The company will also explore other opportunities like the third round block bidding, Wilson said as he was addressing a press briefing in the capital.

Wilson said Chevron is already the leading investor in Bangladesh and it will stay for another 30 to 40 years in the country.

He also said Bangladesh has made significant progress in the last few years --leading to a sharp increase in gas demand prompting Chevron to develop Bibiyana gas field eying domestic market.

Earlier, Chevron, previously known as Unocal, aimed at developing the same field for Indian market.

Focusing on Bangladesh's plan for importing gas from Myanmar, Wilson said, "Bangladesh should take its decision quickly, because China is eyeing Myanmar's gas. Geographically it's logical for Myanmar to export gas to Bangladesh, but China is a big market."

He said Chevron has conducted 1000 km of seismic survey in block 7, but did not have indications of oil and gas reserves that would be commercially viable.

"However, it will need more works to evaluate the whole opportunity," he said adding that there is a possibility of a new core area in the south of the block.

Chevron is currently producing around 585 million cubic feet per day (mmcfd) gas from Jalalabad, Moulvibazar and Bibiyana fields against the country's total production of around 1750 mmcfd.

The Bibiyana field, launched earlier this year, alone is producing 300 mmcfd and it will be ready to produce 600 mmcfd from September.

Now, the gas infrastructure of Petrobangla cannot take more than 300 mmcfd from Bibiyana. In this context, the IFC (International Finance Corporation) has designed a new plant near the gas field, which will help utilise Bibiyana's gas.

Wilson, who joined Chevron in 1985 and had served as the company's general manager of Commercial Development in Nigeria for two years before coming to Bangladesh, said the process plants of Jalalabad and Moulvibazar were remarkably performing with 100 percent plant reliability.