2011-06-24-2011-06-16

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Estimated Price
MM
Description

Entered production-sharing contract with covering 2 blocks in deepwater Bay of Bengal covering 5,158 square kilometers.

ConocoPhillips, Houston, (NYSE: COP) has entered a production-sharing contract with Bangladesh national energy company Petrobangla covering two blocks in the deepwater area of the Bay of Bengal, ConocoPhillips' first investment in Bangladesh.

ConocoPhillips holds 100% of the working interest in the contract.

Blocks DS-08-10 and DS-08-11 cover 5,158 square kilometers (1.27 million acres) approximately 280 kilometers (175 miles) from the port city of Chittagong.

The deepwater area of Bangladesh is virtually unexplored, and ConocoPhillips' exploration efforts in Blocks DS-08-10 and DS-08-11 will begin as soon as possible with the acquisition of a large 2-D seismic survey.

ConocoPhillips senior vice president Larry Archibald says, "ConocoPhillips is pleased to become part of the Bangladesh oil and gas community. We fully expect that this contract signing will be the first step in a long and successful relationship between ConocoPhillips, Petrobangla and the government of Bangladesh."