US supermajor ExxonMobil might show to be the saviour of Bangladesh’s struggling upstream trade, particularly if it may well unlock the multi-trillion cubic toes of fuel reserves which are believed to lie in its offshore waters within the Bay of Bengal.
ExxonMobil has the technical experience and deep pockets that the South Asian nation wants to spice up its exploration and manufacturing sector following a number of disappointing licensing rounds and the exit of another worldwide gamers in recent times.
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Confirming the transfer, an ExxonMobil spokesperson advised Upstream: “ExxonMobil has held preliminary discussions with Petrobangla concerning Bangladesh’s plans for an exploration spherical.”
The US big is known to be notably within the fuel potential of the nation’s deep-water open blocks and likewise maybe its onshore acreage. Native media mentioned ExxonMobil had made its proposal to state-owned oil and fuel firm Petrobangla because the nation once more gears up for an additional bid spherical, this time providing improved manufacturing sharing contract phrases, that may embody increased costs paid for exploited fuel.
Petrobangla chairman Zanendra Nath Sarker was quoted by TBS Information as saying: “ExxonMobil has positioned a main proposal to barter on offshore blocks in [the] deep sea in addition to for some onshore blocks.
“The proposal is now into consideration.”
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Ought to ExxonMobil go forward, preliminary work is anticipated to contain 2D and 3D seismic acquisition and analysis that might be adopted by wildcatting. Bangladesh’s deep-water blocks reportedly share comparable geology to the stratigraphic traps the place the Texas, US-headquartered firm has loved nice success offshore Guyana.
Revamping the PSC phrases
UK marketing consultant Wooden Mackenzie is advising the Bangladesh authorities and Petrobangla on the most recent PSC revisions — the contract mannequin was final revamped in 2019 however nonetheless didn’t tempt gamers to take a position.
Towards this backdrop, Norwegian survey contractor TGS is buying a brand new regional multi-client 2D seismic marketing campaign offshore Bangladesh in partnership with SLB (previously Schlumberger) and nationwide power firm Petrobangla.
The programme’s preliminary section will comprise about 11,000 line kilometres of newly acquired high-resolution broadband 2D seismic knowledge on a regional scale to reinforce geological understanding of the potential Bengal Fan.
As well as, the information can even be a necessary instrument for acreage analysis, supporting future licensing rounds below the soon-to-be revised fiscal phrases broadly anticipated by trade, TGS famous.
Big fuel discoveries have been made within the Bay of Bengal offshore Myanmar and in India’s territorial waters, however Bangladesh has not but loved such success, and up to date licensing rounds held by the Dhaka administration have proved lacklustre.
The general seismic marketing campaign plans to embody about 32,000 line kilometres of multi-client seismic knowledge protecting most of Bangladesh’s territorial waters.
The continued 2D survey envisages ultimate processing deliverables being obtainable within the first quarter subsequent 12 months whereas fast-track outcomes might be obtainable for early acreage analysis, TGS earlier mentioned.
This seismic shoot had been scheduled to start in 2020 with supply of the outcomes within the first quarter of this 12 months however Covid-19 scuppered that plan.
