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Tullow, Texaco & Chevron to finalize deal today

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October 12, 2000 

Dhaka-- (UNB)- A production-sharing contract (PSC) for exploring gas in the much-debated hydrocarbon Block 9 is likely to be signed today (Thursday).

Petrobangla will sit across the table with Tullow, Texaco and Chevron to finalize the deal, official sources said.

As per the deal initialed on March 11 this year prior to US President Bill Clinton’s Dhaka visit, each of the three foreign oil companies will get 30 per cent share and the rest 10 per cent will go to Bapex, a subsidiary of Petrobangla, as carried interest.

Such sharing of output of the most prospective gasfield was determined through renegotiations following long hassles over granting it to Tullow alone previously.

“If everything goes as per previous negotiations, the final deal may be signed today,” an official of the state-owned Petrobangla hinted.