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Chevron top begin drilling in block-7
8 December 2010: Chevron is likely to commence start drilling in Block-7 for exploration of gas in the southern region.
Chevron earlier conducted a two- dimensional (2D) seismic survey and sensed a structure that potentially could contain hydrocarbon reserves in block-7 that covers parts of Barisal, Patuakhali, Barguna and Bhola districts.
The survey covered a total of 465 km seismic-line on both offshore in the Bay that include shallow marine and transition zones and onshore in parts of four districts.
The Chevron Bangladesh Block Seven, a sister concern of the Chevron Bangladesh outfit, signed an addendum in June 2008 to the production-sharing contract (PSC) for block 7.
According to the contract, Chevron has 45 percent stakes as the operator, GS Caltex 45 percent and the state-owned Bangladesh Petroleum Exploration and Production Company Ltd (BAPEX) remaining 10 percent in the block.
The Chevron will undertake all exploration risks under the PSC, while the BAPEX would be responsible for its share of costs only after commercial discovery of gas and initiation of the output.
Source: Bangladeshinfo