Oil and Gas Development Corporation (Re-Organization) Ordinance, 2001

This Ordinance converted the state-owned Oil and Gas Development Corporation (OGDC) into a public limited company, the Oil and Gas Development Company Limited (OGDCL), incorporated under the Companies Ordinance, 1984. Unusually, it was made effective retroactively to 23 October 1997, the actual date the company had been incorporated, to validate everything done in the intervening years under the old OGDC Ordinance, 1961.

Section 3 deems the Corporation converted into a company limited by shares from its incorporation date, with the new Company issuing fully paid shares to the Federal Government (in the President's name) in exchange for taking over the Corporation's property, rights, and liabilities; the Federal Government can later transfer these shares to others. It also validates all actions, orders, and proceedings taken between 1997 and the Ordinance's commencement as if done by the Company.

Section 4 spells out that the Company owns and holds all of OGDC's assets (including plants, machinery, concessions, licences, and receivables), keeps the benefit of all licences and government approvals previously granted to the Corporation, and takes over all its contractual rights and obligations. Pending court cases involving the Corporation continue against the Company without interruption, and the Company's name is deemed substituted for the Corporation's in all existing contracts, leases, and petroleum concessions.

Section 5 transfers all OGDC employees to the Company on the same pay, pension, provident fund, and other terms, with no compensation payable for the transfer itself. Section 7 repeals the original Oil and Gas Development Corporation Ordinance, 1961.

This is a corporatisation law whose main transitional event has already occurred; it remains relevant chiefly for tracing OGDCL's legal continuity with the former OGDC and confirming which entity holds historic petroleum concessions and contracts.