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Last Updated : 11 February 2008 at 16:20 IST

Cairns Energy to resume Bangladesh exploration

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Commodity Online
EDINBURGH: The Edinburgh based Cairn Energy on Monday announced that it will conduct more tests in the Bangladeshi waters of the Bay of Bengal.

Cairn Energy, which had failed to find gas there last year, has been operating in Bangladesh since it became the first foreign firm to win exploration rights in 1994.

Bangladeshi officials have said that, based on seismic surveys, there is a potential reserve of 3.5 trillion cubic feet (TCF) of gas at Magnama. Meanwhile, the Hatiya structure, where Cairn is currently testing, is believed to have up to 1.8TCF of gas.

Cairn Energy, operates Bangladesh's only offshore gas field at Sangu, also in the Bay of Bengal, producing up to 80 million cubic feet of gas a day.

Last week Bangladesh said it would invite foreign companies to explore for offshore oil and gas to meet soaring energy demand and sustain growth. Its current proven and recoverable gas reserves of 13.5TCF are expected to be exhausted by 2011.