BSS:

Petrobangla has extended the submission date of the international offshore block bidding round to December 9 from September 9, 2024 to get a better response from international oil-gas companies for exploration of oil-gas in the Bay of Bangle.

Bangladesh Oil, Gas and Mineral Corporation (Petrobangla) recently issued a time extension notice “Notice Inviting Bids” for Oil and Natural Gas Exploration under Bangladesh Offshore Bidding Round 2024, reports BSS.

As per the notice, interested multinational oil and gas companies will have to submit bid documents not less than 1pm (BST) on December 9, 2025.

It said the Petrobangla earlier issued a notice inviting bids for oil and natural gas exploration under Bangladesh Offshore Bidding Round 2024 and the last date for submitting tender documents 1pm BST on September 9, 2024.

The time extension notice also mentioned that all other terms and conditions of the bidding notice issued earlier will remain unchanged. A total of 24 offshore blocks – 15 in deep water and 9 in shallow water – have been offered in the bidding round.

Talking to BSS, Petrobangla Chairman Zanendra Nath Sarker hoped that after the extension of the submission date, more multinational companies will be able to join the bidding for exploration of oil and gas in the Bay of Bengal.

“As several companies are interested in going for joint venture . . . we’ve extended the submission date considering their request,” he added.

International oil and gas exploration companies need to follow some rules in their own countries for joint venture bidding, he said, adding that they have requested Petrobangla to extend bidding time so that they can join the bidding process after completing procedures in the respective countries concerned.

Earlier, in a promotional seminar on May 8, Petrobangla informed that seven international oil companies (IOCs) purchased bids showing their eagerness to invest in oil-gas exploration in Bay of Bengal.

It said around 15 IOCs took part in a promotional seminar on “Bangladesh Offshore Bidding Round 2024,” at the Pan Pacific Sonargaon Hotel.

Two countries -Myanmar and India- have already strengthened exploration and extraction of oil and gas in the Bay of Bengal.

Besides, a US company ExxonMobil is bidding for a block lease in the Bay of Bengal before the January 7 national elections of Bangladesh. But considering the geo-political context, the Awami League government did not lease the block. Still, ExxonMobil is interested in taking the lease of the block.

In addition to ExxonMobil, another American company, Chevron, was interested to work in the Bay of Bengal. Chevron is the largest onshore gas extraction company in Bangladesh.

The previous government had allotted new areas to Chevron for oil and gas exploration in Sylhet.

Recently, China’s state-owned company Sinuc showed special interest in exploration of oil-gas in Bangladesh’s offshore area.

Besides, companies from Malaysia, Japan, Norway and Italy are also interested in oil-gas exploration in the Bay of Bengal.