The government eyes launching a new bidding round within the next couple of months as the draft of a new model production sharing contract (PSC) is awaiting final approval, said officials.
State-run Petrobangla has drafted the model PSC and sent it to the cabinet committee on economic affairs through the energy ministry for final approval, a senior Petrobangla official said.
"We are expecting to get the endorsement within a month and launch the bidding round within one month of getting approval," he said preferring anonymity.
The model PSC has been drafted incorporating a new pricing formula of natural gas and oil aiming to lure international oil companies (IOCs) into carrying out energy exploration in both onshore and offshore blocks, the official said.
The discovery of new hydrocarbon reserves will be the key focus of the new bidding round as the country will start supplying expensive re-gasified LNG (liquefied natural gas) to consumers from the early next month.
