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Petrobangla concerns over Conoco Phillips

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July 2, 2014

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Petrobangla concerns over Conoco Phillips

Mr. Anik, Dhaka

The Petrobangla (Bangladesh Oil, Gas and Mineral Corporation) is worried about the ConocoPhillips, a U.S based Oil Company that is working here in Bangladesh for carrying out exploration in Bangladesh`s offshore gas field. Petrobangla is concerned as the ConocoPhillip is not interested to dig the exploratory hole and for not agreed to sign a Production Sharing Contract (PSC) with the Corporation.A high official of Petrobangla told bay trade Express that the ConocoPhillips was not interested to dig the exploratory hole what they termed the investments would nonprofit.

In a letter, issued by the ConocoPhillips on last Wednesday said that the block seven is in deep water in the sea what was said in Shallow water.

“For the above reason, the search works will not economically profitable and that’s why the ConocoPhillips will not sign the PSC in the block seven that was scheduled to be signed in the current month (April)” the letter read. In this regard, the Petrobangla Chairman Dr. Md Hossen Mansur, however, alleged that the US Company wrote a letter regarding the seventh block of the sea but they did not say anything for the block number 10 and 11 in the letter.

“Though the ConocoPhillips has submitted the tenders knowing all things in the sea including deep water or not but now they are showing their excuse to perform their duty according to the agreement” alleged Hossen Mansur. The ConocoPhillips had begun preliminary work to carryout exploration in Bangladesh’s offshore gas field in October 2011.

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