Many interested for exploration-blocks in Bangladesh

Jul 29, 1997 02:00 AM

July 12, 1997 Some 50 international oil companies, staking claims to Bangladesh's hydrocarbon-rich geological structures, are expected to participate in next week's bidding for 15 open oil and gas exploration blocks.
According to the sources in the Energy Ministry, an evaluation committee, comprising officials and international consultants of the government, is expected to examine the offers from the international companies participating in the bidding which will close on July 15. It will take a few weeks to evaluate the offers and the awards are expected to be finalised by mid-November. The new production sharing contracts (PSC) are expected to be signed by December 16, coinciding with the country's independence day.
In recent times, world oil majors have turned their sights on Bangladesh after some companies struck major reserves of natural gas in the country.
The Bangladeshi government called the second round of bidding on March last year for the country's remaining 15 out of a total 23 exploration blocks, inviting foreign oil companies to come with offers for the PSC.
The sources said that such oil giants like Exxon, Total, Shell, Cairn, Mobil, Amoco, Marathon, British Petroleum, Union Texas and Murphy had already shown keen interest in Bangladesh's exploration blocks. Under the first round of bidding held in the early 1990s, six foreign companies were awarded the PSC's for eight exploration blocks.

Source: not available
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