Daewoo International Proposes to Explore for Oil, Gas Offshore Bangladesh

Daewoo International Corporation has submitted request for proposal (RFP) documents to explore and develop oil and gas resources in Bangladesh’s deep sea blocks.

According to Dhaka Tribune, a local newspaper, unlike usual bidding rounds, the government will purchase oil and gas in the Bay of Bengal at a competitive price, to be quoted by the international oil company (IOC) in bids.

In previous bidding rounds, Petrobangla fixed the prices for oil and gas in model production sharing contracts (PSC) before launching bids.

Daewoo International explored gas in Myanmar’s Shwe gas field, adjacent to Bangladesh’s deep sea block 11.

“Daewoo has been working in Myanmar. If, Daewoo’s offer is reasonable, there may be a negotiation and a deal,” Professor Badrul Imam of Dhaka University told the Dhaka Tribune on Sunday.