Dhaka: The Cabinet Committee on Economic Affairs approved the draft of the 'Bangladesh Offshore Model Production Sharing Contract (PSC) 2026' during a meeting at the Secretariat, chaired by Finance Minister Amir Khosru Mahmud Chowdhury. This new draft aims to accelerate offshore oil and gas exploration in Bangladesh, marking a significant step towards enhancing the country's energy security.
According to United News of Bangladesh, the Energy and Mineral Resources Division presented the proposal, which is expected to provide an updated framework for engaging international oil and gas companies in exploring Bangladesh's maritime areas in the Bay of Bengal. Officials highlighted that the revised model contract is designed to attract more foreign investors to the country's offshore energy sector amid a growing demand for domestic resource exploration and energy security.
During the same session, the committee also gave in-principle approval to another proposal focused on ensuring an uninterrupted power supply across the nation. The proposal, put forward by the Power Division, involves the inclusion of government-owned power plants, joint venture power projects, and imported electricity from India and Nepal, including power from Adani Power Jharkhand, under a subsidy framework. Officials noted that this move aims to maintain a stable electricity supply by providing subsidy support for both imported and locally generated power in the face of rising generation and import costs. However, the committee only partially approved the proposal after discussions.