Halliburton to Sell O&G Assets in Bangladesh

Halliburton's subsidiary, HBR Energy Inc., has signed a definitive agreement for the intended sale of its working interests in oil and gas assets in Bangladesh to a privately held, Singapore-based company.

When completed, the sale would include HBR Energy's 25 percent interest in the Sangu Development Area, which comprises six wells producing in excess of 125 million cubic feet per day (mmcf/d), a four pile platform, an 18-kilometer gas pipeline and an onshore processing plant, and also HBR Energy's interest in the Block 16 Extension Area. These assets are currently operated by a subsidiary of Cairn Energy PLC.

Closing of the transaction is contingent upon a number of conditions and receipt of government and partner approvals. The purchase price and other terms of the agreement are not being disclosed.

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