Bangladesh has floated an international tender for the exploration of oil and gas in 24 maritime blocks in the Bay of Bengal under a new Production Sharing Contract (PSC) in a bid to enhance energy production, report agencies.
A notice was published on the website of Petrobangla, the state-owned energy corporation, and in various English-language newspapers on Sunday.
The invitation, the first in eight years, extends to nine shallow sea blocks and 15 deep-sea blocks for oil and gas exploration.
The nine shallow sea blocks are SS-01, 02, 03, 05, 06, 07, 08, 10 and 11) and 15 deep sea blocks are DS-08, 09, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21 and 22.
The bidder, singly or in association with other companies, can bid for one or more blocks.
Contracts will be signed with the successful bidders in line with the Bangladesh Offshore Model Production Sharing Contract 2023, said the tender.
Bidders are instructed to submit their proposals by 1pm on Sept 9, with the tender documents set to be unveiled an hour later in the presence of official observers.
The Bangladesh maritime zone is segmented into 26 blocks in total, 15 of which are located in deep waters and 11 in shallow waters.
Currently, Indian company ONGC is conducting explorations in two blocks. The new tender opens up opportunities for the remaining 24 blocks.
Prominent international firms, including US-based Chevron and ExxonMobil, have already expressed interest in investing. The tender is open to participation from 55 international companies.
"The new PSC is designed to be more appealing and conducive to investment than its predecessors," Petrobangla Chairman Zanendra Nath Sarker said.
The last call for an international tender for offshore oil and gas exploration was in 2016. Although a new OSC was established in 2019, no subsequent tenders were issued until now.
International bids for offshore exploration blocks floated
FE Team | Published: March 11, 2024 00:24:44
International bids for offshore exploration blocks floated
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