Reinsurance Placement for OGDCL Well Control Policy 2026-27

This tender invites international reinsurance brokers to participate in the placement of a reinsurance policy for the Oil & Gas Development Company Limited (OGDCL) covering well control risks for the financial year 2026-27 in Karachi. The Pakistan Reinsurance Company Limited (PRCL) requires brokers with a minimum annual premium placement volume of USD 500 million to submit sealed bids electronically through the E-PADS system. The scope involves the retrocession of the OGDCL Control of Well-PD policy, a critical insurance product that protects against well control incidents. The placement demands brokers with strong international market access and expertise in oil and gas sector risks. The electronic bidding documents provide detailed terms, conditions, and specifications necessary for technical and financial bid preparation. Bidders should ensure compliance with PRCL's registration requirements on the E-PADS portal and prepare their bids in accordance with the stipulated guidelines. The tender emphasizes the importance of submitting bids electronically by the deadline, as manual or hard copy submissions will not be accepted. Brokers should also verify their FBR Active Taxpayer List (ATL) status and ensure all regulatory compliances for the 2025-26 financial year are met to avoid disqualification. The submission deadline is set for 30th January 2026 at 11:00 AM, with technical bids opening the same day at 11:30 AM. Bidders must submit their proposals via the official E-PADS portal. The physical address for correspondence is PRC Towers, 32-A Lalazar Drive, M.T. Khan Road, Karachi. Pro-Tip: Make sure to register early on the E-PADS system and double-check the Earnest Money and Call Deposit Receipt (CDR) requirements as these are often overlooked, causing bid rejection. Also, keep an eye on the official website for any addenda or clarifications issued before the closing date.