<div style="text-align: justify; "><b><span style="font-size: 1rem;">State Minister for Power, Energy and Mineral Resources Nasrul Hamid today said seven reputed international oil companies purchased bid documents to participate in the bidding round for offshore hydrocarbon exploration in Bangladesh.</span><br></b></div><div style="text-align: justify; "><br></div><div style="text-align: justify;">He said this while talking to reporters on the sidelines of the promotional seminar, "Bangladesh Offshore Bidding Round 2024", at a city hotel.</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">The state minister said that the impressive presence of international oil companies at the event proves that they have full confidence in the Bangladesh government.</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">Fifteen other international companies are participating in the seminar with keen interest to invest in the offshore areas, said Nasrul.</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">Nasrul Hamid said that&nbsp; Bangladesh is confident about the success of the offshore bidding round as global oil majors are participating in it.</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">He said that Bangladesh’s energy market is big and it's growing fast. That’s why the biggest companies are encouraged to participate in the bidding round, he added.</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">He said the PSC has been updated in a modern way, protecting both the interests of the country and the investors.</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">Nasrul noted that the bidding round will be concluded by September and the government has a target to award contracts shortly so that the investors can start their work by next year.</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">He also said as per the plan, from exploration to production, the whole process will take 7-8 years in the offshore areas.&nbsp; &nbsp;&nbsp;</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">Nasrul Hamid said the government has been updating the Model PSC for onshore areas as well.</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">Prime Minister’s Energy Advisor Dr Tawfiq-e-Elahi Chowdhury urged&nbsp; international oil companies (IOCs) to invest in the country’s offshore areas for hydrocarbon exploration, terming the Bay of Bengal as “the most peaceful area in the region.”</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">“Though there is instability prevailing at different places across the globe, South Asia, particularly the Bay of Bengal remains the most peaceful area. There is no flash-point in this area. If investors think of a long term investment, it will be less risky for them,” he said.</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">As there is a big market here, the investors will have no risk in their business, he told reporters.&nbsp;</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">He also turned down any possible impact of the Myanmar situation in this case regarding their investment.&nbsp; &nbsp;</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">Petrobangla’s general manager (exploration) Farhana Shaon made a presentation on the “Bangladesh Offshore Bidding Round 2024”.</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">Tawfiq-e-Elahi Chowdhury said the model production sharing contract (PSC) was updated and redesigned with new features that will give more benefit and profit to the IOCs such as R-factor through which both the government and the IOCs will be sharing the profits in a rational manner, reports UNB</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">He noted that a multi-client survey was conducted in the offshore areas which will provide data to the investors about prospects and potentials of the gas blocks.</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">“This basin is much richer compared to others in the world. Prime Minister Sheikh Hasina’s leadership has created a confidence, for which we’re hopeful that this bidding round will be successful, So far we received a huge response,” he said.&nbsp; &nbsp;&nbsp;</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">“We’ve been pursuing a middle way in attracting the investment so that both the investors and the owners can have a win-win situation,” he added.&nbsp; &nbsp;</div><div style="text-align: justify;"><br></div><div style="text-align: justify; ">bnbd/fas</div>