Oil & Gas

The government's recent actions signify a proactive approach to addressing Bangladesh's energy challenges. This includes inviting international bids for oil and gas exploration in 24 blocks in the Bay of Bengal, the first such bidding round since 2012. This move aims to increase the country's oil output and alleviate energy shortages, which have been exacerbated by depleting gas reserves and recent global energy price increases.

The bidding round offers offshore acreage, with 15 deep-water and nine shallow-water blocks available.This follows the provision of a 2D multi-client seismic data survey from TGS, covering all 24 blocks on offer. The data, delivered in April 2023, provides valuable information for companies evaluating and bidding on the blocks.

Bangladesh's energy strategy includes plans to drill 100 new gas wells by 2028 to boost local production.To fund its energy imports, the country has secured financial support from the International Monetary Fund(IMF) and the International Islamic Trade Finance Corporation(ITFC). Additionally, Bangladesh aims to expand its energy trade with Saudi Arabia, further diversifying its energy sources and enhancing energy security.

These efforts reflect Bangladesh's multifaceted approach to tackling its energy and financial challenges. By pursuing new exploration projects, securing financial support, and expanding energy trade partnerships, Bangladesh aims to address its immediate energy needs while laying the groundwork for a more sustainable energy future.