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Aussie firm announces huge gas strike off Bangladesh coast

Posted on | February 16, 2012 | No Comments

Saleem Samad – AHN News Correspondent

Chittagong, Bangladesh (AHN) – An Australian energy company has discovered what are believed to be huge gas reserves in the Bay of Bengal off the coast of Bangladesh.

The president of Santos Bangladesh, John Chambers, told reporters on Wednesday that the company is confident it can start supplying gas from the reserve by the first week of April.

Chambers said the company will be able to more accurately assess the size of the gas supply at the Sangu-11 site within the next few weeks. At least 25 million to 30 million cubic feet of gas per day will be available for Chittagong’s energy-starved industrial customers by March or April, the official added.

The well is located in shallow water about 37 miles off the Bangladesh coast.

Commercially viable gas reserves were previously found offshore of Bangladesh in 1996 by British firm Cairn Energy. The previous operator of the Sangu field, Cairn had found gas in the same block.

Unlike other global energy companies, Santos has agreements to sell gas from its well to private consumers at market price, Chambers said. He said Santos has already received expressions of interest from more than a dozen large privately owned companies in Chittagong to buy gas at market price due to a growing gas shortage in the country.

The energy crunch forced the government to suspend new gas connections to industries in July 2009, squeezing industrial growth. Gas rationing is widespread and CNG filling stations are closed four hours a day. The nation’s economy is entirely dependent on gas and electricity for production by its huge export industries.

Article © AHN – All Rights Reserved

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