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Niko stops relief well drilling as banks freeze accounts

SHARIER KHAN
Niko suspended drilling of a new relief well to seal the damaged gas reservoir of Tengratila yesterday as different banks holding its accounts refused to clear its cheques, sources said.
The banks told Niko yesterday that they will not release money from its accounts as the High Court Monday ordered the accounts frozen. However, the High Court order has not yet reached the
banks.
This relief well is supposed to be completed by October 1, sources said. But if the High Court order does not accommodate the release of funds required to complete the relief well, the condition of the affected Tengratila's gas structure will continue to worsen, the sources added.
"Ultimately it would be harmful for the national interest," said an official. "The High Court may ask Bapex (Niko's Bangladeshi partner)
how much money is required for completion of this task and help keep this work running."
Meanwhile, in anticipation of this situation, Petrobangla Chairman SR Osmani yesterday morning held a meeting with the Attorney General, AJ Mohammad Ali, and Deputy Attorney General, Jaman Akhtar Bulbul.
The chairman told the AG that freezing the accounts may affect gas supplies and the payment of compensation for the Tengratila blowout. He requested the AG office to appeal against the freezing of Niko's account --but not against the whole directive, AG office sources said.
The government may place its appeal before the Supreme Court vacation bench today on grounds that the directive may affect the government.
Meanwhile Niko's Counsel, Barrister Rokanuddin Mahmud, told The Daily Star that Niko will also appeal against the directive to freeze its bank accounts.
The High Court Monday issued an injunction on payment to Niko and ordered to freeze the bank accounts it maintains in Bangladesh, asking the government to explain in six weeks why the Bapex-Niko gas exploration agreement should not be declared canceled.
Niko started drilling the Tengratila relief well with an undisclosed budget recently using a fund from its insurance company. It did not even clear the scheme from the joint committee comprising officials of both Bapex and Niko.
Till yesterday Niko's contractors drilled 133 metres and installed a concrete casing down to 130 metres. Niko aims to drill up to 500 metres and seal the damaged structure by October 1.
But the company stopped drilling further as it could not pay its contractors the daily fees.
"Niko has no problem with foreign currency flow right now --but it does not have local currency to pay for everyday costs," pointed out the official.
Following the second blowout in Tengratila on June 17, Niko started drilling a "data well" in late July to compile geological data that would help it undertake a flawless relief well drilling programme.
Sources said Niko finished drilling the 540 metre data well last month and started drilling the new relief well on the basis of the collected data.
Being a very small company that depends entirely on hired contractors for all work, Niko's faulty drilling in the Tengratila area under Chhatak east led to the first blowout in January this year. Niko started drilling in December with a target to reach 1700 metres.
The government formed three
probe committees after this chapter and investigators told The Daily Star that Niko did not take proper safety measures and went on drilling up to 800 metres through the well that had only 300 metres of concrete casing.
Niko proceeded slowly in the Tengratila remedial works. On June 17, the company once again proved its incompetence through the second blowout.
Niko was found disqualified to explore oil and gas in Bangladesh in the government's evaluation during the second round block bidding in 1997.