CHEVRON TO SELL BANGLADESH COMPANIES

Chevron Corporation announced that its wholly-owned subsidiary, Chevron Global Ventures has entered into an agreement to sell the shares of its wholly-owned indirect subsidiaries operating in Bangladesh to Himalaya Energy. Chevron Bangladesh operates Block 12 (Bibiyana Field) and Blocks 13 and 14 (Jalalabad and Moulavi Bazar fields). Closing of the transaction is subject to the satisfaction of certain closing conditions.
The Bibiyana field was discovered in 1998 by Occidental. Chevron subsequently became the operator of the field and brought it onstream in March 2007. It is the most important gas field in Bangladesh, producing over 30% of the country’s net gas output. In 2014, Chevron completed the Bibiyana expansion project which increased gas production capacity by 27% and doubled the liquids production capacity of the field.
Jalalabad was the first privately-operated onshore gas field to be brought onstream in Bangladesh in 1999, and is located in the northeastern part of the country.
Moulavi Bazar is the third major gas field discovered by Unocal in Bangladesh. It was discovered in 1999 and came on-line in 2005.
The three fields are located in the northeastern part of the country. (Source: Chevron)