Bangladesh has signed a deal with the American company ConocoPhillips in a bid to locate new sources of gas before the country's current reserves run out within the next few years.

Government officials announced the deal Thursday, saying the agreement gives the U.S. energy giant exploration rights to two areas in the Bay of Bengal.

A local group is criticizing the government for allegedly allowing a foreign company the siphon off Bangladeshi energy. However, the government says this is not true.

Officials also say the deal does not involve disputed waters also claimed by Burma and India.