Energy Bangla

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Dhaka Thursday,  Mar 28, 2024

Chevron To Leave Bangladesh

Chevron Bangladesh is about to leave Bangladesh. However, the company stated that they are in “commercial discussion” to sell their interest  in Bangladesh and will proceed if they get an attractive price for their assets.
Chevron, the second-largest oil company in the United States and the world’s fourth-largest publicly traded oil company is also one of the largest foreign investor in Bangladesh’s energy sector. Communications Manager of Chevron Bangladesh, Shaikh Jahidur Rahman said to Energy Bangla that,We can confarm 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 realize attractive value for Chevron.
Chevron is seeking about $2 billion from the sale of it’s assets in Bangladesh.
Petrobangla Chairman Ishtiaq Ahmed said to Energy Bangla that, the Petrobangla authority hadn’t got any official or unofficial confirmation about the sale of Chevron’s assets in Bangladesh. He also informed that, Chevron must take approval from Petrobangla before they sell their assets.
However, sources confirmed that, Chevron has appointed Consultant to look after the sale procedure and a few organizations including the Bangladeshi government has already shown interest to own their share.
The slump in global oil price caused a record loss in this July since the year 2001. To counter the losses Chevron is moving ahead with a plan to sell their assets in the south Asian regions including Bangladesh, Thailand and Indonesia. The US-based company disclosed in October last year plans to sell about $10 billion of assets by 2017.
Chevron operates the natural gas fields in Bibiyana, Jalalabad and Moulavi Bazar. They currently sell all their production to Petrobangla under the Production Sharing Contract (PSC).
Last year Chevron produced 720 million cubic feet of natural gas and 3,000 barrels of condensate from the fields of Bangladesh. According to this data Chevron, controlled fields produces more than one-third of the total production of this country.
Petrobangla sources informed that, the three fields operated by Chevron produced less amount of gas than that of the last year’s. Chevron has also declined it’s investment in these three fields by 19 percent in this year.
According to the Chevron related sources, the company has around 2,000 employees in this country. Chevron has all types of employees including Contractual, permanent and temporary types.

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