Singapore-bases oil company Krisenergy is likely to take office in Dhaka. KrisEnergy will be able to start Bangladesh operations with its proposed new name `KrisEnergy Bangladesh Ltd’.
Petrobangla officials said, ` We gave the nod of stake transactions after checking the documents of stake sales as those seemed acceptable,” He said, KrisEnergy Bangladesh Ltd’ on completion of some formalities including paying of necessary taxes in Bangladesh, as operator and 30 per cent stakeholder of Bangladesh’s hydrocarbon block 9.
The other stakeholders of the block 9 are Niko Resources Ltd with 60 per cent shares and Petrobangla’s subsidiary Bapex with 10 per cent shares.
Krish bought the stakes of Tullow on the Bangladesh block at $42.35 million. The sales and purchase agreement between KrisEnergy and Tullow Oil International Ltd was signed on April 8, 2013 and the transaction will be effective with retrospective effect from January 1, 2013. On December 17, 2013, Irish company Tullow Oil officially handed over its stakes to Kris after getting approval from Petrobangla in November.
The 1,770 sq km block includes a half the trillion cubic feet Bangora gas producing field and the small Lalmai discovery.
As operator of the Bangora field, Tullow has already extracted 245.46 billion cubic feet of natural gas till December last year leaving 276.84 billion cubic feet of recoverable gas there.
Tullow started extracting natural gas from Bangora from May 2006. Now the field is supplying 96 million cubic feet of natural gas a day to the national grid against total supply of 2,282 million a day.