Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Sunday, February 25, 2018 12:05:33 PM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

Off shore gas exploration

SPA with Santos gets Cabinet nod

By
12th-Jan-2017       
Comments
Share your thought
Post a comment »
Read all () »

UNB, Dhaka :
The Cabinet Economic Affairs Committee on Wednesday in principle approved a proposal to allow state-owned Bapex to sign a "Sale and Purchase Agreement (SPA)" with Australian oil company Santos for offshore gas exploration under a joint venture.
The proposed Bapex-Santos joint venture will explore gas in the country's Magnama offshore gas structure located in Block-16.
The Cabinet body, in a meeting with Finance Minister AMA Muhith in the chair, gave the go-ahead to the proposal placed by the Energy Division. Senior ministers who are members of the committee were present at the meeting.
Energy Division officials said under the SPA, Bapex will obtain a 49 percent stake in the joint venture with Santos for Magnama structure by paying $28.85 million by January 31 while Australian company will hold the remaining 51 percent stake.
This SPA has been a follow-up step towards forming a joint venture as Bangladesh Petroleum Exploration and Production Company Ltd (Bapex) and Santos had earlier signed a "binding offer agreement" in June last in this regard as an initial deal.
The Magnama structure was discovered a few years ago by foreign oil company Cairn Energy, but it was not fully explored by drilling adequate number of wells.
Later, Santos acquired Magnama gas field from Cairn Energy which had drilled an exploration well in 2007-08, and subsequently carried out 213 line kilometres of 3D seismic survey in early 2010. After taking over the field, Santos has now moved to conduct further drillings under the deal with Bapex.
Petreobangla officials said working with Santos in Magnama field will be a new experience for Bapex as it had never worked in any offshore gas field.

Tariff
Add Rate

News Archive

Inside The New Nation

International »

New strikes hit Syria enclave after UN delays truce vote


AFP, Beirut  :Air strikes and rocket fire hit the Syrian rebel enclave of Eastern Ghouta for a seventh straight day on Saturday after the United Nations again delayed a vote on a ceasefire.The Damascus government launched a devastating bombardment of the enclave just outside the capital last Sunday that has ...

Editorial »

More vigilance at Rohingya camps against human traffickers


Aid workers have identified 32 victims of human trafficking so far at Rohingya camps in Cox's Bazar and also reported lack of access to basic services and self-reliance opportunities - especially for women and girls increasing the risk of trafficking. If such risks were assessed from the very beginning when ...

Sports »

Canadian Prime Minister Justin Trudeau takes part in a hockey event with Hayley Wickenheiser (not pictured) and the Indian women's national ice hockey team at the Canadian High Commission of Canada in New Delhi, India on Saturday.


Sports »

Medalist in the men's parallel giant slalom (from right) South Korea's Lee Sangho (silver), Switzerland's Nevin Galmarini (gold) and Slovenia's Zan Kosir (bronze) pose during their medals ceremony at the 2018 Winter Olympics in Pyeongchang, South Korea on Saturday.


Entertainment »

Sunny Leone on her Tamil film debut: I'm beyond excited to start shooting


Former adult film actress Sunny Leone made a swift move into the Hindi film industry in 2012. And now the Indo-Canadian actress is all set to make her debut in a Tamil film. She says south Indian films would help her grow as a person and an actress. Sunny, whose ...

City »

Poet Abdul Hai Shikder along with others holds the copies of a book titled 'Aroni' written by Latiful Khabira at its cover unwrapping ceremony in the city's Suhrawardy Udyan on Saturday.


Editorial »

Indian Army Chief`s allegation means complicity of government of Bangladesh


REMARKS by Indian Army Chief, Gen. Bipin Rawat on Thursday that a 'planned influx' of people from Bangladesh into India's north-east is underway as part of a proxy war by Pakistan with support from China, so to keep the area disturbed. Moreover, he also said migration from Bangladesh are happening ...

Sports »

Bronze medalist in the women`s Big Air snowboard Synnott Zoi Sadowski of New Zealand, poses during the medals ceremony at the 2018 Winter Olympics in Pyeongchang, South Korea on Thursday.


.

Entertainment »

Priyanka Chopra terminates contract with Nirav Modi, not suing him yet


Priyanka Chopra has decided to cut ties with billionaire diamond trader Nirav Modi's brand following the news about the alleged banking fraud carried out by him. "In the light of recent allegations, Priyanka Chopra has chosen to terminate her contract with the Nirav Modi brand," a spokesperson of Priyanka, who ...

City »

BNP Standing Committee Member Barrister Moudud Ahmed speaking at a protest rally organised by Khaleda Zia Mukti Parishad at the Jatiya Press Club on Friday demanding release of BNP Chairperson Begum Khaleda Zia.


.

International »

Ex-Trump campaign associates face more charges


AP, Washington  :Dramatically escalating the pressure and stakes, special counsel Robert Mueller filed additional criminal charges Thursday against President Donald Trump's former campaign chairman and his business associate.The filing adds allegations of tax evasion and bank fraud and significantly increases the legal jeopardy facing Paul Manafort, who managed Trump's campaign ...

Front Page »

Amnesty accuses President Trump of HR violations


Human rights group Amnesty International has accused Donald Trump of "hateful" politics and of being a threat to human rights. "President Trump takes actions that violate human rights at home and abroad," the group said. Amnesty put Mr Trump in the same group as the leaders of Egypt, Russia, China, ...

Editorial »

Serving people not making money must be the motto


PHYSICIANS must provide treatment, President Abdul Hamid said to common people at affordable cost so that no one remained deprived of receiving treatment for lack of money. He made the call while addressing the third convocation of Bangabandhu Sheikh Mujib Medical University in the city on Monday. He has also ...

Sports »

Karolina Pliskova of Czech Republic celebrates after she beats Carla Suarez Navarro of Spain during the Dubai Duty Free Tennis Championship in Dubai, United Arab Emirates on Wednesday.


Entertainment »

Alicia Vikander loves `big adventure films`


Oscar-winning actress Alicia Vikander said she loves "independent and arthouse" cinema, but is also attracted towards the big adventure films.The actress, who will be soon seen as Lara Croft in the forthcoming film 'Tomb Raider', also shared that she found training and muscle-building exercise for the role, empowering. "My mother, ...

 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news