BAPEX likely to sign deal with Chinese co for procuring drilling rig
Friday, 12 December 2008
Bangladesh Petroleum Exploration and Production Company (BAPEX) is likely to sign contract with a Chinese company to procure a new drilling rig to expedite its hydrocarbon exploration programme across the country, reports UNB.
According to official sources, Superstructure, a Chinese company, has been selected to supply the drilling rig within one and a half years at a cost of Tk 2.0 billion (200 crore) plus.
The state oil and gas exploration company has already completed tender procedure to purchase the rig.
"BAPEX has completed the bidding process and also issued a letter of intent to the Chinese rig supplier," said Petrobangla Chairman Jalal Ahmed.
Petrobangla is the hydrocarbon corporation holding the BAPEX and other state-owned oil and gas production and distribution companies.
Mr Jalal said the BAPEX was going to receive a performance guarantee (PG) from the Chinese supplier before signing the contract in January next.
The proposed drilling rig and its associated equipment will come from European and the US manufacturers.
As per the proposed contract, the Chinese company will supply the new drilling rig by 18 months from the signing of the agreement. This means the BAPEX will receive the rig by 2010.
At present, the BAPEX has got two old rigs -- one 22-year old and another 25-year old. But both the rigs have lost their performance efficiencies.
Mr Jalal said that after procuring the new rig, the BAPEX would be able to expedite its hydrocarbon exploration across the country.
"Now it takes six months for BAPEX to conduct a drilling. But after having the new rig, the time will be reduced to four months," the Petrobangla chief told the news agency.
He also noted that the BAPEX had a plan to procure a work-over rig next year for use in the already drilled wells for repair works.
The caretaker government has moved to strengthening the BAPEX and approved a 7-year plan on hydrocarbon exploration.
A fund of Tk 32 billion has been allocated to the BAPEX to run the exploration works. Of the amount, Tk 9.0 billion will be spent in next three years under different projects.
According to official sources, Superstructure, a Chinese company, has been selected to supply the drilling rig within one and a half years at a cost of Tk 2.0 billion (200 crore) plus.
The state oil and gas exploration company has already completed tender procedure to purchase the rig.
"BAPEX has completed the bidding process and also issued a letter of intent to the Chinese rig supplier," said Petrobangla Chairman Jalal Ahmed.
Petrobangla is the hydrocarbon corporation holding the BAPEX and other state-owned oil and gas production and distribution companies.
Mr Jalal said the BAPEX was going to receive a performance guarantee (PG) from the Chinese supplier before signing the contract in January next.
The proposed drilling rig and its associated equipment will come from European and the US manufacturers.
As per the proposed contract, the Chinese company will supply the new drilling rig by 18 months from the signing of the agreement. This means the BAPEX will receive the rig by 2010.
At present, the BAPEX has got two old rigs -- one 22-year old and another 25-year old. But both the rigs have lost their performance efficiencies.
Mr Jalal said that after procuring the new rig, the BAPEX would be able to expedite its hydrocarbon exploration across the country.
"Now it takes six months for BAPEX to conduct a drilling. But after having the new rig, the time will be reduced to four months," the Petrobangla chief told the news agency.
He also noted that the BAPEX had a plan to procure a work-over rig next year for use in the already drilled wells for repair works.
The caretaker government has moved to strengthening the BAPEX and approved a 7-year plan on hydrocarbon exploration.
A fund of Tk 32 billion has been allocated to the BAPEX to run the exploration works. Of the amount, Tk 9.0 billion will be spent in next three years under different projects.