Reuters: Market News: Bangladesh's BAPEX eyes 1st offshore oil and gas venture

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Bangladesh's BAPEX eyes 1st offshore oil and gas venture Apr 7th 2012, 10:36 DHAKA, April 7 | Sat Apr 7, 2012 6:36am EDT DHAKA, April 7 (Reuters) - State-run Bangladesh Petroleum Exploration and Production Company Ltd (BAPEX) hopes to launch its first offshore oil and gas exploration venture in July, its managing director said on Saturday. The firm will bid in tenders for blocks in the Bay of Bengal in conjunction with a major international company, Mortuza Ahmed Faruque said, without naming the firm or indicating the likely value of the contracts. Bidding for eight shallow-water oil and gas blocks is likely be held by the end of July, a government official said. BAPEX currently produces 80 million cubic feet of gas per day from four onshore fields. It runs a joint venture with Canada's Niko Resources and holds 10 percent stakes in onshore blocks operated by U.S. oil firm Chevron, Ireland's Tullow L> and Australia's Santos. BAPEX is also in talks with China's state-owned Sinopec Shengli to develop four onshore gas fields in Bangladesh's Chittagong hills.

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