Bangladesh's state-run Petrobangla has signed a deal with Russian energy giant Gazprom to drill 10 onshore wells, AP reported.

The $193 million deal was signed in Dhaka on Thursday, April 26 amid hopes that Bangladesh will be able to add up to 300 million cubic feet of gas to the national grid per day.

Gazprom would have to complete the job within 20 months.

Houston-based U.S. energy giant ConocoPhillips is currently exploring for gas off Bangladesh in the virtually unexplored deep waters of the Bay of Bengal.

One forecast predicts that current gas reserves will run out within three years. Bangladesh has proven natural gas reserves of up to 15 trillion cubic feet.