The Privatisation Commission has offered 51 percent shares of Pakistan Petroleum Limited (PPL) for privatisation, with management control, and sought expressions of interest (EoI) on 'as is where is' basis. PPL is one of the largest exploration and production companies of Pakistan, operating in various production and exploration concessions in the country. Last date for submission of Statement of Qualification (SoQ) by all interested parties is April 30, 2005.
They have been asked to send their EoIs along with non-refundable processing fee of $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 of Statement of Qualification (RSOQ) on receipt of the required information along with EoI. Early submission of EoI will allow parties maximum time to complete their RSOQ.
PPL has remaining proven plus probable (2P) reserves of 6.9 tr CFof gas and 15.0 mmbl oil/NGL as of July 01, 2004, 82 percent of which are operated by PPL with production of 942MMcfd gas and 1,697 bbl per day oil/NGL for 2004, representing about one-third of Pakistan's total gas production.
During 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 (eight operated by PPL and remaining six by other joint venture partners.
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