7 int'l companies buy tenders for offshore oil-gas exploration: State minister
Many people have expressed their interest, he said, adding that more than 15 international companies participated in today's seminar.
Seven international companies have purchased tender documents so far to participate in offshore exploration of oil and gas in Bangladesh, State Minister for Power, Energy, and Mineral Resources Nasrul Hamid said today (8 May).
He told reporters after a promotional seminar titled "Bangladesh Offshore Bidding Round 2024", at a city hotel that many companies have expressed interest in operating in Bangladesh's territorial waters for oil and gas exploration.
"More than 15 international companies participated in today's seminar," he added.
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In March this year, Petrobangla floated international tenders for oil and gas exploration in the Bay of Bengal.
"In the latest tender, the interests of both the country and the investing companies have been taken into account. Consequently, there is optimism about this year's tender process," Nasrul Hamid said.
After the first session of the seminar, Prime Minister's Adviser on Power, Energy, and Mineral Resources Tawfiq-e-Elahi Chowdhury said the new tender was different from the previous ones.
"This time, several benefits have been improved. The aim is to make the process profitable for both parties," he said.
He said, "South Asia is a remarkably peaceful region. Those with long-term investment plans will find this appealing. Investing in these areas involves comparatively lower risks."
"Overall, it appears that many will participate in the tender process. Chevron, for instance, has invested $4 billion in the country. This underscores the immense potential Bangladesh possesses," he added.
Over a decade ago, in December 2012, Petrobangla floated the last international tender for the exploration of oil and gas in the Bay of Bengal. In that tender, responses were received for 9 blocks, and three blocks were acquired by international oil companies.
Among these, block numbers 4 and 9 were taken by ONGC of India, and block number 11 was secured by Santos. However, Bangladesh did not achieve any positive outcome from that tender.
The last tender for offshore oil and gas exploration was called in 2016. A new Production Sharing Contract (PSC) was signed in 2019, but tenders were not issued. After nearly four years, the cabinet approved the new PSC in July last year. ***
