ISLAMABAD, May 18 : The Privatization Commission has received 14 Expressions of Interest (EOI) from strategic investors of UK, Canada, US, Pakistan, China, Hungry, Austria and UAE for acquiring 51pc equity stake with management control in Pakistan Petroleum Ltd (PPL) on an “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.

Among them, eleven were able to submit their request of statement of qualification (RSOQs). According to a hand out issued here on Wednesday the parties submitting request for statement of qualification have also provided audited financial statements of the preceding three years and details of ownership/group structure. These include: 1) BG Group, UK, 2) BP Pakistan Exploration and Production, Inc, USA, 3) China National Oil & Gas Exploration (CNODC) and ZhenHua Oil Co. Ltd, China, 4) Centurion Energy International Inc. Canada, 5) Dewan Salman Fibre Limited & Associates, Pakistan, 6) International Sovereign Energy Corp. Canada, 7) Kuwait foreign Petroleum Exploration Company (KSC) Kuwait, 8) MOL Hungarian Oil & Gas Ple, Hungry, 9) OMV Exploration & Production Austria, 10) Orient Petroleum Inc. Pakistan and 11) Tysons Oil and Energy UK.

PPL has proven plus probable (2P0 reserves of 6.9 tcf gas and 15.0 mmbl Oil/NGL as of July 01, 2004, 82pc of which are operated by the PPL with production of 942 mmcfd gas and 1,697 bbI 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 Rs17,668 million ($299 million) and profit after tax of Rs6.617 billion ($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.