OGDC CEO: Sought Deadline Extension From BP To Submit Bid For Pakistan Assets

Pakistan national oil firm Oil & Gas Development Co. (OGDC.KA) has sought an extension from BP PLC (BP.LN) on a deadline for submitting bids for BP's assets in Pakistan, OGDC's chief executive office and managing director said Tuesday.

"We haven't submitted a bid yet. We've sought an extension for a few days," Naeem Malik told Dow Jones Newswires by phone.

The company, viewed as one of the leading candidates to buy the assets, filed for the extension following a court observation on regulatory requirements and government approvals for OGDC to participate in the bidding process, Malik said, without elaborating. The company will make its submission to the court Tuesday, he said.

OGDC plans to submit a joint bid with Pakistan Petroleum Ltd. (PPL.KA), the country's largest gas producer by volume, Malik said.

BP has put its Pakistan assets on the block as part of a global campaign to help raise funds to cover the estimated $40 billion cost of the Gulf of Mexico oil spill.

Media reports have cited UBS analysts as estimating BP's Pakistan assets at $690 million in a research note.

-By Gurdeep Singh, Dow Jones Newswires; 65-6415 4064; [e-mail]