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Surprise turnabout by Pangaea

Signing of PSC suspended

By Sharier Khan
In a dramatic development, small US oil company Pangaea lias indefinitely “suspended" signing of the Production Sharing Contract (PSC) with Petrobangla for oil and gas exploration in Block 8.
In a strong letter yesterday, the company President — who was in Dhaka to sign the PSC during the visit of US President Bill Clinton Monday — said. “Further delay (in PSC signing) gives us concern that working in Bangladesh will be unpredictable and potentially financially unattractive. We therefore respectfully withdraw from further involvement until we have had time to consider alternatives."
After falling to sign the PSCs with Unocal for Block 7 and with Pangaea for Block 8 in presence of President Clinton Monday. Petrobangla had instructed representatives of the oil companies to remain standby for signing the contracts yesterday.
Pangaea’s move has pushed the panic button in
Petrobangla. As a result, signing of the other PSC with Unocal was deferred yesterday, an official said.
Earlier on Sunday, signing of the PSC with Tullow-Chevron and Texaco for Block 9 had to be suspended as Texaco suddenly sought more time' before signing it.
Pangaea President Brian J Adolph in a letter to the Petrobangla Chairman said that due to Petrobangla's failure to sign the PSC in the last two days. Pangaea was officially terminating its commitment in the PSC for Block 8 until it had “sufficient time to reevaluate" the company's position irf Bangladesh.
The letter said. "Pangaea has bargained in good faith with Petrobangla in regard to Block 8. We were present at the planned signing ceremony yesterday (Monday) in Dhaka as requested. However. Petrobangla did not sign the agreement during the signing ceremony and has not signed the agreement at this time."
However. Pangaea officials later verbally clarified to Petrobangla that the company was not withdrawing from the bid. But due to some reasons. It needed some time before signing the PSC. Pangaea further said that it would officially clarify its position soon.
Of the three PSCs in the pipeline under the Second Round Block Bidding. Pangaea's PSC had stuck to its original proposals to drill one exploration well and conduct seismic survey in 800 km area.
In contrast. Unocal’s PSC had changed from its original proposal as the company sought a 5-year contract to drill three exploration wells and conduct seismic surveys on condition of allowing gas export.
The Tullow-Chevron-Texaco PSC for Block 9 also deviated from its original proposal as it sought to drill only three wells instead of 10 proposed earlier.
The other companies. Shell and Maersk, which are still negotiating with the government for different blocks, are also significantly deviating from their original proposals.
"From such a scenario. Pangaea appeared to be the oddball. Therefore, we see the possibility that Pangaea may have decided to follow the position of big oil companies so that an all-out pressure could be put on the government to further relax the PSC terms." commented an official.
Some other officials however blamed the over enthusiasm of the government, specially of high officials, who wanted to sign the PSCs in presence of Bill Clinton at any cost.
"Our recent activities have lowered the stature of the government in front of foreign investors. It is simply ridiculous for us to expect that the US President would be present at a ceremony' where company executives are supposed to do the whole thing. It is further ridiculous for us to keep on chasing the US President everywhere on Monday to be present at PSC signing ceremony, keeping the oil companies' executives standby." commented an official.
“JToni our activities. it be-come apparent Monday evening that (he whole PSC signing was aimed a( engtiring Pres idem Clinton's presence regardless .21 whether it j^gs appropriate QL tLQL.T.his is « shgnwTgr us qnd Ills possible. that Pangaea/eh Im'jLlllaicd ku (ho sheer light hear(edness with which Hie whole affair was treated," he added.