Chevron, Cairn sign oil deal in Bangladesh
Published on: June 24, 2008 at 14:50
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DHAKA : American oil and gas giants Chevron and Cairn have signed a new agreement for oil exploration with Bangladesh’s state-run Petrobangla, hoping to enhance their presence in the Bay of Bengal basin.
The contract signed Monday renews their commitment in what is earmarked as Block-7 in the basin for an extra seismic and drilling programme in southwestern Bangladesh. The new deal is in addition to the earlier Production Sharing Contract with Petrobangla.
Chevron is currently producing over a third of the total gas production of the country from its three fields - Jalalabad, Moulavibazar and Bibiyana. All three fields have been maintaining high-safety standards and records of over 99.9 percent online efficiency.
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