ISLAMABAD, July 20: The Privatisation Commission (PC) here on Saturday sought expression of interests (EoIs) from the parties concerned, to disinvest 51 per cent strategic shares of the Oil and Gas Development Company Limited (OGDCL), along with management control.

The EoIs have been invited from the reputed investors, participating solely or as part of consortium, having relevant upstream experience. Latest financial statements and details of the ultimate company should accompany along with the required non-refundable processing fee.

The parties submitting the EOIs will be provided with a request for statement of qualification (RSOQ) package from Aug 12, 2002. Early submission of the EOIs will allow parties maximum time for the completion of RSOQ requirements.

The OGDCL, according to a commission’s announcement, is operating in various production and exploration concessions of the Northern, Central and Southern regions of the country with 1.2 billion barrel oil equivalent (BOE) (9.6 TCF gas and

170 mmstb oil) remaining proven plus probable ‘2P’ reserves mostly operated, as of Jan 1, 2002.

The OGDCL has the largest acreage position in Pakistan with considerable exploration upside and significant scope for appraisal and development (2.1 billion BOE proven, probable and possible ‘3P’ remaining reserves). It has the most extensive exploration and production (E&P) database in Pakistan as well as four decades of successful track record in the E&P.

Interested parties have been asked to submit their EoIs in triplicate, including the name and address, the date and place of incorporation and contact details, along with the latest financial statements for the applicant and if different the ultimate parent company.