Chevron Corporation Monday Announced that its subsidiary will proceed with the expansion of its Bibiyana natural gas field in north-west Bangladesh.In the biggest-ever foreign direct investment in Bangladesh, Chevron Corp on Monday announced to invest about $ 500 million more in the over $ 1 billion project to raise output from Bibiyana gas field amid growing demand.
Chevron Bangladesh President Geoff Strong made the announcement on his company pumping in more money at Ruposhi Bangla Hotel .
Chevron-maintained gas field contributes half (1.1 billion CF) of the total daily gas production of Bangladesh. The contribution will raise by 300 million CF once the expansion project in implemented by 2014.
The American multinational said the fresh investment was to raise its natural gas production in Bangladesh by more than a quarter in 2014.
The investment means Chevron remains the largest natural gas producer in Bangladesh that faces gas shortages up to 500 million cubic feet a day (mmcfd).
“This project will provide more affordable energy that will not only increase Chevron’s business in Bangladesh but also help drive economic growth and alleviate poverty for many millions of people,” said Strong.
The expansion project will see drilling up of additional wells, building of an enhanced gas liquids recovery unit with a view to increase its capacity to process more natural gas, according to a statement issued by the multinational company.
The project will boost Chevron’s total natural gas production capacity in Bangladesh by more than 300 mmcfd to 1.4 billion cubic feet per day while its condensate output will rise by 4,000 barrels per day, the company said.
“Production of this condensate will save the import of liquid fuels with a current market value of about $200 million per year,” Strong added.
“It is a combined effort to make a significant difference to help solve the energy crisis in Bangladesh,” said Tawfiq-e-Elahi Chowdhury, the Prime Minister’s Energy Adviser, at the briefing.
Bangladesh now produces up to 55 percent of its electricity using natural gas to generate about 6000 megawatts of power.
Chevron also urged the government to upgrade its national pipeline network to allow it to deliver more gas.
Source : Energy Bangla
