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Gazprom eyes Bangladeshi natural gas

DHAKA, Bangladesh, Oct. 31 (UPI) -- A delegation from Russian energy company Gazprom arrived Monday in Bangladesh to explore on shore gas work there, a company official said.

Gazprom officials offered to drill 11 natural gas wells in Bangladesh during talks with state-owned oil and gas company Petrobangla.

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Hussain Monsur, chairman of Petrobangla, said Gazprom would finish its drilling campaign within 18 month of getting approval for the new work, the Platts news service reports.

Bangladesh aims to boost natural gas production by around 220,000 cubic feet per day once the drilling program is completed, he added.

Gazprom said it would pay 5 percent of the costs of working in Bangladesh. It would be the first company to team up with Petrobangla without a production-sharing contract if the government approves of its plans.

ConocoPhillips signed a production sharing contract with Petrobangla in June.

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.

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