The Parliamentary Standing Committee on Power, Energy, and Mineral Resources Ministry was granted an extension of 45 working days on Sunday to submit its report on the Bangladesh Oil, Gas, and Mineral Corporation Bill, 2022.
On June 5, the bill to expedite the exploration of oil, gas, and mineral resources in the country was introduced in parliament. The proposed law will replace the Bangladesh Oil, Gas, and Mineral Corporation Ordinance, 1985, which was declared void by the court because it was enacted during the military dictatorship’s regime. Nasrul Hamid, State Minister for Power, Energy, and Mineral Resources, introduced the bill on June 5, and it was referred to the relevant parliamentary standing committee. The committee was given 15 days to submit its report. According to the bill, a corporation called the Bangladesh Oil, Gas, and Mineral Corporation will be formed to carry out the provisions of the bill. Petrobangla is another name for the corporation.
The corporation’s authorized capital will be Tk5,000 crore, up from Tk200 crore, and its paid-up capital will be Tk200 crore.
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