Petrobangla, the State owned oil and Gas Corporation of Bangladesh, will go for next bidding round to explore 11 blocks in shallow and 15 blocks in deep sea areas in the Bay of Bengal.
It set to allow the foreign companies in country's onshore areas that were earmarked for the state owned Bangladesh Petroleum exploration and Production Company Ltd (BAPEX) since 2009.
"We are set to go for bidding in the current fiscal year, we are also planning to review the onshore Production Sharing Contracts (PSCs) to go for joint venture with the IOCs to explore country's hydrocarbon," State Minister for power Energy and Mineral Resources Nasrul Hamid said recently.
He said we want to review the existing PSCs, since 2009 BAPEX, the state owned oil-gas exploration company, is working in onshore areas, some foreign bidders were working there but not as a partner, we are thinking about the issues, he said.
Earlier, Petrobangla increased gas price to US$ 7.25 per Mcf plus 2 per cent per year from $6.50 to attract the International Oil Companies (IOCs) to explore country's exclusive economic zone to add fresh gas to its reserve.
