Petrobangla to extend submission time for int’l offshore bidding by 3 months

Petrobangla plans to extend the submission deadline for international offshore block bidding by three months to December, aiming for better responses. Seven international companies, including ExxonMobil, Chevron, and Petronas, have purchased bid documents for oil and gas exploration in Bangladesh’s Bay of Bengal maritime area. The bidding, launched on March 10, offers 24 offshore blocks (9 shallow, 15 deep sea). The contracts will follow the Bangladesh Offshore Model Production Sharing Contract 2023, featuring attractive terms like full profit repatriation and no signature bonus or royalty.READ FULL