19 January 2021 0:05 GMT Updated 19 January 2021 0:05 GMT in London
Partners in Block SS-11 offshore Bangladesh have formally relinquished the shallow-water tract, dealing another blow to the South Asian nation’s increasingly lacklustre upstream sector.
Co-venturer KrisEnergy revealed on Monday that Bangladeshi authorities last week approved the relinquishment of the area in the Bay of Bengal and termination of the SS-11 production sharing contract.
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“The relinquishment, which was recommended by the operator [Santos Sangu] and unanimously approved by the joint venture partners, was pursuant to the terms of the PSC,” the Singapore-headquartered company said.