Gazprom Proposes $200M for Bangladesh O&G Contract

Delegates from Russia's Gazprom met with Bangladeshi officials Monday to conclude negotiations with the government for exploration of oil and gas, Reuters reported.

Bangladesh Energy Secretary Mohamad Mejbahuddin told Reuters that the world's largest natural gas company would invest $200 million to explore at least 10 wells and assused Bagladeshi officials that drilling activities would be finished by the middle of 2013. Gazprom has also agreed to pay 5 percent as a performance guarantee of the total cost.

If the proposal is accepted, Gazprom will become Petrobangla's first foreign company partner without a production-sharing contract.

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