Dhaka | According to Beyond Time News:
Bangladesh has invited international companies to submit bids for oil and gas exploration as the country faces a worsening fuel shortage, officials said on Sunday. The move comes as global energy supply chains remain under pressure due to ongoing conflict in the Middle East.
The country depends heavily on imported fuel, with nearly 95% of its oil and gas requirements sourced from abroad, mainly from the Middle East.
Fuel Shortages Hit Energy Supply
The disruption in global shipping routes has created serious challenges for Bangladesh’s energy sector. Authorities report long queues at petrol stations and recurring power cuts as electricity demand continues to exceed supply capacity.
Officials said the situation has been further strained by reduced fuel availability linked to instability in global trade routes.
Government Pushes for Offshore Exploration
Energy Minister Iqbal Hasan Mahmud said the government is moving forward with new exploration contracts to strengthen domestic energy production.
He stated that all agreements will be awarded based on national interest and transparency, while also encouraging international participation in the sector.
Bangladesh has already mapped its maritime boundaries, but offshore exploration has remained limited compared to neighboring countries.
Revised Terms to Attract Investors
According to Petrobangla officials, a previous bidding round in 2024 attracted limited interest. As a result, the government revised its policy framework to make investment conditions more attractive.
Officials said changes were made after consultations with global energy companies, particularly regarding pricing structures and investment security.
They added that the new framework now links gas pricing to global benchmarks such as Brent crude, aiming to improve investor confidence.
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Energy Security Becomes a Priority
The government has also introduced stronger investment protection measures to encourage participation from international energy firms.
Authorities say expanding domestic exploration is now a national priority as Bangladesh works to reduce dependency on imported fuel and stabilize its energy supply in the long term.
FAQs
Q1: Why is Bangladesh inviting oil and gas bids?
To reduce fuel shortages and increase domestic energy production.
Q2: How much fuel does Bangladesh import?
Around 95% of its oil and gas is imported.
Q3: What is causing the current fuel crisis?
Global supply disruptions linked to Middle East tensions and restricted shipping routes.
Q4: What changes has Bangladesh made for investors?
It revised pricing policies and added investment protection measures.
Q5: What is the goal of this initiative?
To improve energy security and attract international exploration companies.
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