Bangladesh to Award New Offshore Gas Blocks by June Next

Bangladesh is expected to award new offshore gas blocks to international oil companies by June 2013 to initiate hydrocarbon exploration in the Bay of Bengal, Financial Express reported citing top government officials. The bidding process will be launched on December 9.

Petrobangla will offer a total of 12 offshore gas blocks-nine in shallow water and three in deep water-in the Bay of Bengal for the offshore bidding round, the newspaper said.

As per the rules of the bidding round, export of gas from these blocks will not be allowed. However, companies would also be able to sell the produced gas directly to third parties in the domestic market, without going through Petrobangla, but the latter will have the first right to refusal, the report added.