HOUSTON – ConocoPhillips has signed a production sharing contract (PSC) with the government of Bangladesh and Petrobangla, covering two blocks in the deepwater area of the Bay of Bengal.
This is the company’s first foray into exploration in Bangladesh. It has a 100% working interest in the PSC.
Blocks DS-08-10 and DS-08-11 cover a total area of 5,158 sq km (1,992 sq mi), in water depths of 1,000-1,500 m (3,300-5,000 ft), around 280 km (175 mi) from Chittagong.
ConocoPhillips claims the awarded area – in Bangladesh’s portion of the Bay of Bengal – holds the largest submarine fan in the world.
Bangladesh’s deepwater area is virtually unexplored, the company adds. Work will start as soon as possible on acquisition of a “large” 2D seismic survey.