Sector News

Chevron ‘hunts Bangladesh assets sale’

October 12, 2016
News

Chevron is in talks to gas sell assets in South Asia that could net the US supermajor $2 billion, according to a report.

The San Ramon, California-based oil giant is looking to sell interests in the natural gas assets in Bangladesh, Bloomberg reported, citing anonymous sources.

The mooted sale efforts has drawn interest from Indian and Chinese oil giants, the news wire reported, without identifying any.

Upstream has sought comment on the reports from Chevron.

The company operates a trio of gas fields in Bangladesh: Jalalabad in Block 13, and Bibiyana and Moulavi Bazar both in Block 14. Net production from its assets there last year averaged 720 million cubic feet per day of gas and 3000 barrels per day of condensates.

Late last year, Chevron embarked on an aggressive project to boost gas production from its flagship Bibiyana and Jalalabad onshore fields.

The company brought two more wells – JB-6 and JB07 – on stream at Jalalabad at the start of this year, adding a further 130 MMcfd.

Jalalabad is located near Sylhet, about 175 miles (280 kilometres) from Dhaka. The field was discovered in 1989 and started production 15 years ago.

The latest development phase at the giant Bibiyana field is expected to increase output by about 300 MMcfd of and about 4000 barrels per day of condensate. Bibiyana’s total output could reach 1.1 billion cfd of gas.

Chevron currently accounts for more than 50% of Bangladesh’s 1.5 Bcfd gas production.

Source: Upstream

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