Premier could bid US$500m for BP Pakistan assets

Abu Dhabi's Mubadala expressed interest in British oil giant's assets

BP's upstream assets in Pakistan comprise a number of producing fields and exploration blocks in the southern Sindh province.
BP's upstream assets in Pakistan comprise a number of producing fields and exploration blocks in the southern Sindh province.

Scotland's Premier Oil is said to be mulling a US$500 million bid for BP's gas production business in Pakistan, the UK's Times newspaper reported on Tuesday.

Citing people familiar with the talks, the newspaper said it is not certain whether Premier or Abu Dhabi's sovereign wealth fund, Mubadala that has also expressed an interest in the assets, will take part in the bidding next month.

BP's upstream assets in Pakistan comprise a number of producing fields and exploration blocks in the southern Sindh province. The fields are worth US$690 million according to research carried out by UBS analysts in July.

Premier currently has five producing gas fields and other assets in central and southern Pakistan.

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