SAN RAMON, Calif. (AP) - Chevron Corp. said Monday that it will go ahead with the expansion of its natural gas field in northwest Bangladesh at a cost of about $500 million.
The project will include the expansion of a gas plant to process increased natural gas volumes from the field, additional development wells and an enhanced gas liquids recovery unit, Chevron said.
The San Ramon, Calif.-based oil and gas company said it expects the project to boost its total natural gas production capacity in Bangladesh by more than 300 million cubic feet-per-day to 1.4 billion cubic feet-per-day, and 4,000 barrels per day of natural gas liquids.
First production is expected in 2014.
Chevron shares rose 42 cents to $109.68 in morning trading Monday.