ConocoPhillips, the third-largest U.S. oil company, is planning to commence a seismic study in a 2,500-kilometer area of the Bay of Bengal in January 2012, according to an official from state-run Petrobangla. The U.S. company is hoping to have the two-dimensional seismic study completed by April 2012.
Texas-based ConocoPhillips (COP) will take proposals from seismic contracts through September 8. The projected seismic survey will be the country's first-ever two dimensional (2D) seismic survey in deep water of the Bay of Bengal, according to the Financial Express of Bangladesh.
The company has provided $52 million guarantee for the initial exploration period, $58 million for the first extension period, and $50 million for the second extension period, the paper reported. Conoco's contract gives it a 70% interest in one exploration block and an 85% interest in another exploration block.
Bangladesh views the Conoco seismic survey as vital to its energy future as the country is looking to attract more foreign investment in its energy industry.