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The Privatisation Commission has invited qualified strategic investors to
submit Expression of Interest (EOI) for acquiring 51 % equity stake with
management control in Pakistan Petroleum Limited (PPL), on an 'as is where is'
basis, one of the largest Exploration & Production companies of Pakistan
operating in various production and exploration concessions in the country.
Last date for submission of Statement of Qualification by all interested
parties is April 30, 2005. They have been asked to send their EOIs along with
non refundable processing fee of US $ 5000/- or Rs.300,000/- at their earliest
with name of company/ group, audited financial statements of the preceding
three years and details of ownership/ group structure.
PC will send Request for Statement of Qualification (RSOQ) on the receipt of
the required information along with EOI. Early submission of EOI will allow
parties maximum time to complete their RSOQ requirements.
PPL has remaining proven plus probable (2P) reserves of 6.9 tcf gas and 15.0
mmbl Oil/NGL as of July 01, 2004, 82 % of which are operated by PPL with
production of 942 MMcfd gas and 1,697 bbl per day Oil/NGL for FY 2004,
representing about one third of Pakistan's total gas production. During FY
2004 PPL has shown revenues of PKR 17,668 million (US $ 299 million) and
profit after tax of PKR 6,617 million (US $ 112 million). The company has
significant portfolio of producing assets consisting of operating (Sui,
Kandhkot, Adhi and Mazarani) and non-operated (Qadirpur, Sawan and Miano,
Block-22 and Tal) fields. It has strong exploration track record and
prospective exploration portfolio comprising fourteen blocks (eightoperated by
PPL and remaining six by other joint venture partners).