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Exploration in 2 deep sea blocks gets nod

PSC with ConocoPhillips in a month

Staff Correspondent
The cabinet committee on economic affairs yesterday approved signing of an additional agreement with US oil company ConocoPhillips South Asia New Venture Ltd for oil and gas exploration from two deep-sea blocks.
The company won two deep-sea blocks at an off-shore block bidding floated by Petrobangla in 2008. In August 2009, the
cabinet committee approved signing of a Production Sharing Contract (PSC) on condition that oil and gas exploration will be restricted to undisputed areas.
At a meeting yesterday, the committee approved the additional deal to be made with all the conditions incorporated.
Petrobangla Chairman Hussain Monsur told The Daily Star yesterday that all negotiations with ConocoPhillips are done and the PSC is expected to be signed in about a month.
ConocoPhillips has been awarded deep-sea blocks DS-08-10 and 11, Finance Minister AMA Muhith said after the meeting at the cabinet division of the secretariat.
He added the company will work excluding the disputed maritime areas.
The company had initially offered to invest $442.63 million under four Production Sharing Contracts for eight blocks. As per a government policy, it was awarded the two blocks which, however, have some areas claimed by the neighbouring countries as their own.
When the cabinet committee approved the conditional deal in 2009, it accommodated a demand of the company. Conoco demanded that when the maritime boundary issue is internationally resolved and Bangladesh's claim to the areas is established, the company will be aUowed to explore those areas under a Side Letter Agreement (SLA).
Afterwards, the legislative and parliamentary affairs division vetted a draft SLA which would be signed along with the PSC.
In the PSC, the government added an article stating, "If the discovery or exploration of oil or gas remains suspended due to any dispute during the period of discovery or exploration. neither the contractor nor his agent shall claim any compensation for the period of suspension".
The Petrobangla chair-man described the ConocoPhillips' venture as the country's first effort to be made in the deep sea.
"We do not know anything about the prospects of the deep sea and don't have the technology to explore it if there is anything. This company has been pursuing the deal with interest for a long time," he noted.