DHAKA, Mar 10, 2024 (BSS) - The government and Petrobangla today invited International Oil Companies (IOCs) to bid for offshore oil and gas exploration.

According to the state run Petrobangla notice, nine shallow ea blocks (SS-01, 02, 03, 05, 06, 07, 08, 10 & 11) and fifteen deep sea blocks (DS-08, 09, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21 & 22) are currently available for exploration by the IOCs.

It said that the bidder, singly or in association with other companies, can bid for one or more blocks and contracts will be signed with the successful bidders in line with the Bangladesh Offshore Model Production Sharing Contract 2023.

Earlier, chairman of Petrobangla Zanendra Nath Sarker hoped that a good number of companies will participate in the bidding round.

Many foreign companies have contacted the government and expressed their interest in joining the bidding, he said, adding, "Without concluding the bidding process first, it's difficult to say how many companies will actually participate in the bidding round."

Earlier, on July 26, last year, the Cabinet Committee on Economic Affairs approved the draft "Bangladesh Offshore Model Production Sharing Contract (PSC) 2023" in order to invite international bidding for hydrocarbon exploration in the country's offshore.

Bidder, whether individual or in case of joint venture at least one member must have offshore daily production of at least 15,000 barrel of oil or 150 mmscf of gas as Operator to be qualified for bidding.

Bidders must have at least one (1) global experience (other than home country) in the oil & gas exploration and production, according to the tender.