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OGDC 51% shares put on sale. (Corporate Briefs).

The Privatisation Commission on July 20 offered 51% shares of Oil & Gas Development Corporation for sell-off for strategic investors with management control. Expressions of Interest have beer invited from reputed investors, participating solely or as part of consortium, having relevant upstream experience.

According to a PC handout, OGDC 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 January 1, 2002. It has 130,000 BOE per day production (780 MMSCFD gas and 27,000 b/d oil). OGDC has the largest acreage position in Pakistan with considerable exploration upside and significant scope for appraisal and development (2.1 billion BOE proven, probable '3P' remaining reserves).
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Publication:Economic Review
Date:Aug 1, 2002
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