PAKISTAN: PRIME MINISTER BHUTTO ANNOUNCES NEW OIL FIND -- 'NEAR SELF-SUFFICIENCY IN THREE YEARS'.
Record ID:
344945
PAKISTAN: PRIME MINISTER BHUTTO ANNOUNCES NEW OIL FIND -- 'NEAR SELF-SUFFICIENCY IN THREE YEARS'.
- Title: PAKISTAN: PRIME MINISTER BHUTTO ANNOUNCES NEW OIL FIND -- 'NEAR SELF-SUFFICIENCY IN THREE YEARS'.
- Date: 23rd December 1976
- Summary: 1. GV EXT National Assembly Hall, Islamabad, Pakistan 0.13 2. ???s INT Pakistani Prime Minister Bhutto Addressing Parliament (3 shots) 0.43 3. GV & SVs Assembly delegates applaud as Bhutto raises bottle of oil and walks to Opposition leader Mufti Mahmud, hugs him, and returns to speakers' platform (4 shots) 1.31 Initials BB/0200 Script is copyright Reuters Limited. All rights reserved
- Embargoed: 7th January 1977 12:00
- Keywords:
- Location: ISLAMABAD, PAKISTAN
- Country: Pakistan
- Reuters ID: LVA29DMWALN1SN73MLR6AMK62SMS
- Story Text: Pakistan's new oil find -- which could make the nation almost self-sufficient in three years time -- was announced in Parliament by Prime Minister Zulfikar Ali Bhutto on Tuesday (21 December).
SYNOPSIS: Pakistan spends about one million US dollars a day on its petroleum imports. The new field, the Prime Minister told Parliament, contains an estimated 200 million barrels. This would help Pakistan achieve near self-sufficiency in its oil needs, he said, for at least ten years. The find came at an appropriate time, he told Parliament, with the recent rise in the price of oil from members of OPEC -- the Organisation of Petroleum Exporting Countries. The strike is in Pakistan's Punjab Province, on the northwest frontier.
Mr. Bhutto showed a bottle of crude oil taken from the find to cheering members of parliament. Later, the Chairman of the taken-run Oil and Gas Corporation told a news conference that the strike--made a week earlier--could produce more than the estimated 200 million barrels. Exploration was still continuing, he said, and more ells were being sunk in the area. The find is in rugged country, but at a shallow depth--making production relatively easy. It also contains valuable large quantities of natural gas. Mr. Bhutto, who shared his enthusiasm with the leader of the Opposition, said the crude oil was of a very high quality -- needing little refining.
- Copyright Holder: REUTERS
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