There have been rumors that ExxonMobil is close to discovering a large deposit of oil in Pakistan.
As multiple reports trickled out, it was further substantiated on August 4 when a Federal Minister Hussain Haroon made a statement linking the US oil and gas multinational to this discovery.
In a recent statement, the Pakistani Energy Ministry unequivocally denied the discovery of oil reserves. The statement also mentioned that ExxonMobil currently has no license for oil and gas exploration within her borders.
Critics are of the opinion that the statement may be a ploy to distract the international community but to also heighten the interest of foreign investors.
While it is funny that a Federal Minister will come out to give a report and later have it debunked, it will be of great interest if these rumors turn out to be true. Located at the border between Pakistan and Iran, it may set Pakistan ahead of Kuwait and Qatar in commercial oil deposits.