Cairn discovers large gasdeposits in Bangladesh

Feb 17, 1997 01:00 AM

British Cairn Energy has discovered a huge gas field in the Bay of Bengal of Bangladesh and is set to explore further. Cairn and partner American Halliburton plan to invest $ 235 mm to jointly develop the Sangu field with the first production expected in 1998. Three US companies -- Occidental, Rexwood & Okland and United Meridian -- have also entered into a production-sharing contracts with the government. Occidental is said to have agreed to invest $ 100 mm in onshore gas development. The gas would be used for producing fertilisers and electricity. In January, Unocal said it would join Occidental and take 50 % in the joint venture covering three million acres in the Northeast. Under the deal, the companies will explore and develop the Jalalabad field over the next two years with first production targeted for mid-1998. Unocal expects natural gas demand in Bangladesh to more than double over the next 10 to 15 years. The country's has proven reserves of 10.2 trillion cubic feet (tcf).

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