Nasrul Hamid, the State Minister for Power, Energy, and Mineral Resources, revealed that seven international corporations have acquired tenders to engage in oil and gas exploration within Bangladesh’s maritime territory.
Speaking to journalists following a seminar convened on Wednesday at a capital hotel, the state minister highlighted the significant interest shown by over 15 global entities during the event.
Hamid expressed optimism, stating, “Both the country’s interests and those of the investing companies were evident in the tender process, leading me to be very hopeful about this year’s outcomes.”
Tawfiq E Elahi Chowdhury, the Prime Minister’s Energy Adviser, underscored notable distinctions in the latest tender compared to previous ones, emphasizing increased benefits and mutually profitable agreements.
Chowdhury noted, “We have adopted a balanced approach and entered into a Production Sharing Agreement (PSC). Chevron’s substantial $4 billion investment in the country underscores the immense investment potential Bangladesh possesses.”
Petrobangla initiated the tender process for offshore oil and gas exploration on March 10, inviting 55 international firms to explore 24 blocks in the Bay of Bengal.
The bidding companies were granted a six-month window to submit their proposals, marking the first tender of its kind since 2016. In 2019, a new Production Sharing Agreement (PSC) was formulated, although no tender was issued at that time.
After nearly four years, the cabinet granted final approval for the new PSC in July of the previous year. Bangladesh resolved maritime boundary disputes with India in 2012 and with Myanmar in 2014.
Presently, there are 15 blocks in deep-sea regions and 11 in shallow waters designated for exploration activities.
