Petrobangla, Bangladesh’s national oil and gas company, has announced a tender for exploration works in the Bengal sector of the Indian Ocean. writes about this TASS Based on the company’s statement.
As can be seen from the published conditions, 24 offshore blocks were auctioned, 9 in shallow water and 15 in deep water.
The invitation to participate in the tender also includes international oil companies. Winners will have the opportunity to explore and produce hydrocarbons on very attractive terms.
Notably, the contracts stipulate full repatriation of profits, no royalties or signing bonuses. The price of gas will depend on international markets, while the price of oil will be determined by fair market levels in South and Southeast Asia.
The projects will be exempt from equipment and machinery import tax and the corporate tax liability will be covered by Petrobangla. In this case, the winning bidder must provide a 10 percent stake in the state-owned Bangladesh Petroleum Exploration and Production Company (BAPEX).
To participate in the auction, applicants must meet strict criteria. They need to produce at least 15 thousand barrels of oil at sea, that is, 150 million cubic meters. Successful experience in projects for global production as well as gas.
Before this, it was known that there was Iran. to start development of two major oil fields.
Previously in India named Oil is imported from Russia.