24th November 2021
EP Report

State-owned hydrocarbon corporation Petrobangla has moved to further amend the Model Production Sharing Contract (PSC) 2019 in order to attract international oil companies (IOCs) amid hike in fuel prices in the international market.


The principal upstream energy body is going to appoint an experienced foreign consultant to draw the amendments that would convince the IOCs to invest in Bangladesh's offshore gas fields.


"We've already sought expression of interest (EOI) from interested parties to choose a consultant for the job," said a senior official at Petrobangla.


He informed that November 21 has been set as the deadline to submit the EIO by the interested bidders.


Official sources said the recent excessive hike in petroleum fuel, especially that of the liquefied natural gas (LNG) has prompted the government to go for further amending the existing PSC to attract the IOCs to invest in Bangladesh's offshore gas blocks.


The country has now a total of 48 blocks of which 26 are located in offshore areas and 22 onshore. Of the 26 offshore blocks, 11 are located in shallow sea (SS) water while 15 are located in deep sea (DS) water areas.

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