ChevronTexaco
sells upstream assets in Bangladesh
Posted: 18 September 2003
Company will focus on assets more aligned with strategic
growth objectives
ChevronTexaco has sold its subsidiary, Chevron International Bangladesh
Ltd. (CIBL), to Niko Resources (Caymen) Ltd, a Canadian company.
CIBL was responsible for ChevronTexaco’s activities in Block
9, an onshore gas exploration opportunity in Bangladesh.
CIBL had a 60 per cent interest in the 6,880 square kilometer (2,656
square mile) block, which includes the capital city of Dhaka.
Commenting on the announcement, Isikeli Taureka, managing director
of ChevronTexaco Overseas Petroleum’s South Asia business
unit said, “We have enjoyed an outstanding relationship with
the people and government of Bangladesh, however our decision was
a result of the company’s drive to focus on assets more aligned
with our strategic growth objectives.”
The other participants in Block 9 are Tullow Bangladesh Ltd., with
a 30 percent interest and Bapex, the Bangladesh Petroleum Exploration
and Production Co. Ltd., which holds the remaining 10 percent interest.
Financial details of the sale were not disclosed.
About ChevronTexaco
Based in San Ramon, Calif., ChevronTexaco is the second-largest
U.S.-based energy company and the fifth largest in the world, based
on market capitalization. More than 53,000 ChevronTexaco employees
work in approximately 180 countries around the world, producing
oil and natural gas, and marketing fuels and other energy products.
Posted by Richard Price,
Editor Pipeline Magazine
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