Chevron not winding up business in Bangladesh: Nasrul

Instead, it plans to invest $400m in gas sector, he says

The US energy giant, Chevron, will not leave Bangladesh as they have reached a solution after meeting government officials. In line with their decision to stay in the country, the company has submitted a proposal to increase their gas sale price, sources told The Independent. State minister for energy and power, Nasrul Hamid, yesterday officially announced the development at a programme in the capital.  “Chevron has changed its decision to leave the country. It will not only stay here, but will invest $400 million more in gas production,” Hamid told reporters.

Sources said it is the credit of Pertobangla, the state oil and gas corporation, to negotiate with Chevron professionally. “The high-ups of Petrobangla successfully handled the sensitive issue and were finally able to keep the US investor in the country. This takes the country’s reputation one step ahead,” said a government official.

A few months ago, Chevron announced that it was leaving the country by selling its Bangladesh assets to a Chinese consortium, Himalaya Energy Co. Ltd. It is owned by China ZhenHua Oil Co. Ltd and CNIC Co. Ltd.

Before the announcement last year, a section of the international media had reported that Chevron would sell its Asian  

assets, including Bangladesh gas fields . After the media report on October 14 last year, Nasrul Hamid had told the media that the Bangladesh government had offered to buy all the natural gas assets of Chevron in Bangladesh.

“We’re interested in buying the assets. It will be a big opportunity for us to have access to the entire production of the three gas fields,” he had said. But Chevron did not respond to the interest evinced by the government and instead handed over its shares to the Chinese consortium.

Chevron produces half of the total gas generated in the country. The country produces 2,700MMCF of gas per day and out of that Chevron produces 1,647MMCF from their three fields .

“Chevron’s presence is important in terms of all, as it produces most of the country’s gas," said a government official. “The gas resources that belong to Chevron are not only important, but sensitive as well. So, it is not easy to accept any other company without verification and conformation." the official said .

Sources said last week the US giant sent a proposal to increase their gas selling price from USD 2.70 to USD 3 per unit .  “We had a meeting with Chevron last month and asked the company to stay. We also discussed the gas price. Following the discussion, the gas price proposal was sent to Petrobangla,” said a Petrobangla official.

Chevron not winding up business in Bangladesh: Nasrul

Instead, it plans to invest $400m in gas sector, he says

The US energy giant, Chevron, will not leave Bangladesh as they have reached a solution after meeting government officials. In line with their decision to stay in the country, the company has submitted a proposal to increase their gas sale price, sources told The Independent. State minister for energy and power, Nasrul Hamid, yesterday officially announced the development at a programme in the capital. Chevron has changed its decision to leave the country. It will not only stay here, but will invest $400 million more in gas production, Hamid told reporters. Sources said it is the credit of Pertobangla, the state oil and gas corporation, to negotiate with Chevron professionally. The high-ups of Petrobangla successfully handled the sensitive issue and were finally able to keep the US investor in the country. This takes the countrys reputation one step ahead, said a government official. A few months ago, Chevron announced that it was leaving the country by selling its Bangladesh assets to a Chinese consortium, Himalaya Energy Co. Ltd. It is owned by China ZhenHua Oil Co. Ltd and CNIC Co. Ltd. Before the announcement last year, a section of the international media had reported that Chevron would sell its Asian assets, including Bangladesh gas fields . After the media report on October 14 last year, Nasrul Hamid had told the media that the Bangladesh government had offered to buy all the natural gas assets of Chevron in Bangladesh. Were interested in buying the assets. It will be a big opportunity for us to have access to the entire production of the three gas fields, he had said. But Chevron did not respond to the interest evinced by the government and instead handed over its shares to the Chinese consortium. Chevron produces half of the total gas generated in the country. The country produces 2,700MMCF of gas per day and out of that Chevron produces 1,647MMCF from their three fields . Chevrons presence is important in terms of all, as it produces most of the countrys gas, said a government official. The gas resources that belong to Chevron are not only important, but sensitive as well. So, it is not easy to accept any other company without verification and conformation. the official said . Sources said last week the US giant sent a proposal to increase their gas selling price from USD 2.70 to USD 3 per unit . We had a meeting with Chevron last month and asked the company to stay. We also discussed the gas price. Following the discussion, the gas price proposal was sent to Petrobangla, said a Petrobangla official.