Business

Premier mulls $500m bid for BP’s Pakistan assets

UK-based explorer Premier Oil mulls over $500 million bid for British Petroleum’s gas production business in Pakistan.

Reuters October 19, 2010

LONDON: UK-based explorer Premier Oil is mulling over a $500 million bid for British Petroleum’s (BP) gas production business in Pakistan, The Times newspaper said on Tuesday.

Citing people familiar with the talks, the newspaper said it was not certain whether Premier or Mubadala, the Abu Dhabi sovereign wealth fund which has also expressed an interest in the assets, will participate in the bidding next month.

British Petroleum’s upstream assets in Pakistan comprise a number of production fields and exploration blocks in Sindh.

The fields are worth $690 million, UBS analysts estimated in a research note in July.

Premier, which already has assets in Pakistan, was not immediately reachable for comment.

Published in The Express Tribune, October 20^th, 2010.

COMMENTS (1)

Mohammed Waseem | 14 years ago | Reply Let this matter be dealt in a transparent manner as Oil and Gas prices have assumed a position where it would benefit Pakistan if any new investor gives a commitment about production levels over next 3,5 and 10 years and about investing in BP tto being a turn around reducing the foreign exchange bill on oil imports and making it self sufficient to a certain extent. There is almost a black out from the Ministry on this issue and why is the matter not openly discussedin Parliament before the bid so that parameters for it's sale are set in the best interest of Pakistan

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