• Page Views 48

Chinese companies buy Chevron Bangladesh

US oil giant Chevron Corporation today announced that its wholly-owned subsidiary, Chevron Global Ventures, Ltd., has entered into an agreement to sell the shares of its wholly-owned indirect subsidiaries operating in Bangladesh to a Chinese consortium named Himalaya Energy Co Ltd, said a Chevron press release.
Himalaya Energy is owned by China ZhenHua Oil Co and CNIC Corporation Ltd. The financial deal has not been disclosed.

Chevron Bangladesh operates Block 12 (Bibiyana Field) and Blocks 13 and 14 (Jalalabad and Moulvibazar fields). Closing of the transaction is subject to the satisfaction of certain closing conditions.

Chevron is currently responsible for more than half of country’s daily gas production. Whereas the country daily produces around 2600 million feet per day (mmcfd) gas, Chevron provides more than 1400 mmcfd from these three fields. Of them, the Bibiyana field alone provides more than 1100 mmcfd.

Besides, Chevron also daily produces around 9000 tonnes of condensate – a liquid fuel by-product found in some gas fields. The remaining gas fields of the country produce around 1500 tonnes of condensate.

Chevron’s earlier operations — that includes discovery of the massive Bibiyana field in the late nineties — were spearheaded by Unocal which was globally acquired by Chevron in 2005. The company invested around $3 billion dollars, while it currently has 538 employees.

Chevron operates under two Production Sharing Contracts (PSC) under which it gets a maximum of $3 dollars for per thousand cubic meter of gas — while Bangladesh gets a proportionally bigger chunk of gas as free share — making the deals very profitable for the country.

Chevron announced selling out its assets in different countries — including Bangladesh — last year, due to oil price slump that led to losses. Since Chevron decided to sell its Bangladesh asset, Bangladesh government had made an offer that Chevron did not accept. Since then Chevron was negotiating with Chinese company ZhenHua Oil.

Chevron Corporation is one of the world’s leading integrated energy companies. Through its subsidiaries that conduct business worldwide, the company is involved in virtually every facet of the energy industry.

Chevron (previously Unocal) introduced three-dimensional seismic survey in Bangladesh for the first time in the late nineties while surveying the Bibiyana field area.

Source: Daily Star, Dhaka, Bangladesh

Share

জেনেভা বাংলা পাঠশালার বর্ষবরণ

Next Story »

Speed up relief operation in haor areas: PM

Leave a comment

LifeStyle

  • 7 dry fruits you should include in your diet to stay healthy

    3 weeks ago

    Rich in proteins, vitamins, minerals and dietary fibre, dry fruits make for a delicious and healthy snack. Health experts recommend eating dry ...

    Read More
  • Ramadan Calendar Sehri and Iftar Timing 2017 Bangladesh

    3 weeks ago

    Ramadan Calendar Sehri and Iftar Timing 2017 Bangladesh

    Read More
  • Healthy food habits for Ramadan

    4 weeks ago

    It is common knowledge that fasting has myriad health benefits. Besides increasing immunity, endurance, and the ability to face challenges, fasting contributes ...

    Read More
  • Summer tips for pregnant women

    2 months ago

    Body temperature of a pregnant woman always remains a bit higher than normal, so added external heat obviously makes her feel uncomfortable. ...

    Read More
  • Eating less salt does not necessarily lower your blood pressure

    2 months ago

    Eating less salt may not lower your blood pressure, a major new study has found contradicting the popular belief. Researchers from Boston ...

    Read More
  • How mobile apps have changed our lives

    2 months ago

    In this day and age, one thing that we all consider an indispensable part of our lives is smartphones. This device allows ...

    Read More
  • Deep sleep may act as fountain of youth in old age

    2 months ago

    Loss of sleep in the elderly may increase the risk of developing a wide range of mental and physical disorders such as ...

    Read More
  • Just 20 minutes of sleep can boost employees’ creativity

    3 months ago

    Does your boss nag and expect a lot from you? Here’s a solution to keep up to their expectations — take a ...

    Read More
  • Rooftop Gardening: Days of Babylon to our Current Life

    3 months ago

    Laila Karim The concept of ‘hanging gardens’ fascinated me from the second grade. It was a part of our first step of ...

    Read More
  • Exercise, walking may cut side-effects of chemotherapy

    3 months ago

    Walking or jogging either three times a week for 50 minutes or five times a week for 30 minutes may help patients ...

    Read More
  • Read

    More