(EnergyAsia, August 2 2012, Wednesday) — US major Chevron Corp is further boosting its natural gas profile in Asia with plans to raise production in Bangladesh after making additional finds in Australia.
The US major said a subsidiary will invest US$500 million to expand production capacity at the Bibiyana field in northwestern Bangladesh by 300 million cubic feet/day (mcfd) to 1.4 billion cubic feet/day. The additional gas flows will begin in 2014.
Melody Meyer, president of Chevron Asia Pacific Exploration and Production, said:
“Bibiyana is the largest producing gas field in Bangladesh and a leading example of how technology, investment, and expertise can assist countries to utilise domestic resources to secure reliable, cleaner-burning, and affordable sources of energy.”
George Kirkland Chevron Corporation’s vice chairman, said:
“As the largest holder of natural gas resources in the Asia-Pacific among our peers, this investment in Bangladesh strengthens our regional portfolio of major gas projects and enhances our position as a leading supplier in the region.”
Earlier, the California-based company announced that a subsidiary had discovered natural gas in the Greater Gorgon Area of the Carnarvon Basin off the coast of Western Australia.
It encountered approximately 30 metres of net gas pay in the Pontus-1 exploration well in the WA-37-L permit area located 65 km northwest of Barrow Island. The well was drilled in 210 metres of water to a total depth of 5,054 metres.
Chevron Australia, the operator of WA-37-L, holds a 47.3% interest in the permit. Its partners include Exxon Mobil and Shell Development Australia (each 25%), Osaka Gas (1.25%), Tokyo Gas (1%) and Chubu Electric Power (approximately 0.42%).
Ms Meyer said: “This discovery represents our 14th discovery offshore north-western Australia since 2009 and will support potential future expansion opportunities for the Gorgon project.”