But the required official approval is yet to be given by Petrobangla, the state-run oil, gas and mineral corporation under the Energy and Mineral Resources Division.

The approval process of transferring Chevron Texaco's share was under process, according to officials at the Petrobangla, which deals PSCs (production sharing contracts) with IOCs (international oil companies).

"We have to follow certain procedures. We can't complete the formalities as rapidly as the contractors can do," said a senior Petrobangla official.

He said the transfer would be approved shortly by Petrobangla and then the matter would be sent to the Energy and Mineral Resources Division for final approval.

Earlier, the Petrobangla sought clarifications from ChevronTexaco several times as the US oil giant made announcement of selling its interests in Bangladesh to Niko Resources Ltd.