The Bangladeshi state-owned company Petrobangla has announced a new international bid round for oil and natural gas exploration in 24 blocks located in the Bay of Bengal, under a new Production Sharing Contract (PSC) to enhance energy production. The 2024 Bangladesh Offshore Bid Round is the first bid round in eight years to offer offshore acreage, comprising fifteen deep water and nine shallow water blocks.
The bid is open to participation from 55 international companies. Bangladesh’s last tender for offshore oil and gas exploration was called in 2016, and although a new PSC was signed in 2019, no tender was called. Bangladesh’s cabinet approved the new PSC in July 2023.
In 2022, Bangladesh’s natural gas and crude oil production stood at 24.3 bcm and 309 kt respectively. The country’s proved gas reserves stood at 243 bcm, while its proved crude oil reserves stood at 4,000 kt (2022).
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