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Chevron to Drill Gas Field in October PDF Print E-mail
Wednesday, 02 June 2010

U.S. oil major Chevron and a joint venture of South Korea's G S Caltex will start drilling for hydrocarbons at a Bangladeshi gas field in October this year, a senior official said on Tuesday.

The firms had begun preparatory works for oil and gas exploration in block seven located in southern Patuakhali district, 320 kilometres (200 miles) from Dhaka two months ago, Mohammad Hussain Monsur, chairman of the state-run Bangladesh Oil, Gas and Mineral Corporation, or Petrobangla, told Reuters.

Petrobangla said drilling of the well in the block would cost more than $20 million and the oil firms planned to drill two more wells there if the first produced positive results.

Steve Wilson, president of Chevron in Bangladesh, said last December the firm completed a seismic data acquisition program for the block and evaluation and data processing were under way.

"An exploration well is planned to be completed by 2011," he said in a statement.

G S Caltex owns a 45 percent stake while Bangladesh Petroleum Exploration and Production Company Limited, a subsidiary of Petrobangla, holds 10 percent carried over interest in this block.

Chevron is producing more than 900 million cubic feet of gas per day from three gas fields, almost half of the country's daily gas output.

Eight foreign firms have been involved in gas exploration and production in Bangladesh. ($1=69.37 taka).


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