Petrobnagla, the state-run oil and gas company will sit with USA-based oil company ConocoPhillips today to settle some issues that were unresolved in the first round of negotiation.
According to an official source, during the first round of negotiation, the US-based company Conoco wanted 8 blocks, which was not approved by the Cabinet body. Although Petrobangla had selected Conoco as a right bidder to explore 8 blocks in the Bay.
To award the offshore blocks, Petrobangla started negotiations on October 5, 2009 with ConocoPhillips but could not reach any conclusion.
The ConocoPhillips has submitted four bids for eight deep-sea blocks-numbers 10, 11, 12, 17, 15, 16, 20 and 21. The company is interested to sign four production-sharing contracts, each for two blocks while the cabinet, however, nodded to award two blocks (10,11) to them.
In the first round of talks, ConocoPhillips asked the Petrobangla to allocate them more blocks as the Indian borders are overlapping the areas of block 10 and 11.
"We do not know about any detail of the talks, but, we want to see what they say," Dr Hossain Moonsur, Chairman Petrobangla said on Sunday.
The ConocoPhillips will sit with the energy secretary on Tuesday.
According to a top official of the energy ministry, during the first round of talks, Conoco and Tullow (selected for block 5) both the companies raised the question that blocks 5, 10, and 11 are close to the overlapped waters and Bangladesh authorities are not allowing the companies to explore for gas in that areas that cut huge areas of the proposed block.
Conoco Phillips has offered to spend $2.496 million to conduct a two-dimensional seismic survey of 1,200 'line kilometres' in a five-year initial mandatory work programme for exploration, $58.1665 million for conducting a three-dimensional seismic survey of 500 square kilometres and drilling one exploration well in the first extension period of two years, and $50 million for drilling another exploration well in the second extension period of two years.
The US company has made almost similar offers for the six other blocks, the officials said. According to the Foreign Ministry sources, India lodged a complaint on the block-5 and 10 and Myanmar on the block-11. The block-5 was awarded to Tullow, and block-10 and 11 were awarded to ConocoPhillps.
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According to an official source, during the first round of negotiation, the US-based company Conoco wanted 8 blocks, which was not approved by the Cabinet body. Although Petrobangla had selected Conoco as a right bidder to explore 8 blocks in the Bay.
To award the offshore blocks, Petrobangla started negotiations on October 5, 2009 with ConocoPhillips but could not reach any conclusion.
The ConocoPhillips has submitted four bids for eight deep-sea blocks-numbers 10, 11, 12, 17, 15, 16, 20 and 21. The company is interested to sign four production-sharing contracts, each for two blocks while the cabinet, however, nodded to award two blocks (10,11) to them.
In the first round of talks, ConocoPhillips asked the Petrobangla to allocate them more blocks as the Indian borders are overlapping the areas of block 10 and 11.
"We do not know about any detail of the talks, but, we want to see what they say," Dr Hossain Moonsur, Chairman Petrobangla said on Sunday.
The ConocoPhillips will sit with the energy secretary on Tuesday.
According to a top official of the energy ministry, during the first round of talks, Conoco and Tullow (selected for block 5) both the companies raised the question that blocks 5, 10, and 11 are close to the overlapped waters and Bangladesh authorities are not allowing the companies to explore for gas in that areas that cut huge areas of the proposed block.
Conoco Phillips has offered to spend $2.496 million to conduct a two-dimensional seismic survey of 1,200 'line kilometres' in a five-year initial mandatory work programme for exploration, $58.1665 million for conducting a three-dimensional seismic survey of 500 square kilometres and drilling one exploration well in the first extension period of two years, and $50 million for drilling another exploration well in the second extension period of two years.
The US company has made almost similar offers for the six other blocks, the officials said. According to the Foreign Ministry sources, India lodged a complaint on the block-5 and 10 and Myanmar on the block-11. The block-5 was awarded to Tullow, and block-10 and 11 were awarded to ConocoPhillps.
Claim Your Free Book "Make Real Money On The Internet" from world's #1 internet wealth advocate for making money on line
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