NEW DELHI, Feb. 18 (UPI) -- India's Oil and Natural Gas Corp. Ltd. said it signed production sharing contracts with the government of Bangladesh for two reserve areas in the Bay of Bengal.
ONGC Videsh, the international subsidiary of the oil and gas company, said Monday it signed the deals for exploration work in the shallow waters off the coast of Bangladesh. The company said it formed a joint venture with Oil India Ltd. for the work following a late 2012 auction.
State-run oil company Bangladesh Petroleum Exploration Co. in 2012 said it discovered 137 million barrels of oil in the north of the country. ONGC Videsh offered no reserve estimate, however, for the shallow water areas.
The U.S. Energy Information Administration says Bangladesh is a net importer of oil. It's the seventh largest natural gas producer in Asia.
India, for its part, has looked to secure more volumes of oil and natural gas to keep up with demand.