Photo : Messenger
A comprehensive multiclient survey spanning over 13,600 line kilometers across the Bay of Bengal been concluded, uncovering promising gas potential. Despite this discovery, the Energy Division (ED) has not yet initiated an international tender process, although Petrobangla has adjusted the Production Sharing Contract (PSC) to boost gas prices in a bid to attract global investors.
According to Petrobangla, a joint venture involving TGS and Slumberger successfully completed the extensive two-dimensional survey in May, which commenced back in February. Presently, the focus lies on interpreting the gathered data, revealing multiple potential gas reserve sites. The joint multinational venture intends to retain possession of the two-dimensional survey data. Interested oil and gas exploration entities seeking information for ventures in the Bay of Bengal will need to procure this data from the multinational corporation.
Furthermore, the multinational company plans to initially recoup its investment. Subsequently, if profits are realized, a portion—35 percent—will be allocated to Bangladesh. Despite this potential boon, the delay in initiating tender invitations has raised concerns among energy experts, possibly indicating a disposition towards encouraging imports. What initially spanned three months of work has taken nearly eight years to materialize, pointing to visible laxity in updating the PSC.
Maqbul E-Elahi Chowdhury, former Director (Mining) at Petrobangla, played a pivotal role in finalizing the Model PSC-2008. Reflecting on the current delay, he questioned the need for a prolonged process, highlighting that the draft was efficiently concluded within three months back in 2008. He emphasized the significance of public engagement during the drafting phase.
Maqbul E-Elahi Chowdhury further highlighted the concerning shift in priorities, suggesting that an emphasis on gas imports might diminish the significance of domestic gas extraction and exploration efforts. The maritime boundary dispute between Bangladesh, Myanmar, and India was resolved through international arbitration in 2012 and 2014, delineating ownership of 118,813 square kilometers of sea area. Subsequently, the Division of Energy and Minerals initiated a multiclient survey due to the lack of ocean mineral resource data, a project that encountered substantial delays but finally gained approval in January of this year.
Expressing his views on the tender process, a Petrobangla official stressed the importance of allowing sufficient time for international tenders, acknowledging the customary period required for submissions and evaluation. However, sitting idle in the interim merely results in time wastage, prompting the necessity for proactive engagement in this critical phase.
Messenger/Fameema
