oleocene.org

Barrick seeks $3.5B financing for Pakistan copper mine

Staff Writer | August 11, 2025 |

Barrick Mining (NYSE: B)(TSX: ABX) aims to secure up to $3.5 billion in financing from the United States and other international lenders to build a massive copper-gold mine in Pakistan, after long-promised Saudi funding failed to materialize.


Chief executive Mark Bristow told the Financial Times on Monday that the company is working on a “G7-country financing package” for the Reko Diq project in Balochistan province. Talks involve the World Bank’s International Finance Corporation (IFC), the US Export-Import Bank and Development Finance Corporation, the Asian Development Bank, and lenders in Germany, Canada and Japan.

“There is a lot of interest to support Pakistan,” Bristow told FT, adding the $9-billion project had “focused a spotlight” on the region.

Bristow said any US government backing would give the country access to copper concentrate from the mine, though the material would still need to be processed into metal.

“The challenge for the US is smelting to capacity; it’s all spoken for,” he said, noting the country needs more domestic smelters to reduce its reliance on Chinese metal imports.

Reko Diq is considered one of the largest undeveloped copper-gold deposits in the world, projected to generate more than $70 billion in free cash flow over the next 37 years and $90 billion in operating cash flow over its lifetime. The project is jointly owned by Barrick and the governments of Pakistan and Balochistan.

Phase one, targeted to begin production in 2028, is under active financing negotiations. Project director Tim Cribb said earlier this year that the mine is seeking $650 million from the IFC and International Development Association, $500 million to $1 billion from the US Export-Import Bank, and $500 million from other development finance institutions, including the Asian Development Bank, Export Development Canada and the Japan Bank for International Cooperation.

Pakistan: les pluies de la mousson «inhabituelles» font des centaines de morts.

Des pluies torrentielles et subites ont fait, jeudi 14 et vendredi 15 août, près de 200 nouvelles victimes dans le nord du Pakistan, portant ainsi à plus de 500 le nombre de tués depuis le début de la mousson fin juin 2025.

Le Pakistan, cinquième pays le plus peuplé au monde, est l'un des plus vulnérables aux effets du changement climatique.

Pakistan to offer US firms concessions on mining investment in tariff talks, says Minister

23rd May 2025
ISLAMABAD - Pakistan plans to offer concessions to US companies to invest in its mining sector as part of negotiations with Washington over tariffs, its commerce minister told Reuters, as Islamabad seeks to capitalise on the Trump administration’s interest in boosting trade with South Asia.

Pakistan faces a potential 29% tariff on exports to the United States due to a $3-billion trade surplus with the world's biggest economy, under tariffs announced by Washington last month on countries around the world. Tariffs were subsequently suspended for 90 days so negotiations could take place.

Pakistan's Commerce Minister Jam Kamal said that Islamabad will offer US businesses opportunities to invest in mining projects primarily in Pakistan's Balochistan province through joint ventures with local companies, providing concessions like lease grants.

The minister said that would be in addition to efforts to increase imports from the United States, particularly cotton and edible oils, which are currently in short supply in Pakistan.

Pakistan would put its offer of concessions for mining investment to US officials during talks over tariffs in the coming weeks.

Kamal did not give further information on the bidding process of these mines or other details.

"There is untapped potential for US companies in Pakistan, from mining machinery to hydrocarbon ventures," he said in an interview with Reuters conducted on Thursday.

Pakistan’s Reko Diq copper and gold mining project in Balochistan seeks up to $2-billion in financing, including $500-million to $1-billion from the US Export-Import Bank, with term sheets expected by early in the third quarter of this year, its project director told Reuters last month.

The mine could generate $70 billion in free cash flow and $90 billion in operating cash flow over its lifespan.

US President Donald Trump has said that he’s working on "big deals" with both India and Pakistan, following Washington’s key role in brokering a ceasefire between Pakistan and India earlier this month following the worst fighting in decades between the nuclear-armed neighbours.

"The previous US administration focused more on India, but Pakistan is now being recognised as a serious trade partner," Kamal said.

Pakistan will gradually lower tariffs in its upcoming federal budget, Kamal said.

He said that the United States has not specified trade barriers or priority sectors. The US Embassy in Islamabad did not immediately respond to a request for comment.

Second Pakistani Hualong One unit passes final acceptance

Tuesday, 22 April 2025

A ceremony has been held to mark the final official acceptance of unit 3 at the Karachi nuclear power plant in Pakistan's Sindh province. Constructed by China National Nuclear Corporation, it is the second Chinese-supplied Hualong One reactor at the site.


The final acceptance ceremony (Image: CNNC)

The ceremony was held at the Karachi site on 18 April, with representatives from China and Pakistan jointly signing the final acceptance certificate.

Karachi units 2 and 3 are the first exports of CNNC's 1100 MWe Hualong One pressurised water reactor, which is promoted on the international market as the HPR1000. Construction of unit 2 began in 2015 and unit 3 the following year. Karachi 2 achieved first criticality in February 2021 and was connected to the grid the following month after the completion of commissioning tests. The final acceptance certificate for Karachi 2 was signed in May last year.

Unit 3 achieved first criticality in February 2022 and was connected to the grid the following month. It passed preliminary acceptance tests on 18 April 2022, marking its entry into commercial operation. A ceremony was held to mark the inauguration of unit 3 in February last year.


Karachi units 2 and 3 (Image: CNNC)

CNNC describes the Karachi Hualong One units as "a landmark project for China's nuclear power technology export". The acceptance of both units, it says, "verifies the technical maturity and international market adaptability of China's independent third-generation nuclear power technology Hualong One, and provides a 'Chinese solution' of clean energy that can be promoted for the countries jointly building the Belt and Road".

The two Karachi units have so far generated more than 48 billion kWh of electricity, "effectively alleviating Pakistan's power shortage pressure", CNNC said. According to the company, this generation has reduced standard coal consumption by 14.976 million tonnes and cut carbon dioxide emissions by 39.168 million tonnes annually, "providing nuclear power for Pakistan's energy structure optimisation, low-carbon transformation and sustainable development".

The Karachi site - also sometimes referred to as KANUPP - was home to Pakistan's first nuclear power reactor, Karachi 1 - a small 100 MWe (90 MWe net) Canadian pressurised heavy water reactor which shut down in 2021 after 50 years of operation.

In August 2023, Pakistan's Executive Committee of the National Economic Council formally approved a project to build Chashma unit 5, a Hualong One reactor, at Mianwali in Punjab, on a site that is already home to four operating Chinese-supplied CNP-300 pressurised water reactors. First concrete for Chashma 5 was poured in late December 2024.

Pakistan Upgrades Its Oil Reserves Estimate by 23%

By Tsvetana Paraskova - Apr 18, 2025

Pakistan has recorded the first substantial increase in its domestic oil reserves since 2020, with new discoveries and higher production leading to a 23% annual increase in reserves to 238 million barrels as of December 2024.

The key fields contributing to the increase include Pasakhi/Pasakhi North East, Rajian, Kunar, Sono, Thora, Jhandial, and Lashari Centre, according to a report by Arif Habib Limited cited by Pakistani media.

Natural gas reserves in Pakistan remained relatively flat last year compared to the gas reserve estimate for 2023.

Despite an increase in domestic oil reserves, Pakistan relies on imports, too, to meet its demand.

Last year, crude oil imports averaged about 137,000 barrels per day (bpd), with most of the foreign crude sourced from Middle Eastern exporters such as Saudi Arabia and the United Arab Emirates (UAE).

Currently, Pakistan is actively considering the idea of importing U.S. crude oil for the first time to seek a reduction of its trade surplus with America and avoid one of the highest tariffs – currently paused – on its goods sold in the United States.

Crude oil is one of the products that Pakistan is actively exploring to buy from the U.S. to appease President Donald Trump, a Pakistani government source and an executive at a local refinery told Reuters earlier this week.

Last week, Pakistan signed an agreement with Turkey to jointly explore and potentially develop oil and gas resources offshore Pakistan.

Turkish Petroleum Corporation, or TPAO, and Pakistan’s three national oil companies will make joint bids for some blocks in this year’s tender for 40 offshore blocks in Pakistan, Turkey’s Energy Ministry said last week.

“This step will deepen the strategic energy partnership between Türkiye and Pakistan and will also be an important threshold in terms of regional energy security,” Turkish Energy Minister Alparslan Bayraktar said in a statement.

Turkey, Pakistan To Explore World’s Fourth Largest Oil & Gas Reservoir

By Andrew Topf - Apr 12, 2025,

Newly discovered offshore oil and gas deposits in Pakistan’s territorial seas could be brought to surface by Pakistan and Turkey.

The two countries this week signed an agreement at the 2025 Pakistan Minerals Investment Forum in Islamabad to jointly bid on 40 offshore blocks. A bidding round for the granting of exploration licenses for the blocks, located in the Makran and Indus basins, was announced by the Pakistan government in February.

According to News.AZ, Pakistan’s Mari Energies Limited, Oil and Gas Development Company Limited and Pakistan Petroleum Limited will jointly participate in the offshore bidding round with Turkish state-owned enterprise Türkiye Petrolleri Anonim Ortakl??? (TPAO).

Modern Diplomacy said the finding, made during a three-year survey, compiled data that suggests it is the fourth biggest oil and gas reservoir in the world. Venezuela, Saudi Arabia and Canada are the three countries with the largest proven oil reserves.

The cache is reportedly so large it could change the economic direction of Pakistan, where one in four people live in poverty.

........................

MOL Pakistan makes 3 new discoveries in the TAL Block with Razgir-1 exploratory well

le 17/08/2024 europetrole

MOL Pakistan (MOL Group) has made 3 significant gas discoveries in the TAL Block, where the company has operated for 25 years and produced hydrocarbons for 19 years. The Razgir-1 exploratory well was spudded on 9 January 2024, and drilled to 3,950 meters. Three successful well tests have been performed so far in 3 separate geological formations. MOL is the operator of the TAL Block and its share is 8.4 % of the volumes produced.

MOL spudded the Razgir-1 well in January 2024 and completed it ahead of the target date while testing operations are in progress to ascertain the full potential of the well.

Gas and condensate were discovered in 3 reservoirs. In total, “Lumshiwal-1 Formation” tested approx. 3800 boepd of gas and condensate. The “Kawagarh Formation” tested at approx. 3000 boepd, while in the “Lockhart Formation”, an approximate flow rate of 3500 boepd was achieved. With production strategy still to be assessed, MOL’s share is expected in the 400-800 boepd range, adding up to cca. 1% to the Group’s total hydrocarbon production.

“By using state-of-the-art technology combined with the creativity of our highly skilled colleagues, MOL Pakistan was able to secure these discoveries in the TAL Block, in a mature area where the company has carried out exploration and production activity for 25 years. This result shows the resilience and professionalism of our team that provides energy supply security in Pakistan for two decades. The new well marks the long-awaited exploration campaign recommencement in the TAL Block and a major milestone for MOL Pakistan. We look forward to the production phase of the project” – said Zsombor Marton, Executive Vice President, Exploration and Production, MOL Group.

MOL Pakistan, a fully owned subsidiary of MOL Group, has been operating in Pakistan since 1999. The Company holds working interests in 4 blocks and operatorship in the TAL and Margalla Blocks.

MOL made its first hydrocarbon discovery in Pakistan in 2002 and has since announced a total of 13 commercial discoveries, most recently in 2020 in the TAL block with the drilling of Mamikhel South-1 well. Since entering the Pakistani market, MOL has discovered more than 400 million barrels of oil equivalent of proven and probable (2P) reserves in the TAL Block. As the operating shareholder, MOL is responsible for 65 mboepd gross production in the TAL Block. MOL’s partners in the Joint Venture consortium are local O&G companies, OGDCL, PPL, POL and GHPL and MOL’s share is 8.4% of the volumes produced.

MOL Pakistan contributes substantially to the energy security of Pakistan. With the production of 15,000 barrels/day, the company is the 2nd largest condensate producer in the country, 2nd largest in LPG production with 425 metric tons/day and the 5th largest gas producer, extracting 250 million standard cubic feet/day.

The company plays an important role in MOL Group's international portfolio, representing 7% of the group’s total hydrocarbon production.

Karachi 2: Final sign-off for first Hualong One export
21 May 2024


Representatives from China and Pakistan formally signed the final acceptance certificate for Karachi unit 2, just over three years after the 1100 MWe unit started up.

Karachi 2 was declared in commercial operation in May 2021. Since then, various performance indicators have been gradually optimised, and operating performance and WANO indicators have been continuously improved, China National Nuclear Corporation (CNNC) said. The unit has generated a total of nearly 23 billion kWh, reducing coal consumption by 7.176 million tonnes and carbon dioxide emissions by 18.768 million tonnes per year.

Experience gained from the design, construction, commissioning and operation of the unit will be used to improve new projects, including preparations for the construction of Chashma unit 5 - for which a ground-breaking ceremony was held last year - the company added.
...............................

nemo a écrit : ↑

11 avr. 2024, 15:56

https://www.youtube.com/watch?v=Dq4AHQgTAs4
Une vidéo sur les tensions ethniques au Pakistan et le lien avec l'Afghanistan et l'Iran. Ou comment l'existence même du Pakistan est peut être en danger.

OGDCL Declares Gas Discovery in Pakistan's Khewari Block

by Paul Anderson|Rigzone Staff|Thursday, February 22, 2024

Pakistani oil and gas exploration player Oil and Gas Development Co. Ltd. (OGDCL) has announced a “significant gas-condensate discovery“ at the Kharo-1 well located in District Khairpur, Sindh Province.

OGDCL operates the Khewari Block, holding 95 percent working interest, with Government Holdings Private Limited (GHPL) holding five percent.

OGDCL said in a news release that the execution of drilling and testing operations for the Kharo-1 well structure undertaken with its proprietary expertise reached a depth of 3,762 meters (12,342 feet). In subsequent testing procedures OGDCL registered 14.3 million standard cubic feet per day (MMscfd) of gas. This is in addition to 93 barrels per day (bpd) of condensate.

The results were attained at a 32/64-inch choke size, under a wellhead flowing pressure (WHFP) of 2,737 pounds per square inch (psi) emanating from the massive sand strata of the Lower Goru Formation, the company said.

Kharo-1 has the potential to significantly enhance the hydrocarbon reserves of OGDCL and its joint venture partners, it said

The Kharo-1 well discovery came after the discovery at the Dars West Well 2 in district Tando Allah Yar, Sindh Province. OGDCL is operator of the Dars West Development and Production Lease with a 77.5 percent working interest. Its joint venture partner GHPL holds a 22.5 percent working interest. During the tests ran at the well in December last year, the JV recorded 8.51 MMscfd of gas and 360 bpd of condensate through a choke size of 32/64“ at WHFP of 1947 PSI from the Lower Guru C-Sand.