1. INTRODUCTION 

1. The proceedings relate to marginal or abandoned gas fields in Bangladesh which the Government of the People’s Republic of Bangladesh (the Government), the First Respondent, had decided to develop. In the course of this development Niko Resources (Bangladesh) Ltd. (Niko), the Claimant, concluded on 23 August 1999 a Framework of Understanding with the Bangladesh Petroleum & Production Company, Limited (BAPEX), the Second Respondent. 

2. Niko conducted a Marginal Field Evaluation of three fields and, in a report of February 2000, concluded that two of them, the Chattak and the Feni fields, were sufficiently promising to continue with a work plan. Thereupon Niko and BAPEX, under the direction of the Ministry of Power, Energy and Mineral Resources (the Ministry), negotiated a Joint Venture Agreement (JVA), which was concluded on 16 October 2003 with the approval the Government.