Streamlining off shore exploration in Arabian sea
Amanullah KhanSunday, September 18, 2011 - KarachióThe much sought after off shore exploration in the Arabian Sea being streamlined by the United Energy Pakistan recently acquired upstream business of BP in Pakistan at a total cost of $775 million.
The assets acquired by UEPL consist of 9 producing and exploration blocks in Sindh province and four offshore exploration in the Arabian Sea.
The transition process shifting ownership of BP assets to the United Energy Pakistan Limited (UEPL) was completed and the necessary government and regulatory approvals have been obtained in order for this transition to take effect.
UEPL is registered in Pakistan with Securities and Exchange Commission Pakistan as a branch. All employees of BP Pakistan have been extended contracts of employment on the same material terms and conditions that they have been working on with BP.
As measure to ensure continuity and a commitment to remaining a professional international organization the management and working culture of the asset shall remain the same.
UEPL is the subsidiary of United Energy Group (UEG) a Hong Kong listed company engaged in oil and gas exploitation. The company is primarily engaged in the upstream oil and gas business, including exploring, development and production of crude oil and natural gas and the provision of patented technologies in oilfield supporting services in China and Indonesia.
The company has a joint venture partnership with China National Petroleum Company (CNPC) in one of its energy projects in China. UEG is also currently evaluating several projects in North America, South America and Central Asia.The acquisition of the BP assets is its first venture in Pakistan. UEG is keen to grow its Pakistan business making this a promising move forward for all stakeholders associated with the assets purchased.
The backdrop of Pak-China diplomatic ties is another positive, providing UEG a strong relationship advantage with Pakistan. (AB)