OPINION: One of the most eagerly watched exploration wells of 2019, the Eni-operated ultra-deepwater Kekra-1 off Pakistan, has failed to deliver the hoped-for gas giant – dealing a blow to the energy-hungry and import-reliant nation.

Kekra’s pre-drill reserves had been touted at 9 trillion cubic feet of gas or 1.5 billion barrels of oil equivalent, which would have had a significant impact on Pakistan’s supply-demand balance.

Success would likely also have buoyed further exploration in its deep-water plays that have delivered across the maritime border in Indian waters.

As recently as last week, Pakistan Prime Minister Imran Khan was buoying the population with talk of imminent “good news” from the Kekra wildcat - but it did not come to pass.

This was the 18^th unsuccessful attempt to make a sizeable find off Pakistan and Eni’s third unsuccessful frontier carbonate build-up test following the giant Zohr discovery offshore Egypt four years ago, according to analysts Westwood Global Energy Group.

"The Kekra prospect is understood to have been well positioned for hydrocarbon charge from potential source kitchens and so its failure may point to a lack of effective source rock which will temper enthusiasm for further drilling in the basin," Jamie Collard, senior analyst at Westwood Global noted.

Whether Eni and its partners choose to again spin the drill bit on their Block Indus-G remains to be seen but the concern now is that the disappointing Kekra well will deter others from exploring and taking up new acreage in Pakistan.

Palzor Shenga, senior analyst at Rystad Energy, said the failure is "a major blow not only to the country, but also for the companies involved".

Eni is joined at Kekra by ExxonMobil, state-owned Oil & Gas Development Company and Pakistan Petroleum Ltd (PPL), each with a 25% interest.

"It seems unlikely at this stage that there will be another attempt at offshore exploration in Pakistan, despite the fact that the country’s ultra-deepwater zone is competitively priced,” Shenga continued.

"Most international companies have already fled the cash-strapped country, which is plagued by Islamist militant violence.

“The disappointing result of this well can be expected to have a negative impact on future offshore licensing rounds in Pakistan.”

It is not to say that giant fields will never be discovered off Pakistan – upwards of 30 wells were drilled off India before that nation tasted the sweet smell of significant exploration success at Bombay (now Mumbai) High.

However, at a potential $100 million per well with a question mark over effective source rock that’s an expensive roll of the dice for any player.

(This is an Upstream opinion article.)

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OPINION: Pakistan prospectivity in question after Kekra duster