$500mn OGDC convertible bond issue hits snags

ISLAMABAD: The Privatisation Commission’s plan to sell $500 million worth of OGDCL convertible bonds has hit snags at the outset following protests by three international financial institutions over alleged breach of their two-year old contracts for the transaction.
As if that was not enough, the ministry of finance has also raised objections over the move by Privatisation Minister Senator Waqar Ahmad to issue convertible bonds of Pakistan’s largest oil and gas producer – Oil and Gas Development Company Limited – in defiance of limits defined under the 1973 Rules of Business. It said issuance of bonds fell under the domain of finance ministry because it has to take the responsibility for the country’s all debts and liabilities.

Govt plans to auction 43 oil, gas blocks: official

KARACHI: The government has planned to auction 43 oil and gas exploration blocks in June 2010 in an attempt to mitigate the energy crises in the country, which has aggravated owing to the rising fuel prices, said an official of the Ministry of Petroleum and Natural Resources.

The auction includes five offshore blocks and the remaining blocks are located in all the four provinces of country - Punjab, Sindh, Balochistan and North West Frontier Province.

China pulls out of $40 billion Australia gas deal

SYDNEY: Chinese energy giant PetroChina Co. Ltd. has pulled out of a $40 billion deal to buy natural gas from a project off Australia, leaving Woodside Petroleum Ltd. looking for new customers.

Compressors arrive for Qadirpur gas field

ISLAMABAD: Six out of 14 compressors being imported by Oil and Gas Development Company Limited (OGDCL) to save the Qadirpur Gas Field from declining gas pressures have arrived at the Karachi Port and are expected to reach the site by end of this month, OGDC spokesman told Dawn on Saturday.
 
‘OGDCL will install 14 compressors as interim relief to maintain the declining pressures from the field,’ said Basharat A. Mirza, adding that the remaining compressors are expected to arrive early February next year.