Dhaka:The government of Bangladesh has invited international bids for oil and gas exploration in 26 offshore blocks within its maritime territory. This initiative is part of a broader strategy aimed at enhancing the country's energy security, boosting domestic gas production, and reducing reliance on imports.
According to Bangladesh Sangbad Sangstha, Power, Energy and Mineral Resources Minister Iqbal Hassan Mahmood informed Parliament about the finalization of the Bangladesh Offshore Model PSC 2026. This model includes more attractive and competitive terms for international investors while ensuring the protection of national interests.
The minister highlighted the government's commitment, as outlined in the election manifesto, to intensify the exploration and extraction of domestic gas and mineral resources to safeguard the country's energy security. The international bids for the exploration and extraction were invited on May 24, 2026, with a deadline for submission set for March 31, 2027.
The government's objectives include discovering new gas fields, reducing dependency on imported energy, and ensuring an uninterrupted gas supply to the industrial and power sectors. Mahmood also clarified that the government does not directly raise gas or fuel prices to finance cash assistance or subsidies, which are managed through the Family Card program without directly increasing the prices of gas and petroleum products.
He elaborated that gas and fuel prices are determined by considering international market prices, import costs, supply expenses, and distribution costs, aiming for a balance between consumer interests and fiscal capacity. The government also provides support to low-income and disadvantaged individuals through various social safety net programs and subsidies, focusing on targeted and transparent social protection rather than indiscriminately increasing prices.