Offshore Exploration Bid Round by Bangladesh
Satyesh Bhandari
In the middle of major political turmoil, Bangladesh is going to open bids on 9th September 2024 for twenty four offshore exploratory blocks to be awarded under new and revised Production Sharing Contract (PSC). The Bangladeshi state-owned company Petrobangla has announced an international bid round for oil and natural gas exploration in 24 offshore blocks located in the Bay of Bengal, to enhance energy production. The current 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 last tender for offshore oil and gas exploration by Bangladesh was called in 2016.Bangladesh’s cabinet approved the new PSC in July 2023.
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Out of total twenty-six blocks, two blocks (SS-04 & SS-09) were awarded to ONGC’s foreign E&P arm, OVL, in 2016. As of now OVL has not yet completed the minimum committed work program and decided to surrender the blocks which are expiring in Feb 2025.
A total of 55 worldwide major E & P companies, including American giants Chevron and ExxonMobil, as well as Japanese firms, have been invited to participate in offshore oil and gas exploration bids. Many of these companies have shown interest. Seven big companies including ExxonMobil, Chevron Corp, Eni, CNOOC, Petronas & INPEX have purchased the bid document.
As the country is currently in politically unstable stage, most likely the last date may be extended by three to six months.
It is interesting to note that while India’s eight bidding rounds of OALP has not attracted any foreign E&P exploration companies, why the Bangladesh round is being shown interest by international players. It is time to introspect and revise the policies, if required, in order to make India move towards energy independent.
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Professor of Petroleum Engineering at PDEU ,Ex Director SPT, Ex Placement Head at Pandit Deendayal Energy University | Advisor - ONGC
2 个月Best wishes to Sunpetro for getting some Blocks??
Adjunct Faculty at Calcutta University Geology department
3 个月In the light of discovery in south Andaman, monetization of discovered oil/ gas in east coast offshore of India and presence of huge Resource base this bidding round is very important for Bangladesh economy in particular & Asia in general.
Former Director, ONGC
3 个月Who will put money in unstable Bangladesh? Companies are run by Board and Shareholders holders and Investors and they will never invest on falling and declining empire and poorest administration.
Domain Expert - Exploration at Oil India Limited
3 个月Good news. Recent political situation a matter concern. Nonetheless, business geopolics may stride by Bangladesh interim government for revenue by oil trade smoothenig, the need of hour has a ray of hope- unavoidable to them. Welcome on board
Solutions Technical Lead, G&G | Reservoir Geophysicist | Project Manager || SLB || EMBA Business Management, IIMCalcutta ||
3 个月I have worked in Bangladesh. Such a fantastic Atlas for Sequence Startigraphy melange with compressional tectonics. Fields are producing. Needed expertise for deeper plays. Lot of potential in onland too. Offshore is yet to be explored.