ISLAMABAD, April 13: The Privatisation Commission here on Saturday released the names of 18 parties who will be taking part in the bidding of nine oil wells on Monday.

The PC has finalised all the arrangements to hold bidding for the nine oil wells (roughly 30 per cent government’s shareholding).

The interested parties include: BGP (Pakistan) International, BowEnergy Resources Limited, BP Pakistan Exploration & Production Inc., Fauji Foundation, IPR Transoil Corporation, Niko Resources Limited, Occidental Petroleum Corporation, Oman Oil Company SAOC, OMV (Pakistan) Exploration GmbH, Orient Petroleum Inc., Pakistan Oilfields Limited, Petronas Carigali Overseas SDN BHD, Premier Exploration Pakistan Ltd., Pyramid Energy International Inc., SINOPEC International Petroleum Exploration & Production Corporation, The Attock Oil Company, Tullow Pakistan (Developments) Limited and Zaver Petroleum Corporation Limited.

Parties with relevant credentials who submitted an EOI were then provided an equal opportunity for a comprehensive assessment of the assets being offered. All the interested parties were provided required information regarding the concessions and the process. They were also allowed to conduct their own due diligence.

Gaffney, Cline & Associates (GCA) & JP Morgan are jointly acting as Financial Advisors with respect to the sale of GoP’s direct working interest in these Oil & Gas leases.

Bidding for each working interest will be conducted sequentially. The nine concessions, which together currently have daily production net to GoP of over 20,000 barrels of oil equivalent per day contain in excess of 50 million barrels equivalent of reserves.

The Privatisation Commission had early last year, and again this year, solicited Expressions of Interest (EOI) from parties interested in acquiring the GoP’s working interest in these concessions. Eighteen parties responded by submitting EOIs to participate in the bidding process.