Not finding oil reserves was expected, but PTI had to save face so it gave false hope

After a lot of anticipation, the news finally arrived a few days ago that the much hyped oil exploration off the shore of Pakistan has ended in failure. This attempt by Exxon Mobil has cost the Pakistani exchequer about $100 million. This failure marks Pakistan’s 18th attempt at trying to find oil in the deep sea, but this should not be a cause for concern as offshore drilling is considered to be a ‘high risk, high reward’ business with a small chance of success associated with each attempt. Moreover, although this attempt is a failure, experts are hoping that future ...

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