By the OGJ Online Staff
HOUSTON, May 14 -- Pakistan's Privatization Commission plans to accept bids in late July or early August on the government's working interest in nine oil and gas concessions.
Pakistan nets 9,000 b/d of oil and 60 MMcfd from the nine blocks, which have 50 million boe/d of reserves.
Gaffney, Cline & Associates and JP Morgan Co. are financial advisers for the sale. They will issue an information memorandum in early June, about the time they make presentations on the sale in London, Calgary, and Houston.
GCA and JP Morgan said, "The Pakistan government is now making real progress both in its privatization program and in attempts to reform the petroleum sector and encourage new players and additional activity. Set alongside the potentially significant growth in energy demand in the country and recent gas discoveries, we believe that this sale is being offered at a particularly good time."
The government is selling its 17.5% interests in the Minwal and Pariwali concessions and 20% interest in the Turkwal block, all operated by Pakistan Oilfields Ltd.
It will offer 40% of the Badin I and 25% of the Badin II concessions, operated by Union Texas Pakistan Ltd. It plans to sell 12.5% of the Mazarani and 11% of the Adhi blocks, both operated by Pakistan Petroleum Ltd., and its 25% interests in Ratana and Dhurnal concessions, operated by Orient Petroleum Inc.
