View Full Version : Chevron to invest $500mil in Bangladesh

July 31, 2012, 12:25 AM
Chevron to invest $500 mln to raise Bangladesh gas output

SINGAPORE, July 30 | Mon Jul 30, 2012 5:00am EDT
(Reuters) - Chevron Corp will invest about $500 million to raise its natural gas production in Bangladesh by more than a quarter in 2014 to meet rising local demand, the company said on Monday.

With the investment, Chevron will remain the largest natural gas producer in Bangladesh, which currently faces up to 500 million cubic feet a day (mmcfd) of gas shortages.

Chevron will expand a plant to process more natural gas from the Bibiyana field, drill additional development wells and build an enhanced gas liquids recovery unit, the company said in a statement.

The project, when completed in 2014, will boost Chevron's total natural gas production capacity in Bangladesh by more than 300 mmcfd to 1.4 billion cubic feet per day while its condensate output will rise by 4,000 barrels per day, the company said.

Chevron has urged the Bangladesh government to upgrade its national pipeline network so that it can deliver more gas.


plenty of negative stories...so how about one that relates to development/investment?

July 31, 2012, 12:30 AM
They are rolling out gas meters - so that should reduce waste dramatically, now to stop private owners from converting their vehicles to gas.

Horrible decision by the then government to encourage people to head in that direction, despite our shortfall in gas supply....not to mention a huge proportion of out power production depends on gas. Sure it helped to reduce the smog in Dhaka(yes, it has reduced!) but overall a bad decision.

July 31, 2012, 12:58 AM
Bulgaria Bans Gas Fracking, Thwarting Chevron Drilling Plan
By Elizabeth Konstantinova and Joe Carroll on January 19, 2012 Tweet Facebook LinkedIn Google Plus Comments

(Updates with Chevron spokesman’s comment in fourth paragraph.)

Jan. 18 (Bloomberg) -- Bulgarian lawmakers banned hydraulic fracturing and established a 100 million-lev ($65 million) fine for offenders, thwarting Chevron Corp.’s plans to explore for natural-gas deposits in the Balkan country.

Lawmakers voted 166-6 to prohibit the drilling technique known as fracking. That makes Bulgaria the second country in the European Union after France to ban the process, which uses a mixture of water, sand and chemicals to open fissures in shale rocks and release gas and oil.

The prohibition will “seriously impair” Bulgaria’s efforts to reduce its reliance on Russian gas, Ivan Kostov, the leader of the opposition Democrats for Strong Bulgaria, said in parliament. Bulgaria may hold 300 billion to 1 trillion cubic meters of shale gas, the Energy & Economy Ministry has estimated. The country consumes about 4 billion cubic meters of gas a year.

“Chevron is confident that a considered review of the issues of concern in Bulgaria, using reputable scientific information, will do much to allay the concerns of the Bulgarian people and demonstrate that exploration and development can be done while protecting people and the environment,” Kurt Glaubitz, a spokesman for the San Ramon, California-based company, said today in an e-mailed statement.

In the U.S., where fracking and new horizontal drilling practices enabled the nation to surpass Russia as the world’s biggest gas producer in 2010, fracking has drawn criticism from regulators and landowners concerned about potential water contamination.

License Withdrawn

Shale formations that were impervious to drilling a decade ago are fueling a renaissance in U.S. gas output that surged a record 7.4 percent in 2011, the Energy Department in Washington said in a Jan. 10 report. Chevron’s Glaubitz didn’t say what the company’s next step will be in Bulgaria.

Chevron’s Bulgarian exploration license was withdrawn yesterday after hundreds of protesters marched in central Sofia last week to oppose fracking, fearing it will pollute the water and soil in Bulgaria’s most fertile farm region of Dobrudja where Chevron was planning to drill.

Chevron, the world’s fourth-largest energy company by market value, won a tender in May to explore for gas in shale deposits in northeastern Bulgaria, pledging to pay the government 30 million euros ($38 million). The company estimated it could extract as much as 25 billion cubic meters of gas in the region, six times Bulgaria’s annual consumption.

‘No Other Interests’

“Chevron could provide millions in investments in Bulgaria and create jobs,” U.S. Ambassador to Bulgaria James Warlick said in an interview with Nova television in Sofia today. “Chevron has no other interests in Bulgaria besides shale gas and would be forced to leave the country if its opportunities are curbed.”

While fracking has made the U.S the world’s largest gas producer, it has also raised concerns that the technique pollutes drinking water and causes earthquakes. The ban halts the process of issuing permits to Texas-based Integrity Towers Inc. and Denver-based oil producer Direct Petroleum Exploration Inc., which were interested in shale-gas exploration in Bulgaria.

“The ban is for an indefinite period of time and is valid for the whole territory of the country, including the Black Sea territorial waters,” Valentin Nikolov, a lawmaker in the ruling Gerb party, said in parliament today.

France was the first country in the world to outlaw hydraulic fracturing of shale rocks last July. Last year exploration was suspended in the German state of North Rhine- Westphalia as well as in northwest England, where fracturing gas wells caused two tremors.

In eastern Europe, particularly Poland and the Ukraine, fracking has been hailed as a means to reduce the countries’ dependence on Russian gas imports.I hope it will be done in an environmentally friendly way

July 31, 2012, 02:41 AM
At 10% per disbursement, someone's about to make a tidy sum.