Economic Reporter :
The government is set to announce schedule for offshore biding round on March 17 under the Onshore Model PSC (Production Sharing Contract), 2019 and Offshore Model PSC, 2019.
“The government has formulated two separate fresh model PSCs for make it more attractive and investment friendly instead of the existing PSCs,” an official familiar with the process said on Sunday.
He said the proposed schedule for the offshore biding round will be announced on March 17 under the new PSCs. According to information, the government has undertaken a plan to explore and extract natural gas or oil from onshore through Traditional or Conventional process side by side Unconventional (Horizontal drilling Fracturing etc).
It said the government has also taken initiatives for issuing Expression of Interest (EOI) to revisit wells or projects for extraction of gas from Unconventional Reservoir (Tight Sand, Shale Gas, etc) by examining data and information of dry abandoned and suspended wells owned by Bangladesh Petroleum Exploration and Production Company Limited (BAPEX).
The energy and mineral resources division of the ministry has already circulated a policy of ‘Domestic Natural Oil/Gas Exploration, 2019’.
Meanwhile, a Japanese hydrocarbon exploration company, Mitsui, signed a Memorandum of Understanding (MoU) to explore Bangladesh’s onshore blocks 8 and 11 under a joint venture with state-run Bapex.
The government is set to announce schedule for offshore biding round on March 17 under the Onshore Model PSC (Production Sharing Contract), 2019 and Offshore Model PSC, 2019.
“The government has formulated two separate fresh model PSCs for make it more attractive and investment friendly instead of the existing PSCs,” an official familiar with the process said on Sunday.
He said the proposed schedule for the offshore biding round will be announced on March 17 under the new PSCs. According to information, the government has undertaken a plan to explore and extract natural gas or oil from onshore through Traditional or Conventional process side by side Unconventional (Horizontal drilling Fracturing etc).
It said the government has also taken initiatives for issuing Expression of Interest (EOI) to revisit wells or projects for extraction of gas from Unconventional Reservoir (Tight Sand, Shale Gas, etc) by examining data and information of dry abandoned and suspended wells owned by Bangladesh Petroleum Exploration and Production Company Limited (BAPEX).
The energy and mineral resources division of the ministry has already circulated a policy of ‘Domestic Natural Oil/Gas Exploration, 2019’.
Meanwhile, a Japanese hydrocarbon exploration company, Mitsui, signed a Memorandum of Understanding (MoU) to explore Bangladesh’s onshore blocks 8 and 11 under a joint venture with state-run Bapex.
