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Prime Minister's Energy Adviser Dr Tawfiq-e-Elahi Chowdhury has said that the international bidding for offshore oil and gas exploration will draw a huge response.
"This round, we have introduced some new aspects like linking gas price with Brent and per year cost recovery at highest 75 per cent to make the bidding more attractive," he told reporters at a press conference at Petrobangla headquarters in Dhaka on Monday, reports UNB.
The Energy and Mineral Resources Division organised the press conference to brief about the "Oil and Natural Gas Exploration Under Bangladesh Offshore Bidding Round 2024", for which Petrobangla invited international oil and gas companies (IOCs).
State Minister for Power, Energy and Mineral Resources Nasrul Hamid, Energy Secretary Md Nurul Alam and Petrobangla chairman Zanendra Nath Sarker also addressed the event.
The tender notice was published in local newspapers and websites of concerned government entities including Bangladeshi missions abroad on Sunday giving six months' time until September 9, 2024 for submission of the bids.
As per the floated tender, a total of 24 offshore blocks - of which nine are shallow blocks - and 15 deep sea blocks are available for the bidding round.
The nine shallow sea blocks are SS-01, 02, 03, 05, 06, 07, 08, 10 and 11) and 15 deep sea blocks are DS-08, 09, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21 and 22.
The bidder, singly or in association with other companies, can bid for one or more blocks.
Contracts will be signed with the successful bidders in line with the Bangladesh Offshore Model Production Sharing Contract 2023, said the tender.
Tawfiq Elahi Chowdhury informed that so far, the bidding invitation was sent to 55 IOCs who have contacted the government as potential bidders.
He, however, averted a question on the geopolitics that might appear to be a factor in the participation of the IOCs in the bidding round.
Nasrul Hamid said it's an open bidding and any company eligible can bid for any block. He said a pre-bid meeting will be arranged after Ramadan for the interested bidders.