Bangladesh Petroleum Exploration and Production Co. (Bapex) has agreed to work with State Oil Company of Azerbaijan Republic (SOCAR) to explore oil and gas fields across Bangladesh, according to the Dhaka Tribune.
A Bapex official said the two companies plan to sign an agreement this year. SOCAR’s price for exploring in Bangladesh is low – $11 million per well compared with the $18 million each that Gazprom is charging for drilling 15 wells across the country.
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