Bangladesh set to open bidding for offshore oil, gas exploration

Zanendra Nath Sarker, chairman of the state-owned national gas company Petrobangla, revealed this plan speaking to media even as he stressed the urgency amid depleting gas reserves and surging fuel prices post-Ukraine conflict.

Sarker outlined the bidding process, indicating a submission deadline in the first week of September, with hopes of finalising the deals by year-end following evaluations.

The move aims to alleviate supply shortages to sustain gas-fired power plants and industries, crucial for the economic stability.

Moreover, Petrobangla also plans to increase LNG imports, aiming for 48 cargoes from the spot market this year, doubling last year’s volume, alongside long-term contracts.

Initiatives include importing five spot market cargoes in April, with seven already acquired in recent months, enhancing the energy security.

To address long-term concerns, Bangladesh plans to drill 100 new gas wells between 2025 and 2028 to bolster local production, recognising the imminent depletion of gas reserves by 2033 without significant discoveries.

Despite economic challenges exacerbated by the Ukraine crisis, Sarker remained optimistic, emphasising the government’s prioritisation of energy and power sectors amid global dollar crises.

Notably, Bangladesh’s offshore potential remains largely untapped, despite recent boundary settlements with neighbouring Myanmar and India.

Efforts are underway, with two shallow water blocks already under exploration contracts, signalling proactive steps to harness untapped resources.

Fibre2Fashion News Desk (DR)