Petrobangla has proposed an extension for offshore oil and gas exploration bids after receiving requests from foreign companies. Originally announced on March 11 this year, bids for 24 blocks (15 deep sea and 9 shallow sea) were set to close on September 9. Some firms sought a six-month extension, but a three-month extension is being considered. The Production Sharing Contract (PSC) aims to attract multinational companies by linking gas prices to Brent crude oil rates, allowing flexibility compared to previous fixed-price contracts. The bid attracted interest from 55 major companies, including American and Japanese firms. Petrobangla has noted significant interest, with several companies purchasing bid documents and data. Seven international firms initially bought tenders, with many others acquiring related data. The deep sea has 15 blocks and the shallow sea has 9 blocks; India’s ONGC is exploring two shallow sea blocks. The latest PSC, approved in July last year, marks the first tender since 2016 under updated terms.
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