On 29 March 2017, Gazprom International, the sole specialized Gazprom’s enterprise for prospecting, exploration and development of hydrocarbons outside the Russian Federation, and the Bangladesh Petroleum Exploration and Production Company (BAPEX), a subsidiary of Petrobangla (Bangladesh National Oil and Gas Corporation), signed an additional agreement on the construction of two new wells in Bangladesh.
Under the agreement, Gazprom International shall design, construct and commence the commercial production of two exploration wells (Shahbazpur East-1 and Bhola North-1) located on Bhola Island in the south of Bangladesh. According to the technical specifications, the projected measured depth of the wells will be approximately 3,500 meters.
The duration of the drilling works will be 17 months. Preparations for drilling are now under way at both sites.
In 2011, Petrobangla experts estimated the gas reserves.
Since 2008, four exploratory wells have been drilled at Shahbazpur field, two of which by Gazprom International.
The contract with Gazprom International was signed under a new programme of the Government of Bangladesh to drill over 100 wells at a number of gas fields in the country before 2021.
Since 2012, Gazprom subsidiary has undertaken the commitment to design and build a range of wells in the Bangladesh gas fields. Over a period of five years, the company has designed and built 15 exploration and development wells in the seven fields in Bangladesh.
The main partner of Gazprom in Bangladesh is Petrobangla, a government-owned national oil company.
Petrobangla estimates total proved hydrocarbon reserves of Bangladesh at over 15 trillion cubic feet (over 400 billion cubic meters). The annual volume of natural gas extraction is approximately 27 billion cubic meters with existing demand exceeding 30 billion cubic meters.
A total of 26 gas fields have been discovered in Bangladesh, 2 of which are located on the shelf of the Bay of Bengal.
Prior to 2013, there has been a 10-year gap when Bangladesh had not brought any new fields on stream. Then a programme for drilling of new wells was adopted.
In 2010, Bangladesh invited Gazprom to participate in hydrocarbon prospecting and exploration in the country, as well as in the construction of a unified gas supply system.