Indo-Bangla deal on Bay oil, gas search
Monday, 17 February 2014
State-owned Petrobangla has signed a deal with Indian state-owned Oil and Natural Gas Corporation (ONGC) for the hydrocarbon exploration and extraction of oil and gas in shallow-water Blocks 4 and 9 of the Bay of Bengal. ONGC is the first Indian company to get exploration contracts in Bangladesh.
The two agreements were signed between the Bangladesh Government, Petrobangla and ONGC; and Oil India and state-owned Bangladesh Petroleum Exploration and Production Company Ltd (Bapex) at capital Dhaka’s Petrocenter Monday.
Finance Minister AMA Muhith, Power, Energy and Mineral Resources Affairs Advisor to the Prime Minister Taufiq-e-Elahi Chowdhury, State Minister for Power, Energy and Mineral Resources Nasrul Hamid Bipu and Indian High Commissioner in Dhaka Pankaj Saran were present at the signing ceremony.
The Petrobangla invited bids last year under the model Production Sharing Contract (PSC) 2012 for hydrocarbon exploration in two shallow water blocks - SS-04 and SS-09 in the Bay of Bengal.
Petrobangla officials said that two more agreements would be signed this month with the US-based oil and gas company ConocoPhillips for the shallow-water Block 7 and Santos-Criss Energy for Block 11, according to a news agency.