Dewey & LeBoeuf has advised United Energy Group Limited (UEG) on an agreement to acquire all of BP’s upstream oil and gas properties in Pakistan for US$775 million. The acquisition consists of concessions in nine blocks in Sindh province and four offshore blocks in the Indus River Basin, producing a total of around 36,500 barrels of oil equivalent per day.
The acquisition, which is expected to be completed in the first half of 2011, is subject to regulatory and approval and the support of UEG’s shareholders.
UEG is an investment holding company listed on the Hong Kong stock exchange and owns assets in the Liaohe Field in China. This is UEG’s first significant acquisition of oil and gas interests outside China.
Commenting on the transaction, Partner Thomas J. Moore said, “This is a landmark oil and gas deal and we are very pleased to have played a key role in it. It is especially noteworthy because UEG is the first Chinese energy company not owned by the State to have made a major acquisition outside China. It will be very interesting to see whether this is the start of a trend where investor-owned Chinese energy companies pursue the same aggressive acquisition strategy around the world as that pursued by State-owned companies.”
Dewey & LeBoeuf’s team was led by Houston-based Partner Thomas J. Moore, with support from Houston Associate Catherine Harlan and Beijing Associate Dina Yin.
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