U.S. energy major Chevron Corp. said Monday that it will spend about $500 million to raise output from Bangladesh's largest gas field.
The plan includes drilling new wells in the Bibiyana field in northwest Bangladesh, expansion of a gas processing plant and construction of an enhanced liquids recovery unit, the company said in a statement.
The project will raise Chevron's gas production capacity in Bangladesh by more than 300 million cubic feet a day to 1.4 billion cubic feet a day and 4,000 barrels of liquids. First production is expected in 2014.
Dhaka is seeking investment from international oil companies to raise gas production from domestic fields as the country faces a widening energy deficit that is hurting its economic growth.
Copyright (c) 2012 Dow Jones & Company, Inc.
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