And there has been no official word from ExxonMobil and the international oil exploration company ENI which have been involved since January in drilling an ultra-deep well (230km inside the sea) for oil in what is known as Kekra-1 area.
Italy’s ENI and US oil major Exxon Mobil are jointly drilling for gas offshore in Pakistan’s Arabian Sea.
The prime minister believes that if big oil reserves are discovered, most of Pakistan’s economic problems will be addressed and then there will be no stopping the country’s progress.
Brent crude futures settled at $67.30 per barrel, 83 cents, or 1.2 percent below their last close and down about 0.2 percent on the week.
U.S. West Texas Intermediate (WTI) futures fell 94 cents, or 1.6 percent, to settle at $59.04 per barrel.
As economic growth has slowed across Asia, Europe and North America, potentially denting fuel consumption, no breakthrough has emerged in the trade stand-off between Washington and Beijing, at least before meetings scheduled on March 28-29.
An earthen barrier holding chemicals that leaked from a massive petrochemical fire outside Houston breached on Friday, prompting restrictions on travel around the site, part of the busiest U.S. oil export port.
Intercontinental Terminals Co., a unit of Japan’s Mitsui & Co, called for a shelter-in-place around the Deer Park, Texas, fuels storage facility as chemicals were being pumped from damaged tanks holding thousands of gallons of fuel.
The Trump administration on Friday warned the government of Venezuelan President Nicolas Maduro over the detention of Americans, including six executives from Houston-based oil company Citgo Petroleum who have been jailed since 2017.
The State Department statement came a day after U.S. Republican Senators Ted Cruz and John Cornyn called on Maduro to release the six Citgo executives.
The former top employees of Venezuelan PDVSA’s refining subsidiary were arrested in late 2017 and accused of embezzlement and money laundering linked to talks to refinance Citgo’s debt.
The United States imposed sanctions on Venezuela’s development bank Bandes, a day after the Trump administration warned there would be consequences for the arrest of opposition leader Juan Guaido’s top aide.
Guaido, who invoked the constitution to assume the interim presidency in January, has accused Bandes of being used by officials of Maduro’s government to steal funds.
Bandes has received billions of dollars over the past decade from the China Development Bank.
A three-day petrochemical fire that spread a cancer-causing chemical and thick smoke over Houston suburbs this week has spurred calls for tougher safety regulations that could affect a nearly dozen crude-export terminals proposed for the U.S. Gulf Coast.
Federal, state and local officials have begun investigating whether Mitsui & Co’s Intercontinental Terminals Co (ITC) met safety and environmental regulations after the fire in Deer Park, Texas, spread quickly among rows of giant tanks that hold up to 3.3 million gallons of fuel each.
A state lawmaker recently filed a bill that would speed air-quality permit reviews for energy projects before environmental regulator Texas Commission on Environment Quality, one of the groups now investigating ITC.
The arrest of a former Brazilian president on corruption charges is raising questions about how a Swedish consulting company won a contract to help build a nuclear power plant at the center of what prosecutors say was a massive bribery and kickback scheme.
Pinheiro da Silva, according to a charging document filed by prosecutors, was a political appointee of Temer.
A law firm representing Pinheiro da Silva did not immediately return a phone call seeking comment.