OVL gears up for exploration in Bangladesh

Vol 17, PW 24 (17 Jul 14) News in Brief

OVL and Oil India are gearing up to begin exploring Bangladesh blocks SS-04 and SS-09, where they signed PSCs on February 17 this year (2014).

OVL wants to float a tender in September to shoot 5550-lkm 2D across the two blocks, which together cover 14,295-sq km in the Bay of Bengal. "Our team is studying old data,” confirms OVL.

“We want to begin work by end-2014.” In anticipation, OVL vice president Sanjay Bowal has been appointed country manager to OVL’s new office in Dhaka, opened in April (2014).

He will be joined by two officers at the end of this month (July). OVL (50% and operator) and Oil India (50%) bid for the block in the Bangladesh Offshore Bidding Round 2012.

Under the PSC, the consortium must spend $58m on block SS-04, shooting 2700-lkm 2D and 200-sq km 3D and drill two wells in the five-year Phase-I. At SS-09, it must spend $85m on shooting 2850-lkm 2D, and 300-sq km 3D and drill three wells in Phase-I.

LNG Summit