ConocoPhillips seeks gas price review
Thursday, 26 June 2014
US oil major ConocoPhillips expects a potential reserve of 5-7 trillion cubic feet (Tcf) natural gas at the two deep sea blocks-DS -08-10 and DS-08-11-where it conducted 2D seismic survey under production sharing contract (PSC) with the Bangladesh government, reports UNB.
"Conoco officials have informed me they are expecting 5-7 Tcf gas in the two deep sea blocks," State Minister for Power Nasrul Hamid told reporters Wednesday at his ministry.
A ConocoPhillips delegation recently met the State Minister and placed its request to the government on the price review issue.
Energy experts said it needs exploration drilling to determine the potential of the gas reserve at the two blocks.
At present, the country's gas reserve stands at about 27 Tcf from 26 gas fields so far discovered of which 11.72 Tcf was extracted and now 15.32 Tcf was awaiting extraction.
The State Minister, however, said the ConocoPhillips has also made a request to the government to review its gas price to increase by 2.0 per cent from the first day of commercial production.