Dhaka, Mar 9 (UNB) – US oil major ConocoPhillips may submit the result of its 2D seismic survey in the two offshore blocks – DS-08-10 and DS-08-11 – to the state-owned hydrocarbon corporation Petrobangla in June this year.
According to Energy Ministry sources, the international oil company recently concluded its 2D survey and data acquisition activities.
Petrobangla officials said that ConocoPhillips is now studying and analysing the data acquired by the survey in the two offshore blocks.
“But the data seems to be inadequate to make an accurate calculation. So, they’ve purchased some additional data from Petrobangla,” said a top Petrobangla official.
When contacted to know about the purchase of data, Petrobangla director (PSC) Imaduddin, however, said that ConocoPhillips will submit its next work programme when it finds its 2D survey result. The IOC has so far conducted a total of 2600 line km seismic survey.
Earlier, in February last year, Petrobangla approved a plan submitted by ConocoPhillips for seismic survey in the offshore blocks. The US company then hired a Chinese contractor, BGP, for the survey.
ConocoPhillips signed a production sharing contract (PSC) with Petrobangla for oil and gas exploration in the two offshore blocks in the Bay in June 2011. Under the PSC, the company has nine years to conduct exploration, with five years as a primary exploration period and two years each for the first and second extended exploration periods.
Minimum work under the contract includes carrying out a 973 line km (605 mile) seismic survey and drilling one (optional) well during the initial exploration period.
During the first extended exploration period, ConocoPhillips will have to carry out 500 sq km (193 sq mile) 3D seismic survey and drill one exploration well at a minimum of 2,200 meter (7,218 ft) beneath the seabed.
The two blocks are in a water depth of 1,000-1,500 meter (3,281-4,921 ft) 280 km (174 mile) off Chittagong
Source: UNBConnect