Petrobangla is extending the submission deadline for the international offshore block bidding round by three months, now set to close in December. This extension aims to attract more interest. So far, seven international companies have shown interest by purchasing bid documents. The bidding, launched on March 10, 2024, offers 24 offshore blocks—9 shallow and 15 deep sea—for exploration in the Bay of Bengal. The tender outlines that successful bidders will sign contracts under the Bangladesh Offshore Model Production Sharing Contract 2023, which includes full profit repatriation, no signature bonus, and a gas price linked to international markers. Bidders must also commit to a minimum work program, including 2D seismic surveys. Qualification requires at least one offshore production experience of 15,000 barrels of oil or 150 mmsc of gas per day and global oil and gas exploration experience. The bid information package costs $300, with promotional packages available for geological data assessment. A 10% stake for Bangladesh Petroleum Exploration and Production Company Limited (BAPEX) is required for all blocks.
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