Home » Breaking News, Business » Joint bid for BP Pakistan assets announced by OGDCL

Joint bid for BP Pakistan assets announced by OGDCL

imagesKARACHI: Pakistan’s biggest listed firm, the Oil and Gas Development Co. Ltd. (OGDCL), on Monday announced it will make a joint bid for BP’s assets in Pakistan with Pakistan Petroleum Ltd (PPL).

BP announced its plans to sell its upstream assets in Pakistan in July, as part of a $10 billion global asset sale aimed at raising cash to pay for its Gulf of Mexico oil spill.

“We will bid jointly with PPL,” OGDCL spokesman Basharat Mirza said, adding the bid will be submitted later in the day.He did not give any details of the pricing.OGDCL already has some stakes in BP’s Pakistan assets.

PPL is Pakistan’s second-largest listed firm by market value. BP’s upstream assets and related operations, which it plans to divest, include nine producing and exploration onshore blocks and four offshore exploration blocks in the Arabian Sea, according to official sources.

They contribute about 14 per cent of Pakistan’s total oil production and 6 per cent of its domestic gas production.

UBS analysts estimated the worth of BP’s fields in Pakistan at $690 million in a research note in July.BP’s main assets are in Badin in the southern Sindh province, comprising four concessions – Badin-I, Badin-II , Badin-IIR and Badin-III.

Of the four concessions, OGDCL has pre-emptive rights in all but Badin-I block, a source said last month. They also said then that if it wins, OGDCL will not seek direct involvement and will operate the acquired assets through a company, jointly owned by it and PPL.

Like this story?

More News on EPakistanNews.com

Pakistan News update 24 hours, latest breaking news updates in Pakistan, Pak news, Pakistan Urdu columns, latest news pakistan, political news updates, E Pakistan Newspaper, Karachi News, Karachi Updates, Lahore news, Islamabad news, Multan news and more breaking news, E Pakistan News brings Latest Pakistan News, headline news, pk politics, News online, sports, politics news from Pakistan.

Home - Disclaimer - Follow us on Twitter - Like us on Facebook

Copyright © 2010-2015, E Pakistan News, All rights are reserved.
This material may not be published, broadcast, rewritten or redistributed without permission are strongly prohibited.
if you need any further assistance please contact us via email epn@epakistannews.com