Dhaka, Aug 31 (V7N) - Petrobangla has announced a three-month extension to the submission deadline for its international offshore block bidding round. The new deadline is now expected to be set for December, providing more time for potential investors to participate.
 
Petrobangla Chairman Zanendra Nath Sarker confirmed the extension, stating that it aims to generate a stronger response from international bidders. To date, seven prominent global oil and gas companies have acquired bid documents, indicating significant interest in exploring Bangladesh’s maritime area in the Bay of Bengal.
 
The interested companies include major players such as ExxonMobil and Chevron (USA), Petronas (Malaysia), TGS and Schlumberger (Norway and France), Inpex Corporation and Jogmac (Japan), CNOOC (China), Eni SPA (Italy), Chris Energy (Singapore), and ONGC (India).
 
The bidding round, which opened on March 10, originally had a September 9 deadline. The extended timeline will allow Petrobangla to attract more bids for the 24 offshore blocks on offer—nine shallow and fifteen deep-sea blocks.
 
The tender, titled “Oil and Natural Gas Exploration Under Bangladesh Offshore Bidding Round 2024,” includes key features such as full profit repatriation, an uncapped gas price linked to international markers, and no signature bonus or royalty. The contract will also include provisions for 100 percent cost recovery with a cap of 75 percent annually, and the right for bidders to sell a portion of their gas share in the domestic market.
 
Bidders are required to ensure a 10 percent carried interest for Bangladesh Petroleum Exploration and Production Company Limited (BAPEX) and must meet specific qualifications, including daily offshore production of at least 15,000 barrels of oil or 150 million standard cubic feet of gas.
 
Interested companies can purchase the Information Package for $300, with additional promotional and data packages available to assist in evaluating the geological prospects of the blocks.
 
This extension is expected to enhance competition and ensure that the bidding process yields the best possible outcomes for Bangladesh’s oil and gas sector.

END/SMA/AJ/