Chevron, Texaco, and Tullow get Bangladesh block

The government of Bangladesh awarded exploration rights to a joint venture including subsidiaries of Chevron Corp., San Francisco, Calif.; Texaco Inc., White Plains, NY; and British independent Tullow Oil PLC for a 6,880 sq km tract east of Dhaka. Block 9 surrounds Bakhrabad gas field and is near other major gas-producing areas.

Apr 11th, 2001


By the OGJ Online Staff

HOUSTON, Apr. 11 -- The government of Bangladesh awarded exploration rights to a joint venture including subsidiaries of Chevron Corp., San Francisco, Calif.; Texaco Inc., White Plains, NY; and British independent Tullow Oil PLC for a 6,880 sq km tract east of Dhaka.

Block 9 surrounds Bakhrabad gas field and is near other major gas-producing areas. The award was finalized this week when the Bangladeshi government confirmed its acceptance of a joint-venture production-sharing contract.

Chevron International Bangladesh Ltd., Texaco Exploration Asia Pacific Pathfinding Inc., and Tullow Bangladesh Ltd. each hold 30% interest in the block. Bangladesh Petroleum Exploration Company Ltd. holds 10%.

The award was part of the Bangladeshi government�s second licensing round. Tullow is operator of the block. In case of a commercial discovery, Chevron will assume operatorship of any development.

The venture plans three exploration wells during a 3-year period. Several pipelines cross the acreage.

Caltex Corp., a Chevron-Texaco joint venture, is developing a plan to supply Bangladesh markets with lubricants later this year and has a team studying the feasibility of marketing liquefied petroleum gas.

More in Companies