U.S. oil and gas company Chevron entered into an agreement to sell the shares of its wholly-owned indirect subsidiaries operating in Bangladesh to Himalaya Energy Co. Ltd., the company announced on Monday.

Through its subsidiaries in Bangladesh, Chevron produces natural gas and condensate from three fields in the northeast of the country.

Chevron Bangladesh operates Block 12, known as the Bibiyana Field and Blocks 13 and 14, entitled Jalalabad and Moulavi Bazar fields respectively, according to the statement.

While Chevron did not disclose the sale price, it noted that closing of the transaction is subject to the resolution of certain conditions.

All the natural gas and condensate that Chevron produces in Bangladesh is sold to Petrobangla, the national oil company.

In 2015, net daily production averaged 720 million cubic feet of natural gas and 3,000 barrels of condensate - the liquid hydrocarbon produced with natural gas, according to Chevron Bangladesh.

By Ebru Sengul

Anadolu Agency

energy@aa.com.tr