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ConocoPhillips to initiate hydrocarbon exploration in BANGLADESH deep sea  

BANGLADESH : Govt signs deal with US oil giant CONOCOPHILLIS


The government, struggling to shore up energy supply, plans to sign an initial deal with US oil giant ConocoPhillips this month to initiate hydrocarbon exploration in the deep sea.State-owned Petrobangla will sign the deal with ConocoPhillips following a process initiated two and a half years ago through invitation of international tender.

Top officials of the energy ministry and Petrobangla held a meeting with ConocoPhillips last week before reaching the decision of signing the deal.

Under the deal ConocoPhillis will initiate conducting survey and exploration in the undisputed areas in two deep water offshore blocks.The final production sharing contract (PSC) will be signed after resolving the dispute of overlapping gas blocks with the neighbouring India and Myanmar, a senior energy ministry official told the FE.

During last week's meeting the government accepted ConocoPhillips' demand for changing the location of arbitration from Dhaka to Singapore, said the official.ConocoPhillips has been awarded two deep water gas blocks -- DS-08-10 and DS-08-11 blocks -- in the country's 2008 offshore bidding round.Irish Tullow Oil was also selected for shallow block SS-08-05 following the bidding.Courtesy:FT

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