Bangladesh Gets Proposal from 16 Global Consultancies to Advice on Upgrading PSCs

Government of Bangladesh has received 16 expressions of interest (EoI) regarding the upgrade of model production sharing contract (MPSC), Dhaka Tribune reported.

The invite was floated on June 14 by the Power Cell of the Ministry of Energy, Power and Mineral Resources. The shortlisted international consultancy firm will provide with the appropriate technical and financial advice to update the existing MPSC for both onshore and offshore blocks, with a special focus on deepwater oil and gas exploration, source in the government told Dhaka Tribune.

After a firm is selected, Bangladesh Oil, Gas and Mineral Corporation (Petrobangla) will take over the project from the Power Cell.

Petrobangla has no experience in deep offshore oil and gas exploration and needs advice from qualified global consultancies. The Petrobangla chairman said natural gas is the primary source of commercial energy in national economic development activities.

“To meet the increasing demand of gas, it has become extremely important to explore new gas fields. To accelerate the exploration activities, the government has been systematically inviting international oil companies to invest in the country’s oil and gas sector,” the newspaper quoted the chairman as saying.