DHAKA, Bangladesh, June 24 (UPI) -- U.S. supermajor ConocoPhillips aims to start the initial phases of oil and gas exploration off the coast of Bangladesh by October, an energy official said.
Hussain Monsur, chairman of the country's energy company Petrobangla, said development for two deepwater blocks is expected in the Bay of Bengal by the fall.
"ConocoPhillips has informed us of its plan to initiate seismic surveys in two deep-sea block areas exploring for oil and gas in October," he was quoted by the Platts news service as saying.
The U.S. energy company signed a production sharing contract with Petrobangla last week. Exploration would focus on two blocks covering nearly 2,000 square miles in waters as deep as 4,900 feet.
Bangladesh produces around 630 billion cubic feet of natural gas each year. Proven reserves, located in the east of the country, hold an estimated 1.4 trillion cubic feet of natural gas.
The country has a natural gas demand that exceeds its current production rate, Platts notes. Petrobangla has rationed supplies in order to compensate for the shortage.
