2024 Bangladesh Offshore Bid Round opens: A new era for energy exploration

The Bangladesh Oil, Gas, and Mineral Corporation (Petrobangla) has officially launched the 2024 Bangladesh Offshore Bid Round, marking the first offering of offshore acreage since 2012. This significant event unveils fifteen deep water and nine shallow water blocks, opening new avenues for exploration in one of the world’s most promising yet underexplored regions. The bid round reflects Bangladesh’s strategic move to enhance its energy sector and attract international investment.

In a groundbreaking partnership, TGS, a global leader in energy data and intelligence, alongside SLB and Petrobangla, has completed a comprehensive 2D multi-client seismic data survey. This survey spans an impressive area of over 75,000 square kilometers, covering all 24 blocks available in the bid round. The acquisition of this extensive 12,636-line kilometer seismic survey, concluded in April 2023, serves as a foundational element for prospective bidders, offering unprecedented insights into the offshore territories of Bangladesh.

David Hajovsky, Executive Vice President of Multi-Client at TGS, emphasized the significance of this endeavor, stating, “The Bengal Fan is one of the world’s largest deep-water fans with significant evidence of working petroleum systems. It is widely considered one of the most extensively underexplored frontier regions. With limited existing offshore Bangladesh data, this new high-quality seismic, combined with the revised Production Sharing Contract 2023 (PSC), is a critical component for companies to evaluate and submit competitive bids for the blocks on offer in the Bid Round.”

The invitation to submit bids over the ensuing six-month period post-announcement presents a unique opportunity for energy companies worldwide. This bid round, supported by state-of-the-art seismic data and a conducive regulatory framework, is poised to unlock the untapped potential of Bangladesh’s offshore resources.

The 2024 Bangladesh Offshore Bid Round is a landmark initiative by Petrobangla, set against the backdrop of the vastly underexplored Bengal Fan. The collaboration with TGS and SLB to provide comprehensive seismic data underscores the commitment to transparency and informed decision-making in the bid process. This move not only opens up new prospects for energy exploration but also signals Bangladesh’s readiness to engage with global energy players. The availability of high-quality seismic data, coupled with the updated Production Sharing Contract, lays a solid foundation for a competitive and transparent bidding process, promising a bright future for Bangladesh’s energy sector.