On January 28 in Dhaka, Sergey Tumanov, Managing Director and CEO of Gazprom EP International, and Mohammad Ali, BAPEX Corporate Secretary, inked a Memorandum of Understanding on Bhola Island Fields Evaluation in the presence of Alexander Ignatov, Ambassador of Russian to Bangladesh.
The Parties agreed on carrying out evaluation of the discovered fields and prospects on Bhola Island in order to prepare a rationale for further hydrocarbon exploration, development and production.
The evaluation report is supposed to include reserves assessment in the island, exploration and development strategies, risk assessment and a preliminary capital valuation for the project.
According to the Memorandum, in three months after approval of the report the Parties will consider the possibility of incorporating a joint venture for the Bhola Island Fields Development.
Gazprom EP International has been conducting its activities in Bangladesh’s gas fields since 2012. The Company has designed and constructed 17 appraisal, exploration and production wells in eight fields of the country. With the overall meterage exceeding 50 thousand and total well flow rate reaching 7 bcm a year, this has increased the country's overall gas production by more than 10 percent.
Gazprom EP International is Gazprom’s upstream operator outside the Russian Federation. The company's headquarters is located in Amsterdam, the Netherlands.
Today Gazprom EP International operates in two dozen counties over three continents and takes part in implementation of approximately 40 projects of different scales. Key areas of focus include management of overseas upstream projects; prospecting, evaluation and acquisition of new petroleum assets in the world's major oil and gas regions; representing Gazprom before foreign private and state-owned oil and gas companies.