Gazprom to Explore for Gas in Bangladesh

Gazprom on Monday proposed drilling 10 wells for gas in Bangladesh's onshore fields, media reports said.

A Gazprom delegation is visiting Bangladesh to conclude negotiations with the government for exploration of oil and gas.

The Russian firm will invest around $200 million to explore at least 10 wells to increase gas production to meet rising demand.

Gazprom is likely to finish its drilling activities by the middle of 2013.

Bangladesh's state energy firm Petrobangla has a plan to increase natural gas production to 2.2 billion cubic feet per day. At present it produces around 2 billion cubic feet of gas per day against demand of more than 2.5 billion.

Gazprom would become the first foreign company to partner with Petrobangla in oil and gas exploration without a production-sharing contract if its proposal is accepted by the government.