Chevron Mulls Exit from Bangladesh

Chevron has confirmed that it is looking to sell its assets in Bangladesh and has been in commercial discussions with entities regarding the same.

“We can confirm that Chevron has been in commercial discussions about our interests in Bangladesh. At this stage, no decision has been made to sell our interests. We will only proceed if we can realise attractive value for Chevron,” a company spokesperson told NGW via email October 13.

Bloomberg October 11 reported that the US major is seeking about $2bn from sale of natural gas assets in Bangladesh. It further reported October 13 that India’s ONGC and Hong Kong based United Energy Group are among bidders. The Bangladeshi government has also expressed interest in taking over Chevron’s interests in the assets, Bloomberg reported citing sources.

Chevron produces natural gas and condensate from three fields: Bibiyana, Jalalabad and Moulavi Bazar. All the natural gas and condensate that Chevron produces in Bangladesh is sold to Petrobangla, the national oil company. In 2015, net daily production averaged 720mn ft³ and 3,000 barrels of condensate, according to Chevron. 

Shardul Sharma