Santos receives approval for Bangladesh investment

Santos Ltd $200 million investment plan to drill three wells in the Bay of Bengal has received approval from the government of Bangladesh.
The approval comes one month after British oil and gas firm Cairn Energy decided to divest its minority interest in the Sangu gas field off the Bangladesh coast to Santos.
Santos is expected to complete drilling in the three gas structures by April 2012.
Santos will be the first foreign company allowed to sell gas to private users at market price from all three gas structures.
For the half year ended 30 June 2010, Santos reported a net profit of $198 million.
Source: Press release