ZCZC
BSS-26
OFFSHORE-ONSHORE-ENERGY
Schedule for offshore biding round on March 17
DHAKA, March 15, 2020 (BSS) – The government is set to announce schedule for offshore biding round on March 17 under the Onshore Model PSC (Production Sharing Contract), 2019 and Offshore Model PSC, 2019.
“The government has formulated two separate fresh model PSCs for make it more attractive and investment friendly instead of the existing PSCs,” an official familiar with the process told BSS here today.
He said the proposed schedule for the offshore biding round will be announced on March 17 under the new PSCs.
According to information, the government has undertaken a plan to explore and extract natural gas or oil from onshore through Traditional or Conventional process side by side Unconventional (Horizontal drilling Fracturing etc).
It said the government has also taken initiatives for issuing Expression of Interest (EOI) to revisit wells or projects for extraction of gas from Unconventional Reservoir (Tight Sand, Shale Gas, etc) by examining data and information of dry abandoned and suspended wells owned by Bangladesh Petroleum Exploration and Production Company Limited (BAPEX).
The energy and mineral resources division of the ministry has already circulated a policy of ‘Domestic Natural Oil/Gas Exploration, 2019’.
Meanwhile, a Japanese hydrocarbon exploration company, Mitsui, signed a Memorandum of Understanding (MoU) to explore Bangladesh’s onshore blocks 8 and 11 under a joint venture with state-run Bapex.
The Mitsui Oil Exploration Company Ltd or MOECO has proposed drilling four wells in total–two exploratory wells and two development wells– in these onshore blocks, according to Petrobangla official.
Besides, a notice of award was sent to TGS-Schlumberger Joint Venture for Two Dimensional (2D) Non Exclusive Multi-Client Seismic Survey in marine area. An agreement will be signed this week to this end.
Five International Oil Companies (IOCs) are working for carrying out hydrocarbon exploration in four blocks under PSC in deep-sea and shallow-sea after settlement of marine boundary dispute between India and Myanmar. 2D and 3D seismic survey in those blocks were completed.
Four exploration wells will be dug at block SS-04, block SS09 and block SS-11 in shallow sea in March 2021 following the PSC.
Petrobangla has recently come up to develop untapped local gas fields by potential international oil companies, or IOCs, under the revenue-sharing contract, or RSC, a new arrangement for doing the job, a senior energy ministry official said.
The country’s overall natural gas output is hovering around 3,100 million cubic feet a day (mmcfd), of which 2,700 mmcfd come from local gas fields and the remaining 550 mmcfd come as re-gasified LNG after imports.
BSS/SPL/SAS/KU/1823 HRS