Chevron to Expand Bangladesh Natural Gas Project

Production capacity at Bibiyana to increase by 300 million cubic feet per day

July 30, 2012 05:03 AM Eastern Daylight Time

SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX) today announced that its subsidiary will proceed with the expansion of its Bibiyana natural gas field in north-west Bangladesh.

“As the largest holder of natural gas resources in Asia-Pacific among our peers, this investment in Bangladesh further strengthens our regional portfolio of major gas projects and enhances our position as a leading supplier in the Asia Pacific region.”

The new project will include expansion of the gas plant to process increased natural gas volumes from the Bibiyana Field, additional development wells, and an enhanced gas liquids recovery unit. The project is estimated to cost approximately $500 million and is expected to boost Chevron’s total natural gas production capacity in Bangladesh by more than 300 million cubic feet per day to 1.4 billion cubic feet per day, and 4,000 barrels per day of natural gas liquids. First production is expected in 2014.

George Kirkland, vice chairman, Chevron Corporation, said, “As the largest holder of natural gas resources in Asia-Pacific among our peers, this investment in Bangladesh further strengthens our regional portfolio of major gas projects and enhances our position as a leading supplier in the Asia Pacific region.”

Melody Meyer, president, Chevron Asia Pacific Exploration and Production, said, “Bibiyana is the largest producing gas field in Bangladesh and a leading example of how technology, investment, and expertise can assist countries to utilize domestic resources to secure reliable, cleaner-burning, and affordable sources of energy.”

Chevron is one of the world’s leading integrated energy companies, with subsidiaries that conduct business worldwide. The company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels. Chevron is based in San Ramon, California.