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Pakistan: Oil&gas firm Baker Hughes planning to exit the country

(AGI) - Karachi, Jul 25 - One of Pakistan's leading newspapers "Dawn" has report...

(AGI) - Karachi, Jul 25 - One of Pakistan's leading newspapers "Dawn" has reported that a leading international oil and gas services firm "Baker Hughes" is reportedly winding up its operations in Pakistan. Based in Houston, US, and operating in more than 90 countries, Baker Hughes is one of the largest oil field services companies in the world providing the oil and gas industry products and services for drilling, formation evaluation, completion and production and reservoir consultations. According to the report, this is happening at a time when the government of Pakistan claimed to have drilled a record 98 exploration wells in the country in a single financial year ending June 30 this year, surpassing its own target of drilling 94 wells. "Baker Hughes is pulling out of Pakistan in an abrupt manner and it's a major setback to our oil exploration companies," Dawn news has quoted a chief executive of an exploration and production company. This source has noted that gas exploration companies would remain unaffected by the US firm's exit, but oil exploration companies would suffer a lot. Shahid Raza, the Country Lead for Baker Hughes however, has denied reports about the company wounding-up abruptly. (AGI) .