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Dhaka Friday,  Mar 29, 2024

Bapex Will exploretion In Sea For First Time

EB Report

Bangladesh Petroleum Exploration and Production Company (Bapex) and Australian oil company Santos on Monday singed binding offer agreement to form a joint venture for oil and gas exploration.

Bapex will have 49 per cent stakes in the joint venture for oil and gas exploration at Magnama in offshore block- 16 in the Bay of Bengal.

Both the parties would sign the contract to form the JV company later after obtaining approvals from the government’s different ministries, said Bapex managing director Md Atiquzzaman.

He said that Bapex board and its parent organisation Petrobangla, the state-run Oil, Gas and Mineral Resources Corporation, had approved the agreement earier.

The agreement would enable Bapex and Santos to initiate preparation works so that the JV company would drill an exploration well at Magnama in January-February, 2017, said Santos’s country lead Mahmudul Karim.

Hiring drilling rigs and other services require seven to eight months before drilling operations, he said.

Santos’s predecessor Cairn Energy drilled an exploration well in Magnama in 2007-08, and subsequently carried out 213 line kilometres 3D seismic survey in early 2010.

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