Russian gas company Gazprom is eyeing a $193m deal to drill ten onshore wells in Bangladesh with state-owned oil and gas company Petrobangla.

If the deal is given the go-ahead by the Bangladesh government, Gazprom will become the first foreign company to work with Petrobangla in exploration without a production-sharing contract.

Petrobangla chairman Hussain Monsur told news agency Platts that Gazprom had offered to drill five development wells and five exploration wells and had given assurances that the work would be complete within 18 months of getting approval.

Last week US company Chevron announced that it would step up its natural gas production in Bangladesh. Geoffrey Strong, president of Chevron in Bangladesh, said: “So far we have invested more than $1bn in Bangladesh and want to increase the investment.”

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