and gas fields set to open on September 30.
Historically, U.S. oil and gas firms have remained relatively inactive in Pakistan despite strong diplomatic ties and the country’s vast untapped reserves, particularly in Khyber-Pakhtunkhwa and Balochistan. Security concerns and strained trust have hindered progress, with conspiracy theories long circulating about significant hydrocarbon potential off Karachi’s coast.
ExxonMobil had previously explored the Kekra offshore field but was reportedly denied access to further promising zones during the Pakistan Tehreek-e-Insaf (PTI) government’s tenure. This fueled speculation that strategic hesitations limited its exploration efforts.
Now, with Trump’s latest energy cooperation announcement, the Pakistani government sees an opportunity to revive foreign interest. “It will be clear in the coming days when official-level talks begin, with U.S. companies exploring joint venture options,” a government official said.
The potential re-engagement of U.S. firms is notable, especially after years of American alignment with India in energy deals. In the past, Washington prioritized LNG trade with Delhi while denying similar access to Islamabad.
Recently, the U.S. Exim Bank also expressed interest in financing Pakistan’s \$8 trillion mineral sector, including the Reko Diq copper and gold mining project. Experts believe this renewed U.S. engagement marks a turning point, opening doors for strategic investments in Pakistan’s energy and resource sectors.
Story by Zafar Bhutta
