Five international oil and energy companies have purchased seismic data packages from Petrobangla as part of preparations for upcoming offshore oil and gas exploration in the Bay of Bengal, signalling renewed interest in Bangladesh’s hydrocarbon sector amid an ongoing bidding round.
Singapore-based KrisEnergy, US-based Beringia Energy Global's local agent Beringia Power Bangladesh Limited, Pial Energy and Construction Limited, Japan's Onoda Incorporated and Norway's Rystad Energy have acquired the offshore data package, according to Petrobangla sources.
Among them, KrisEnergy is already operating the Bangura gas field in Comilla under Block 9.
Petrobangla Chairman Md Abdul Mannan said companies are still being given time to submit bids until November 30 and the authorities are hopeful of a stronger response. However, no company has submitted bids so far.
"There is still time to submit bids. We are hopeful of getting a good response. Many companies are showing interest in the offshore bidding round," he said.
On May 24, Petrobangla floated international tenders for oil and gas exploration in 15 deep-sea blocks and 11 shallow-sea blocks. The tender notices were published in national newspapers, sent to Bangladeshi missions abroad and circulated to multinational energy firms.
Earlier, in March 2024, a similar bidding round was launched but eventually failed after companies that purchased tender documents did not submit bids, leading to the cancellation of Bidding Round-2024. At that time, firms including US energy giant ExxonMobil had shown initial interest.
To make the new round more attractive, the government has revised the Production Sharing Contract (PSC) framework, including reducing the Windfall Profit Petroleum Fund from 5 per cent to 1.5 per cent, adjusting pipeline cost structures and revising gas pricing terms.
Under the updated model, gas prices have been slightly increased, with deep-sea rates at 11 percent of Brent crude and shallow sea at 10.5 per cent. The data package cost has also been reduced by 50 per cent under PSC-2026.
Petrobangla sources said gas pricing will now be determined based on a five-year average market price, ranging between a recorded high of USD 99 and a low of USD 65.
Despite these reforms, Bangladesh continues to face a widening gas supply gap. Daily supply stands at around 2,700 million cubic feet against demand of 3,800 to 4,000 million cubic feet, with an estimated shortfall of about 1,200 million cubic feet.
Officials say declining domestic production, now at 1,645 million cubic feet per day from a previous 2,800 million, combined with limited exploration activity, has contributed to the shortage, constraining industrial growth and leading to restrictions on new gas connections.
