Indian oil company ONGC Videsh Ltd (OVL) plans to exit its hydrocarbon exploration efforts in two Bangladeshi offshore gas blocks after a decade of operations. Despite holding the only international contract for offshore exploration in Bangladesh, OVL has neither sought a contract extension nor initiated new drilling, with its current agreement expiring in February 2025. The company requested to relocate its blocks to more promising areas and increase gas prices, indicating its lack of interest in continuing. OVL has also failed to fulfill its obligations, including drilling two additional wells, after an unsuccessful attempt at the Kanchan site. Despite contract extensions, progress has stalled, and OVL is unlikely to meet its commitments. Bangladesh, with no active offshore gas wells, relies on onshore fields and LNG imports for its gas supply.
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