KrisEnergy Acquires 45% Stake in SS-11 PSC in the Bay of Bengal
KrisEnergy Ltd., an independent upstream oil and gas company, reported Wednesday that it has been awarded a 45 percent non-operating working interest in the production sharing contract (PSC) for the shallow sea block SS-11 offshore Bangladesh. The block was awarded to Santos Sangu Field Ltd, which is the operator of the PSC with 45 percent, KrisEnergy (Asia) Ltd., a wholly owned subsidiary of the KrisEnergy group of companies, and Bangladesh Petroleum Exploration & Production Company Limited (BAPEX), which holds 10 percent.
Block SS-11 covers an area of 1,728 square miles (4,475 square kilometers) in the Bay of Bengal over the Bengal Fan. The majority of the block lies in shallow waters up to 656 feet (200 meters) with the furthest southwest portion extending into water depths up to 4,921 feet (1,500 meters). The PSC has an initial five-year term, with an associated work commitment of the acquisition and processing of 1,176 miles (1,893 kilometers) 2D seismic data and 115 square miles (300 square kilometers) 3D seismic data and the drilling of one exploration well.
Richard Lorentz, KrisEnergy’s director Business Development, commented: “Since our acquisition of a 30 percent interest in onshore Block 9 in April 2013, we have been looking at opportunities to expand our portfolio in Bangladesh. We see high potential in the geology in the offshore area although there has been negligible exploration activity in SS-11 itself. This award also marks a new partnership with Santos, which has more than six years of operating experience in country. We look forward to our collaboration.”
KrisEnergy acquired in 2013 a 30 percent operating working interest in Block 9 onshore Bangladesh, which contains the producing Bangora gas field.
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