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MIRA
INFORM REPORT
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Report Date : |
31st
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
OMV (PAKISTAN) EXPLORATION GMBH |
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Registered Office : |
Otto Wagner, Platz 5, 1090, Vienna, Austria |
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Country : |
Pakistan |
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Date of Incorporation : |
1991 |
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Com. Reg. No.: |
57/19910701 |
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Legal Form : |
Limited Liability |
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Line of Business : |
Engaged in Oil and Gas Exploration and
Production in Pakistan |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
Business Name
OMV (PAKISTAN) EXPLORATION
GMBH
Full Address
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Branch Office |
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UBL Building, 10th Floor,
Jinnah Avenue, Blue Area, Islamabad, Pakistan |
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Tel |
92 (51)
2273620, 31 (11 Lines) |
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Fax |
92 (51)
2273643, 2273644 (2 Lines) |
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Website |
Short Description Of Business
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a. |
Nature of Business |
Engaged in Oil
and Gas Exploration and Production in Pakistan |
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b. |
Year Established |
1991 |
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c. |
Registration # |
57/19910701 |
Registered Office
OMV
AKTIENGESELLSCHAFT
Otto Wagner, Platz 5, 1090,
Vienna, Austria
Auditors
KPMG Taseer Hadi & Co.
(Chartered Accountants)
6th Floor, State Life Building # 5, Jinnah Avenue, Islamabad, Pakistan
Legal Status
OMV (Pakistan) Exploration GMBH was incorporated with limited liability in Vienna, Austria and is a wholly owned subsidiary of OMV Aktiengesellschaft, Vienna.
Details of Management
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Names |
Designation |
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Mr. George Wachtel Mr. Helmut Langanger Mr. Ara Carapetian Mr. Peter Guschelbauer Mr. Khubaib Saqib |
Managing Director Director Director Director Manager (Finance) |
Shareholders
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Names |
Percentage of
Shareholding (%) |
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OMV AKTIENGESELLSCHAFT Otto Wagner, Platz 5, 1090, Vienna, Austria |
100 |
Associated Companies
(1) OMV Group of Companies, Austria.
Number of Employees
322
Operational Overview
The company is participating in the following concessions:
Operating Concessions: Working
Interest (%)
Miano D & P Lease (Block 20) 17.68
Sawan D & P Lease (Block 2668-3) 19.74
Gambat (Block 2668-4) 35.00
South West Miano-II (Block 2668-5) 33.40
Latif (Block 2669-3) 33.34
Guddu Block 65.00
Non-Operated Concessions:
Nawabshah (Block 2568-II) 30.00
Block G (2265-1) 15.00
Block H (2165-1) 15.00
Zamurdan (Block 2689-12) 30.00
Government Holdings Private Limited (GHPL), a partner in the Gambat Joint Venture, is holding a share of 5% that is being carried by the other joint venture partners up to a commercial discovery. The Company’s financial interest accordingly increases to 36.84%. The branch has entered into a farm-in agreement for obtaining a 65% working interest in Guddu Block. The effective date of take over of operatorship is January 1, 2004.
The Company has
also entered into a farm-out agreement with OGDCL for its share in offshore
Indus Blocks G & H, pursuant to which the entire working interest of the
company has been transferred to OGDCL with effect from December 31, 2004
Annual Sales Volume (For Two
Years)
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Year |
In Pak Rupees |
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2003 2004 |
2,009,429,594/- 4,579,704,575/- |
Trade Suppliers (Foreign)
Various International
Capacity
& Production
Considering the nature of the Company’s business, it is impracticable to provide the information regarding capacity.
Customers
(1) Sui Northern Gas Company Limited, Pakistan.
(2) Sui Southern Gas Company Limited, Pakistan.
(3) Pakistan State Oil Company, Pakistan.
(4) Mari Gas Company Limited, Pakistan.
Bankers
(1) Union
Bank Limited, Pakistan.
(2) Faysal
Bank Limited, Pakistan.
(3) PICIC
Commercial Bank Limited, Pakistan.
(4) Bank of
Punjab, Pakistan.
(5) Habib
Bank Limited, Pakistan.
Memberships
All Pakistan Petroleum Exploration and Production Companies
Association.(PPEPCA)
Company’s Contribution In Oil
& Gas Exploration In Pakistan
OMV, Austria's leading Oil and Gas Company, has been operating in Pakistan through its subsidiary OMV (Pakistan) Exploration GMBH in different joint ventures since 1990. To date, this has resulted in the discovery of two gas fields in the Middle Indus Basin. Miano Gas field in the Thar Desert, 62 kilometer southeast of Sukkur, was discovered in 1993 where OMV (Pakistan) operates a joint venture with Oil and Gas Development Corporation Limited (OGDCL) Hardy (now AGIP) and Pakistan Petroleum Ltd. The first exploratory well was spudded at Miano in June, 1993, and a declaration of commercial viability filed in 1996. OMV (Pakistan) and the Joint Venture hold a Development and Production Lease for the field. The development plan was approved in 1996 and gas production started at the end of 2001. Gas from the field is processed at the nearby Kadanwari Plant, 35 km south of Miano, and supplied to Sui Southern Gas Company Ltd. Since January 2003 OMV (Pakistan) is the Operator of the Kadanwari Plant. The second gas field, Sawan in Sindh's Khairpur district, was discovered by OMV (Pakistan) in 1998 in a joint venture with PPL, AGIP, Government Holdings (Private) Ltd and Moravske Naftave Doly. The field was declared commercially viable in December 1999. As at Miano, OMV is leading the development of the field and will operate the plant that processes gas from it. Development plans have been approved by the Pakistani authorities and negotiations on gas supply agreements with Sui Southern Gas Company Limited and Sui Northern Gas Company Limited have been concluded. OMV (Pakistan) plans to bring the Sawan gas field on stream in 2003. OMV (Pakistan)'s parent company, OMV-AG, has also become involved in downstream activities by investing in the shares of Pak-Arab Refinery Company Ltd (PARCO), which has completed a refinery at Mehmood Kot, Punjab. OMV (Pakistan)'s success has provided a big boost to Pakistan's energy sector. With gas production at Miano and construction at Sawan underway, and with further exploration projects in the pipeline, OMV (Pakistan) Exploration GMBH presence should prove even more beneficial to the energy sector and to the country's overall success.
Foreign Exchange Rates
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Currency |
Unit |
Pakistani
Rupee |
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US Dollar |
1 |
Rs. 60.87 |
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UK Pound |
1 |
Rs. 119.10 |
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Euro |
1 |
Rs. 78.50 |
Comments
OMV Pakistan is a multinational company working in 17 countries worldwide and engaged in the business of exploration and production. All the directors are reported as resourceful and experienced businessmen. Payments to creditors etc are reported as normal. The Company can be considered for normal business dealings at usual trade terms and conditions.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
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56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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