State Minister for Power and Energy Nasrul Hamid said seven international oil companies (IOC’s) including Chevron Bangladesh have already purchased bid documents to participate in the offshore bidding round 2024 in Bangladesh.
He informed this while talking to journalists on the sideline of the promotional seminar at a local hotel in the city on Wednesday.
“There is bid energy market in this region….we initiate the bidding round considering the country’s interest,” he said.
He added Bangladesh will compete all the formality to the round on September and award the blocks early next year.
At least 10 IOC’s are participating in the seminar with their keen interest to invest in the offshore areas, said Nasrul.
The government is also taking preparation to sign PSC through updating the contracts as well, according to him.
Prime Minister’s Energy Advisor Dr Tawfiq-e-Elahi Chowdhury attended at the function as chief guest and said IOCs to invest in the country’s offshore areas in the Bay of Bengal as the most peaceful area in the region.
“Though there is instability prevailing at different places across the globe, South Asia, particularly the Bay of Bengal remains as the most peaceful area. If investors think of a long term investment, it will be less risky for them,” he said.
As there is a big market here, the investors will have no risk in their business, he told reporters.
Petrobangla’s general manager (exploration) Farhana Shaon made a presentation on the Bangladesh Offshore Bidding Round 2024″.
Tawfiq-e-Elahi Chowdhury said the model production sharing contract (PSC) was updated and redesigned with new features that will give more benefit and profit to the IOCs such as R-factor through which both the government and the IOCs will be sharing the profits in a rational manner.
He noted that a multi-client survey was conducted in the offshore areas which will provide data to the investors about prospects and potentiality of the gas blocks.
“This basin is much richer compared with other ones in the world. Prime Minister Sheikh Hasina’s leadership has created a confidence for which we’re hopeful that this bidding round will be successful….So far we received a huge response,” he said.
“We’ve have been pursuing a middle way in attracting the investment so that both the investors and the owners can have a win-win situation,” he added.
Meanwhile, the Petrobangla officials said the companies which are participating in the bidding round and the seminar include Petronas, ExxonMobil, Chevron, Inpex Corporation, Jogmec of Japan, CNOOC, ENI Spa of Italy, Kris Energy, ONGC and TGS and Schlumberger.
Energy Secretary Md Nurul Alam in the chair, the event was also addressed by Chairman of Parliamentary Standing Committee on Ministry of Power, Energy and Mineral Resources Ziaur Rahman, Petrobangla Chairman Zanendra Nath Sarker, Chevron Bangladesh president Eric M Walker and UK-based energy company TGS’s senior scientists Elizabeth Gilbard. Chevron Bangladesh President Eric M Walker said the US based company has purchased bid document to participate for hydrocarbon exploration.
